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Enterprise Loss Prevention (ELP) Software
Enterprise Loss Prevention (ELP)
Why OESuite® for Enterprise Loss Prevention Matters
Every risk is a potential source of loss. Keeping losses from occurring is the key objective; however, companies need a way to quantify them to see the aggregate impact on the bottom line. The only way to enhance profitability, safety, product quality, environmental compliance, and ESG efforts simultaneously is to consider their collective impact through one lens. OESuite® for ELP gives you that lens.
Enterprise Loss Prevention, or ELP, helps companies prevent or reduce loss (mitigate risk) by:
- Helping you operate at your designed outputs (loss of potential product)
- Reducing off-spec product (loss from quality issues)
- Reducing safety or compliance issues (and the downtime or fines that come with them)
- Overcoming the challenges to achieving operational discipline (reducing human error)
- Bringing 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.
How Does Enterprise Loss Prevention Benefit Organizations?
Beyond the obvious benefits of reducing incidents and enhancing reliability, our ELP Master Framework helps you unlock the potential in your hidden plant. Running closer to your designed capacity without additional risk enhances your bottom line.
Having potential losses identified allows you to estimate the “total cost,” such as lost production, impact to personnel, and identify mitigation or capital improvement opportunities to prevent the loss from occurring.
Marsh Specialty’s 100 Largest Losses in the Hydrocarbon Industry (100LL) report highlights some aspects of ELP.
This will also help you plan for and manage intangibles, such as reputation, stakeholder engagement, and potential consent decrees and resulting fines.
OESuite® Mobile Applications for ELP
Giving the workforce access to key information in near-real time in the field is integral to achieving incident-free operations with maximum production and profitability by mitigating risk and minimizing loss. Gather and share data, generate actionable insights in real-time, and build a resilient, empowered, risk-aware workforce – regardless of where the work occurs.
OESuite® Integrations / Connectors for ELP
Companies can leverage their external data sources for extended ELP insights via the OESuite® library of connectors. Data from critical systems, including these, can be integrated, analyzed, and utilized from within OESuite®.
- Laboratory Information Management Systems (LIMS)
- Computerized Maintenance Management Systems (CMMS)
- Data Historians
- Human Resource (HR) Systems
Risk Management
Risk Management is the key to understanding the potential consequences should 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 all the way down to the piece of equipment and instrument.
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, and 14000. OS utilizes standards and best practices within OESuite® to provide an enterprise strategy for managing risk, and that the enterprise strategy helps you meet the standards and regulations required to run your business.
World-class companies need a strategy for managing ELP, and OS provides the methodology, technical content, consulting, and enterprise software through OESuite® to help you achieve Operational Excellence.