4 Ways Cameras in Manufacturing Facilities Improve Management and Cut Insurance Costs

31 October 2023Digital Transformation, ManufacturingDigital manufacturing, factory, leadership, Process, production, risk mitigation, Safety, upper management, workflows

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In the world of manufacturing, effective leaders know safety and security are paramount. Not only do these factors protect your employees and assets, but they can also have a significant impact on your bottom line.

Manufacturing Leadership

Insurance companies typically offer discounts to companies that meet certain requirements, particularly those related to safety and security. When leadership focuses on these aspects, companies can save on insurance premiums, avoid OSHA penalties, prevent losses, and improve their financial health.

One of the most straightforward ways to achieve these benefits is by deploying cameras in  manufacturing facilities. In this article, we’ll explore how using cameras for 24/7 monitoring can help your company better manage your processes and save on insurance premiums at the same time.

cameras in manufacturing facilities improve management, but insurance costs

Following are 4 ways cameras in manufacturing facilities improve management and cut insurance costs:

  1.  Enhanced Security and Risk Mitigation

Modern manufacturing facilities face a range of security challenges. From theft and vandalism to industrial accidents, ensuring the safety and security of your facility is crucial. Deploying cameras that offer various features like thermal imaging, low-light capabilities, color with IR illumination, video analytics, and up-to-date communications in an integrated system can significantly enhance your facility’s security. It also enables management to monitor production and workflows.

Smart cameras are perfect for 24/7 monitoring with real-time alert notifications. Not only do they provide a robust security solution, but they also enable visual verification, a key feature that insurers value. By demonstrating that you are actively mitigating risks through advanced security measures, you can qualify for insurance discounts.


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2.  Real-Time Monitoring and Incident Response

Cameras that allow for real-time pan, tilt and zoom with up to 360° site coverage are indispensable for comprehensive facility monitoring. These high-detail cameras not only provide enhanced security but also the ability to respond to incidents as they unfold. This can be crucial in preventing accidents, minimizing the impact of security breaches and notify management to production problems. In the eyes of insurance companies, having the capability to monitor your facility at this level of detail can make you a more attractive policyholder, potentially leading to lower premiums.

cameras in manufacturing facilities, management and cut insurance costs

3.  Documentation for Insurance Claims

In the unfortunate event of an incident or accident in your manufacturing facility, having a comprehensive record of what transpired is invaluable. Fixed-position cameras, in addition to their security and monitoring functions, are excellent tools for creating high quality time-lapse imaging, live streaming and continuous video recording. These records can be crucial for insurance claims, helping to streamline the process and ensuring that your company receives the appropriate coverage. Additionally, they demonstrate your commitment to maintaining a secure and safe environment, which can reduce your premiums.

4.  Continuous Process Improvement

Cameras in your manufacturing facility not only serve as security and insurance tools, but they also offer insights for better process management. By monitoring your operations in real time, you can identify bottlenecks, areas for improvement and potential safety hazards. This proactive approach to facility management can lead to cost savings in the long run, as it reduces the likelihood of accidents and inefficiencies. Insurers recognize these efforts as steps to mitigate risk, and as a result, they may reward your company with lower premiums.

 

Effective Strategy

Investing in cameras for your manufacturing facility is a strategic leadership move that can lead to significant cost savings. By enhancing security, providing real-time monitoring, creating records for insurance claims, and facilitating process improvements, you will demonstrate to insurance companies that you take operations and risk mitigation seriously. This, in turn, can lead to discounts on premiums, helping your company’s bottom line, as well as fostering a safer and more efficient working environment.


To stay competitive and thrive in this dynamic market, your company may need an innovative operating model. Contact Graitec Group today to learn about the Digital Innovation Framework™. Your journey to modeling the future starts here.


 

 

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