Calculating Return on Investment for Chemical Risk Management Software: Is Your Current Solution Working For You?

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Whether you spend $5K or $500K, good chemical management software should deliver more value than it costs. The ability to measure this value — or return-on-investment  — is key to ensuring you aren't wasting money on software that won't yield results. 

This economic measure builds on the reputational and compliance risk management that is delivered to users of chemical management software, which in themselves are key drivers for adopting a chemical management software.

So, how can you objectively measure software’s economic ROI? Here are two metrics to consider: 

1. Time savings

The most obvious benefit of chemical risk management software is the time savings. Good software should make your team more productive by reducing the time spent on keeping up-to-date with changing chemical regulations. 

To begin, you need to know how much time you spend on various tasks such as researching regulatory changes and manually updating the database. When you look back at your week, month, or quarter, you should notice a significant difference in how much time employees spend on these tasks. An increase in productivity represents a positive return on investment, while no change or a decrease in productivity represents a negative ROI.

2. Reduction in costs

Good software should also help reduce costs. Once you determine how much time your team saves, you can track the cost savings related to these productivity gains. Here's an example:

Let's say a member of your regulatory team spends 6 hours a week updating and searching chemical regulations. If software cuts that time down to one hour, that's a cost savings of $9100 per year for each employee.

How can Yordas Hive help?

1. Savings from Investment

Time

Did you know globally, every 15 mins a chemical substance is impacted by the regulatory change? If you calculate it, that works out to be 101 chemical substances that are impacted by regulatory change each day which means regulatory compliance professionals are likely monitoring close to 36,865 regulation changes in any given year.

With a tool like Hive, a highly customizable platform providing daily updates, a regulatory professional can gain over 60 minutes of their working day back. This means every member of your regulatory team will save an average of 39 working days (almost 2 months) a year that can be better utilized completing other projects while Hive keeps you informed of any chemical regulatory change impacting your business. .

Return on Investment (ROI)

Looking at the bigger picture, Hive offers average users 391% ROI.   In simple terms, Hive pays for itself in 55 working days.  In essence, leaving the average Hive user with 41 weeks of cost-negative use of the service.

2. Real-time, accurate inventory

Yordas Hive was created to meet the growing market demand for accurate and up-to-date regulatory data on chemicals globally. With Hive, you can gain access to global regulatory data on 270,000+ substances, actively maintained by our team of experts on a daily basis to ensure your team always has the most current information at their fingertips. 

3. Minimize business risk 

With Hive, you can evaluate and manage the risk of non-compliance for your complex articles, through our comprehensive database of materials and the regulated or hazardous substances that they might contain. This means you can generate risk assessment reports to show all the substances that might be in your products, thereby minimising business risk, while significantly reducing your testing costs.

What’s next?

Let our team show you how access to timely updates (available exclusively at Yordas Hive) can help your business meet all necessary compliance requirements. 

The next level…

With an SDS Indexing service, which extracts critical fields of data from the user’s SDS library.  This allows faster and more efficient regulatory reporting - allowing the user to demonstrate yet another step-up in the return-on-investement available from chemical regulatory software.  

Schedule a short discovery call with our team here: