Leaderboard For Operational Risk Software Brand Awareness And Brand Preference
A confluence of innovations over the last three years have established operational risk management (ORM) software as a new category worthy of consideration for investment. This isn’t a brand new market. Point solutions for job hazard analysis, management of change, bow tie analysis, barrier management and control of work have been available for more than ten years. Verdantix undertook a benchmark of 20 vendors who offer ORM software applications. Providers with a petro-chemical industry focus such as eVision, Petrotechnics and RAP International feature in this market as do EHS providers like Cority, Intelex and IsoMetrix. The big innovation is the use of digital twin models of assets to enhance real-time risk management. This complimentary report on the future direction of operational risk management software sheds more light on digital twins.
Given the diverse landscape of vendors we decided to include brand awareness and brand preference questions in our survey of 221 decision-makers responsible for operational risk management at industrial assets such as chemical plants and oil refineries. SAI Global tops the ORM software brand preference leaderboard with 31% of surveyed buyers indicating a preference. Enablon made it into second place with 28% of operations decision-makers expressing a preference for them over other vendors. GE Digital, through its Predix platform, came in third with 25% and Sphera Solutions fourth with 24%. These four vendors also achieved the highest brand awareness. GE Digital claimed top spot with 77% awareness, Sphera hit 75%, SAI Global 72% and Enablon 65%. Aveva was close behind on 63%, Intelex 62% and DNV GL 59%.
What does this mean for ORM software vendors? Cross-segment competition is real. Potential buyers who work in operational roles at industrial assets will run RFP processes which include petro-chem software specialists, enterprise asset management software vendors and EHS platforms. The relatively low brand preference scores also show there is everything to play for in this growing market.