A new software system will help chemical, oil and gas companies improve safety by giving them an enterprise-wide view of process safety risks.
Industrial enterprise software supplier Ventyx released its new Process Safety Management solution June 3 at the Process Safety Summit, a one-day event hosted by Ventyx and parent company ABB in Houston. The software enables companies to track deviations to safeguards, evaluate the risks and prioritize corrective actions in a timely manner.
“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, vice president of chemical, oil and gas solutions at 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. The software provides the following capabilities:
- 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 have shown that process safety software solutions can deliver measurable benefits in both productivity and cost reduction. According to “The Business Case for Process Safety,” released in January by the Center for Chemical Process Safety, 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, as well as reduce insurance costs by as much as 20 percent.
“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,” said Peter Reynolds, a senior analyst with industry research firm ARC Advisory Group. “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.”