Ventyx, an ABB company, today announced a new Process Safety Management solution, the first industrial software specifically designed to give chemical, oil and gas (COG) companies an enterprisewide view of process safety risks - enabling clients to track deviations to safeguards, evaluate the risks and prioritize corrective actions in a timely manner. The solution was unveiled at the Process Safety Summit, a one-day event hosted by Ventyx and parent company ABB in Houston today.
“Optimizing process safety, ensuring regulatory compliance and reducing downtime are among the biggest challenges our customers face in the chemical, oil and gas industries,” said Andrew Soignier, VP, Chemical, Oil and Gas Solutions, Ventyx. “With the Process Safety Management solution, Ventyx provides a powerful risk advisory software that addresses these challenges in near real-time. Process Safety Management brings data-driven confidence to decision makers from the operator to the executive team by providing predictive insights and recommending potential corrective actions to reduce major hazard risks.”
The Ventyx Process Safety Management solution takes safety beyond traditional instrumented monitoring functions and extends it into everyday operations, maintenance and management. It provides the following significant benefits:
Situational awareness and visibility of managed risks. Combining operational data with dynamic risk calculation allows operators to visualize the current level of risk (from worn protective equipment, deferred maintenance, inconsistent work procedures, etc.) for each facility.
Contextual information to facilitate decision support. Bringing disparate information sources together into a single dashboard helps “connect the dots” between operational technology (such as automation systems) and information technology (such as maintenance management systems) to better monitor the integrity of the layers of barriers and safeguards.
Procedural automation of work processes. Once deviations between operations/maintenance and potential impact on safety are identified, the solution provides actionable intelligence to restore the integrity of the layers of protection and return the facility to a safe operating state.
Industry studies consistently show that solutions like Ventyx Process Safety Management can deliver measurable benefits in both productivity and cost reduction. For example, industry figures from the Centre for Chemical Process Safety (CCPS) suggest that companies can reduce injuries and fatalities by as much as 50 percent, saving $5 million per year in losses and $3 million per year in workers’ compensation costs, and up to a 20-percent reduction in insurance costs.
According to Senior Analyst Peter Reynolds with industry research firm, ARC Advisory Group, “The Ventyx Process Safety Management solution helps close the loop between ‘as designed’ and ‘as operating’ conditions, thus allowing owner-operators to better manage operational risk. The solution is well-equipped to offer a framework for a comprehensive view of process and occupational safety, as well as asset integrity, and corporate stakeholders should expect to experience a reduction in safety incidents and a corresponding increase in production throughput with its use.”