Pinnacle announces the release of its first ‘Global Economics of Reliability Report’. This is the first in a series of reports that will explore the impact that reliability has on various global industries including the oil and gas, chemical, wastewater, and other industrial processing industries.
“We estimate that complex processing systems spend over US$500 billion annually on reliability,” said Jeff Krimmel, Director of Market and Data Analysis at Pinnacle. “Reliability is a core competitive strategy for these systems because it helps facilities optimise costs, mitigate risk, and increase availability. Despite the competitive edge reliability can provide, facilities have not been able to easily measure and understand the reliability performance of industry leaders. Our report provides insight into the top-performing facilities in the world, and will help leaders understand the operational and financial realities that shape the reliability of major global industries.”
The interim report, which focuses on the current market trends in the petroleum refining industry, leverages Pinnacle’s data models to estimate the reliability spending patterns and performance of refineries in the US, Europe, and Asia Pacific regions. The foundation of the data analysis combines public data from international governments and refineries and Pinnacle’s internal algorithms to provide unique insight into the industry. Highlights of the report include how best-in-class refineries achieve superior reliability and the estimation of the global impact an improvement in reliability will have on the market.
“In this report, we conclude that 10% to 30% of industry spend on reliability-related initiatives is wasted,” said Ryan Sitton, Founder and CEO of Pinnacle. “We found that the systems with the best reliability performance leverage data-focused analysis.”
On Tuesday 15 December, Krimmel and Sitton will host Pinnacle’s Economics of Global Reliability brief. During the virtual brief, they will discuss additional insights and the future of reliability in the petroleum refining sector. Download the report and register for the virtual brief here.
Read the article online at: https://www.hydrocarbonengineering.com/refining/10122020/pinnacle-releases-first-global-economics-of-reliability-report/