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The Evolving Role Of Big Data In Accident Cost Containment

July 08, 2019 / Andrej Kovacevic

The role of big data in accident cost containment is ever growing and can't be understated. Here's what to know about it. Companies around the world are looking for ways tominimize the costs of accidents. Many regulators have found that the number of accidents in various industries is grossly unacceptable and have started imposing new penalties. The good news is that new advances in big data have made it easier for them to look for ways to prevent these horrific problems. Accident data provides insight and valuable information that can be used to help improve safety in the future. The reporting of accidents is crucial in maintaining the collection of this data. The number of preventable accidents in the U.S. increased by 5.3% between 2016 and 2017. OSHA also reported in 2014 that there were nearly 4,000 deaths related to workplace accidents. Data such as this can be used to reduce the frequency and severity of preventable accidents, particularly in the workplace. The collection...