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Enterprise Loss Prevention
A New Approach to Enterprise Loss Prevention
Why OESuite® for ELP Matters
Recent trends in the energy sector show that loss from disparate sources across organizations continues to significantly impact organizational performance. The ultimate goal is incident-free operations coupled with maximum production and profitability. OESuite® uses an interoperable risk registry and a unified interface to uncover and mitigate risks, or sources of potential loss, across your organization.
Enterprise Loss Prevention, or ELP, helps companies reduce loss (mitigate risk). Whether you’re operating at less than your designed output (loss of potential product), regularly fighting off-spec product (loss from quality issues), dealing with safety or compliance issues (and the downtime or fines that come with them), challenged with achieving operational discipline (reducing human error), or struggling to bring turnarounds or major capital projects in on time and on budget… ELP puts your resources to work to make the biggest impact on your bottom line. Operating with less loss over time leads to Operational Excellence.
ELP protects value by reducing risk (loss) from compliance-driven sources and creates value by reducing risk (loss) from operations-driven sources.
OESuite® Business Benefits for Enterprise Loss Prevention
Enterprise Loss Prevention, powered by OESuite®, delivers:
- Improved asset performance
- More resilient supply chains
- Production efficiency and optimization
- Increased operational discipline
- Improved workforce competency and human performance
- Enhanced compliance assurance
- Meeting customer and societal obligations
- Continuous improvement
Sources: Accenture Industry Research, 2019, IDC Worldwide Semiannual Digital Transformation Spending Guide, H12018
How Does Enterprise Loss Prevention Benefit Operations?
Many losses are due to human error tied to equipment failures. While process safety can address many of the hazards of operating a facility, such as loss of containment, most EHS incident reporting software doesn’t address maintenance, operations, and production needs.
That makes it difficult to relate the impacts of an incident to total cost. But an analysis of the hidden plant – the potential for production that is negatively impacted by losses such as off spec product or downtime from an incident or maintenance issue – shows clearly how all types of loss (unmitigated risk) impact production potential, and therefore, profitability without sacrificing safety.
The only way to enhance profitability AND safety, environmental compliance, and ESG efforts simultaneously is to consider their collective impact through one lens. OESuite® for ELP gives you that lens.
Every risk is a potential source of loss. As losses occur, companies need a way to quantify them to see the aggregate impact on the bottom line.
Production Loss Analysis
Understanding actual capacity is a necessary first step to improving production and reducing actual and future losses through Production Loss Analysis, a key component of ELP by OESuite®.
Process Safety & Mechanical Integrity
As plants age and approach their intended design life limit, Mechanical Integrity (MI) becomes a significant risk leading to losses for plants 30 years and older. MI is a key component of ELP by OESuite®.
Risk Management
Risk Management is the key to understanding the potential consequences when failures occur, regardless of the source of the failure. An organization’s risk profile is constantly changing due to change in its portfolio, economic cycles, and as other external influences manifest.
Equally important, risk must be viewed through the lens of a risk registry that aligns with the organization’s risk tolerance and business objectives.
The OESuite® risk registry leads to a single harmonized view of risk, giving a more integrated, holistic view of your risks, opportunities, and outcomes.
Enterprise Loss Prevention is Standards Based
All risks are opportunities for losses, but not all risks are equal and therefore not all risks deserve the same attention. In some cases, running to failure is an acceptable maintenance strategy – an organization must understand its risk tolerance.
ISO 31000 provides risk management guidelines and ISO 31010 provides a standard on Risk Management techniques. We also address other ISO standards series including 55000, 9000, 14000 These standards, along with industry best practices, provide a practical framework for management of risk. OS utilizes standards and best practices within OESuite® to provide an enterprise strategy for managing risk.
