Survey Insight: Operational Excellence Initiatives Fire Up Spending In Operational Risk Software
Operational excellence has become a popular term amongst operational risk managers, representing a holistic approach to business strategy that encompasses organisational culture and operational processes to drive success. A key component of operational risk is improving plant efficiency through the identification and mitigation of risks associated with physical assets. This feeds directly into operational excellence strategies as they aim to optimise production efficiency to maximise overall business performance.
As part of the annual Verdantix survey on operational risk management, we asked 221 operations managers what role operational excellence plays in triggering the implementation of new operational risk management software. The results showed that 59% viewed it as “very important” or “important”. This driver of customer is good news for vendors of ORM software such as DevonWay, Enablon and Petrotechnics as well as asset performance management vendors like Aveva, Bentley Systems and IBM who offer core capabilities for operational excellence initiatives.
To learn more about drivers influencing the ORM software market see the Verdantix report ‘The Future Direction Of Operational Risk Management Software’.