Improve Risk Management For Industrial Assets With The Best Fit Operational Risk Software
The Verdantix benchmark of operational risk management (ORM) software has been released following a rigorous six-month research process. The research assessed the functionality of 17 ORM software products on 158 criteria and applied 53 criteria to evaluate vendor success such as product strategy and revenue growth. What are the key takeaways for customers looking to invest in ORM software?
Buyers should be aware that the market is populated with vendors from diverse backgrounds. No vendors offer software which covers all industrial risk management usage scenarios. In our benchmark, only three vendors eVision, Enablon and Petrotechnics made it to the Leaders’ Quadrant as they demonstrated broad and deep functionality as well as strong market momentum. For example, Petrotechnics (acquired in January 2019 by Sphera) offers a single platform that integrates real-time data from process historians and other enterprise systems to offer users a comprehensive, geo-spatial view of risks. eVision (acquired by Wolters Kluwer in October 2018) provides a graphical overview of all the permits and isolations to give an idea of all the active work going on at any given time. Enablon’s mechanical integrity module uses Monte Carlo simulations to prioritize risk mitigation that offers the highest return on investment.
Operations leaders looking for ORM software providers to address specific risk management initiatives have lots of choice. According to our assessment, nine vendors are positioned in the ‘Specialists’ Quadrant. For example, Cority has developed impressive functionality for emergency response; Sphera offers a robust all-round process safety management software, and TenForce offers the broadest mobile app portfolio.
To learn more about the 17 most prominent ORM software providers in the market, register to attend the upcoming Verdantix webinar, ‘Operational Risk Management Software Benchmark: Solutions To Control Industrial Risks’, taking place on February 28, 2019.