By Sphera’s Editorial Team | April 27, 2020

ROI of Operational Risk Management in Oil & Gas

Oil and gas operators with digital vision are contending with market uncertainty and risk by powering their digital operational excellence strategies. By deploying solutions that help consistently assess and manage risk across the enterprise and deliver an accurate view of system conditions, operators can proactively respond, achieve compliance, drive sustainable performance, and keep their people and assets safe and productive.

Industry leaders are building a compelling business case for Operational Risk Management (ORM), starting with a robust calculation of the benefits and costs. This includes time spent carrying out everyday risk management tasks, the rolling average of unplanned shutdowns and turnarounds, current IT cost data, and prospective investment costs for a potential annual ORM SaaS license, implementation, training, and support services.

Positioning guidance for how oil and gas operators can support the capital requisition process can be achieved by applying the business case model advocated by industry analysts as well as case studies from innovators and early adopters.

Here we outline the five cost-saving categories and estimated financial benefits for enterprise oil and gas operators seeking to invest in Operational Risk Management software to support Control of Work, Advanced Risk Assessment, Process Safety Barrier Management, and more.

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