There are a couple of important reasons for a strategic approach to enterprise asset management: It’s an opportunity to increase your profits and productivity while literally saving lives and limbs.
The human and economic costs of unsafe equipment and machinery are staggering. Workplace incidents across all industries and sectors killed 5,190 American employees in 2016, according to the U.S. Bureau of Labor Statistics, and resulted in nearly 2.9 million non-fatal injuries. That’s 14.2 on-the-job deaths per day, and 5.5 injuries per minute.
And the cost to companies and the wider economy is massive: $250 billion per year as long ago as 2007, including nearly $1 billion per week that employers pay in worker compensation costs, the Occupational Safety and Health Administration (OSHA) reports.
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