How to Achieve Operational Excellence in a Highly Regulated Oil and Gas Industry?
- Author Fahad Mateen
- Published May 9, 2017
- Word count 348
Higher efficiency is a goal for companies operating in the oil and gas industry. As facilities grow more complex, so does regulatory demands and the pressure to capture return on investments increases and the need to achieve excellence grows.
Financial charts showing growing revenue on touch screen
Achieving operational excellence is more important now that than it has ever been before due to a highly complex, changing business environment. With increasing complexity in all areas of the business, including compliance, operational excellence is becoming more of a challenge.
The first step to operational excellence is defining it in a clear and concise manner that provides measurable objectives – you cannot manage what is not measured.
Second is recognizing that excellence is relative and shifts over time – technology and business paradigms all evolve. Companies do not stand to benefit from antiquated and traditional methods that no longer serve their needs effectively.
The third is the understanding that true operational excellence manifests itself through integrated performance across risk, revenue and cost. Seeing the interconnectedness of these often siloed functions will set the company on track to operational excellence.
Simply put, achieving excellence means having a sound risk management strategy that aligns its operational capabilities and executes strategy consistently and reliably.
An operational excellent organization has the significantly lower operational risk, lower operating costs and increased margins relative to its competitors, which creates value for customers and stakeholders. Also, operational excellence allows oil and gas leaders to confidently say and prove that they are running their assets safely, reliably, sustainably and cost effectively.
About the company
360factors, Inc. helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures, risks and controls, audit and inspections, safety management systems and on-line training and qualifications, in a single cloud-based platform.
360factors EHS Services offers environmental consulting services in the areas of air, water, and waste permitting and compliance, site investigation, and remediation, environmental and dredge material sampling and evaluation, engineering and geology, expert testimony, health and safety, and operational risk management.
Predict360,Regulatory risk and compliance software helps oil and gas organizations navigate their way through a changing regulatory environment, manages risk and improves performance to increase operational excellence, sustainability, and margins.
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