Heavy Industries See Huge Improvements in Safety When Using Supply Chain Risk Management Technology
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Avetta® (www.avetta.com) analysis of tens of thousands of suppliers in numerous industries worldwide shows companies that use the Avetta Connect™ Platform in these sectors reduce the number of safety incidents and lost workdays by 40% to 70% compared to industry averages. Industries where suppliers saw the most improvement include telecommunications, environmental/waste services, utilities, industrial services, construction, chemicals, and oil and gas.
Avetta examined hundreds of thousands of safety data points and supplier performance reports over multiple years in 20-plus industries over a 10-year period.
“Our holistic approach to supply chain risk management includes innovative technology, embedded best practices and guidance, IT systems integrations, leveraging millions of data points from our network for advanced insights, and partnering with our market-leading clients,” said Arshad Matin, Avetta President and Chief Executive Officer. “Our data shows that over a ten-year period, suppliers in our network experience a 7% to 12% year-over-year decrease in incidents, which means continual business operations while more workers get home safely each night.”
The research revealed that the heaviest industries showed the biggest improvements in Total Recordable Incidents Rate (TRIR), Days Away, Restricted or Transferred (DART) and Lost Workday Case Rate (LWCR) compared to the Bureau of Labor Statistics (BLS) averages.
Safety results experienced by Avetta customers using the Avetta Connect™ platform:
• Chemical suppliers: 51% reduction in TRIR, 48% reduction in DART, and a 56% reduction in LWCR compared to industry averages.
• Commercial/Residential Construction suppliers: 53% reduction in TRIR, 48% reduction in DART, and a 57% reduction in LWCR.
• Construction-Infrastructure suppliers: 50% reduction in TRIR, 46% reduction in DART, and a 53% reduction in LWCR compared to industry averages.
• Engineering, Consulting suppliers: 50% reduction in TRIR, 46% reduction in DART, and a 54% reduction in LWCR compared to industry averages.
• Environmental, Waste Services suppliers: 55% reduction in TRIR, 52% reduction in DART, and a 59% reduction in LWCR compared to industry averages.
• Industrial Services suppliers: 53% reduction in TRIR, 49% reduction in DART, and a 56% reduction in LWCR compared to industry averages.
• Manufacturing suppliers: 47% reduction in TRIR, 45% reduction in DART, and a 54% reduction in LWCR compared to industry averages.
• Oil & Gas suppliers: 65% reduction in TRIR, 60% reduction in DART, and a 67% reduction in LWCR compared to industry averages.
• Steel, Metals, Fabrication suppliers: 50% reduction in TRIR, 47% reduction in DART, and a 57% reduction in LWCR compared to industry averages.
• Telecom suppliers: 49% reduction in TRIR, 45% reduction in DART, and a 50% reduction in LWCR compared to industry averages.
• Transportation suppliers: 50% reduction in TRIR, 46% reduction in DART, and a 54% reduction in LWCR compared to industry averages.
• Utilities, Power Generation, Energy suppliers: 54% reduction in TRIR, 52% reduction in DART, and a 58% reduction in LWCR compared to industry averages.
Avetta’s modern SaaS platform was used by leading organizations to achieve these results by digitizing their supply chain operations. Avetta features that helped produce these safety improvements included:
• Supply Chain Risk Assessments and Onboarding: A proprietary solution that rapidly determines risks and onboards third-party suppliers and workers across global industries.
• Rapid Compliance Deployment: Instant and scalable deployment of new supply chain compliance programs, including safety, legal and financial risks as well as new risks like COVID-19 Health and Safety protocols.
• Supply Chain Analytics: Safety metrics, KPIs and benchmarking across multiple supply chain segments gives clients the ability to manage the impact their risk programs are having in real time.
• Supplier and Worker Access Management: The automated approval or rejection of site, facility and/or IT access based on compliance status through real-time integrations with company back-office procurement, security and/or IT systems. This streamlines the operations of compliant vendors and adds an additional safety control to non-compliant vendors.
• Expert Safety Audits: A trained and certified staff of safety auditors adds an extra layer of safety protection through robust safety, policy and program audits for a client’s highest-risk suppliers.
• Avetta Marketplace: Improving the overall safety of all suppliers in Avetta’s network, the Avetta Marketplace provides free and affordable training, guidance and discounts on insurance and safety products to all suppliers to help them improve their overall operations and safety programs.
More information regarding recommended safety improvements and the statistics report can be found at https://www.avetta.com/global-performance-indicators.
