Operational Excellence is key to increasing profitability while ensuring safety and regulatory compliance.
Over 85% of refining and petrochemicals companies have run Operational Excellence programs, but only around 30% say that these programs have met their expectations*. Changing environments, demographics and technologies mean that the nature of Operational Excellence is rapidly shifting.
* Operational Excellence in Refining and Petrochemicals: Trends, developments and solutions affecting operations leaders Report – IQPC and KBC, October 2017
Operational Excellence: A pre-requisite to a thriving business?
In order to thrive in today’s ever-evolving business environment, Operational Excellence must be at the forefront of your strategy. It can be achieved by leveraging the latest technologies, by understanding the need for highly-skilled operators and by adopting robust business processes.
Operational Excellence makes you more competitive. It lowers your cost of capital and improves your ability to grow market share by focusing on:
- Superior results, sustained
- Cultural DNA, aligning employees with your company’s ethos, vision and values
- World-class technology and talent, to consistently deliver the day-to-day actions that comprise excellence
What does superior results, sustained look like?
The average return on capital employed in the oil and gas industry has been in the low single figures for decades. However, the top performers are able to sustainably achieve a return of over 20% and, in turn, are rewarded with a lower cost of capital to fuel growth.
Advances in technology and the globalization of crude and products markets are opening up new opportunities for leaders to exploit, while volatility and overcapacity are leading to operating challenges for more vulnerable operators.
Superior results are achieved by making better decisions, faster than the competition and then flawlessly executing those decisions. Superior results, sustained, are achieved by doing this consistently over the long-term.
Our Operational Excellence solution (OpX) is the systematic application of our technology and capabilities, guided by our operating principles, to ensure superior results, sustained.
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