New Solution from Ventyx Helps In Preventing Accidents and Maximize Return on Assets
HOUSTON, TX: Ventyx, an ABB company, has announced an industry first Process Safety Management solution, specifically designed to give chemical, oil and gas (COG) companies an enterprise-wide view of process safety risks. This brings about better enabling clients to track deviations to safeguard, evaluate risks and prioritize corrective actions proactively.
Unveiled at the Process Safety Summit in Houston, Andrew Soignier, VP, Chemical, Oil and Gas Solutions, Ventyx says, “Optimizing process safety, ensuring regulatory compliance and reducing downtime are among the biggest challenges our customers face in the chemical, oil and gas industries. With the Process Safety Management solution, Ventyx provides powerful risk advisory software that addresses these challenges in near real-time.”
The Ventyx Process Safety Management solution takes safety beyond traditional instrumented monitoring functions and extends it into everyday operations, maintenance and management. It provides the following significant benefits:
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) 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.
Studies from the Centre for Chemical Process Safety (CCPS) suggest that 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, and up to a 20-percent reduction in insurance costs.
“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,” he adds.