Five Ways to Improve Safety and Profitability Without Disrupting Operations
Process industries are inherently hazardous, and maintaining safety in processes and operations has become increasingly complex and costly. With both safety and financial concerns being a high priority, those in the process industry sometimes struggle to reconcile them.
In 1994, the world’s regulatory environment was still reacting to the Bhopal, India gas leak that had occurred a decade before.
At that time, the American Institute of Chemical Engineers (AIChE) undertook a study to figure out how much emerging safety regulations actually cost. It concluded that, across all industry segments and plant sizes, the average U.S. industrial facility would start at 40 percent compliance and spend no less than $5.8 million over a decade to effectively achieve full safety compliance.
The return on investment (ROI)? The kind that gives financial executives gray hair: potential cost avoidance.