To help us better understand the Boardroom’s perspective on safety, we turned to Field Safe Advisory Board Member Tracy Paddock Beam. Tracy is CEO of Strategic Transformation Partners and a sought-after Business Transformation and Innovation expert. She leads Fortune 100 companies’ transformation efforts, assists executives in identifying strategic goals, and leads complex innovation initiatives that have consistently created industry firsts.
As expected, Tracy provided very valuable insights. She says, “There is a convergence of data and technology taking place across organizations. Savvy business leaders recognize the need to remain 100% relevant in their markets and have heavily invested in some type of innovation program. And to ensure 100% success with innovation, it must span the entire enterprise, including its people.”
“There is a convergence of data and technology taking place across organizations.”
Boards are responsible for creating shareholder value. Mitigating risks and lowering operating costs help them do that. In the US especially, they have understood for some time the value harnessing data from their field assets creates in addressing these issues. Field Safe is seeing a rise in proactive investment in our digital health and safety solution because of the transformative effect that people can have.
Trend Number One: Boards are Getting Younger
Tracy points out that digital transformation is quite literally changing the face of organizations. “Data has caused a huge shift in how companies conduct their businesses. And most are going through a digital transformation to take advantage of all the benefits access to data provides.”
“More CIOs are becoming CEOs.”
Because data is inherent in all facets of organizations, Board Members must understand how to interpret that data. Tracy says, “Data is becoming even more important. We are beginning to see a younger, more data-savvy generation of Board Members with deeper capabilities. This is true at the C-suite level as well… a need for CEOs to be able to interpret and disseminate data findings into corporate operations. More CIOs are becoming CEOs.”
Trend Number Two: A Focus on People
Its people are a company’s most important resource, and ensuring their health and safety significantly reduces risk and costs. From the standpoint of health and safety, the Pandemic had a positive effect. It made leadership and Board Members acutely aware of the need to be connected in real-time to all employees
regardless of their location, especially lone workers. Board Members found out how critical field worker data is to run efficient businesses and to evolve safety protocols. Digital solutions like Field Safe simplify the capture of worker data that Boards now demand. A digital health and safety solution also helps protect against the costs … monetary but also reputational… of incidents. Incidents are a considerable risk to an organization. The data from workers can help reduce incidents and, by doing so, reduce risk.
One of the most significant advantages data of any kind creates is optimizing operations and lowering costs. Data is fundamental to making better business decisions.
But you must be able to read, interpret and integrate the data to spot anomalies and respond to them proactively. This will allow you to mitigate the risks before they happen and manage them effectively and quickly when they do. Companies must invest in resources to collect and store data. And they must also invest in experienced Board Members who can then use that data to create shareholder value.