Better Together: Intelligent Risk Mitigation
Risk – it touches every part of life and business. It’s often not the risk we know, but the risk we don’t know that can cause the most damage. For industrial businesses, the challenge is in identifying those unknown risks so they can better protect employees, assets, the business itself and its reputation as well as surrounding communities, the environment, and wildlife.
Intelligent Risk Mitigation
For this episode of Better Together: Customer Conversations, we’re highlighting Lloyd’s Register and its approach to intelligent risk mitigation. Lloyd’s Register began in 1760 as a marine classification society involved in setting and maintaining safety standards. Today, they operate in over 75 countries as a world leader in safety and performance for critical infrastructure.
Lloyd’s Register created an asset performance management platform, AllAssets, that provides a comprehensive view of assets, employees, and environmental factors so decision-makers can mitigate risk and prevent disasters before they strike.
In this episode Oz Rodriguez, Head of Product GTM Strategy at Lloyd’s Register, joins us to discuss how Lloyd’s Register is using intelligent risk mitigation analytics to:
- Focus inspection and maintenance where it counts by identifying and removing redundant and/or ineffectual planned maintenance and downtime
- Provide a complete picture of current and future operational health to highlight potential safety hazards
- Provide decision-makers with the data they need to make crucial decisions about safety and maintenance
No matter the size, businesses must react fluidly to new challenges. Oz explains that the output of data is only meaningful if it can be reviewed by decision-makers armed with the appropriate information. A broad perspective with programmable parameters helps people make predictions that can avert a crisis.
Reining in Risk Through Perspective, Parameters, and Predictions
Risk reduction isn’t just about people, equipment, process, or products as stand-alone entities. Risk reduction is most effective when you can view the entire business landscape as a whole, and evaluate environmental, equipment, and human impacts that can result in catastrophic events. In many instances, the combined risks are not taken into account or even known until it’s too late.
Lloyd’s Register has been able to provide a framework that can more easily collate and synthesize asset, facility, and employee performance. When data is integrated and presented in context, people can make decisions using the most important factors in creating safe and profitable systems: Perspective, Parameters, and Predictions.
- Perspective: Every level of critical infrastructure defines problems differently. It’s imperative that the data be accurate, up-to-date, and definitive. Data systems that are flexible provide accurate perspectives from multiple levels. Proper perspective defines risk and pinpoints areas of redundancy or waste. Perspective arms decision-makers with the information they need to redirect business assets intelligently.
- Parameters: Business doesn’t stand still and it isn’t always possible to predict how a change will be felt in time or across the infrastructure. Adaptive parameters show how a change in one sector can impact another. A top-down view can avoid solutions that create new problems.
- Predictions: Predictions are solutions that stand in front of problems. By combining human expertise and data from every aspect of the business, employees, and the environment, companies can anticipate and prevent likely disasters as well as discontinue costly or wasteful practices.
Join us for the thought leadership podcast and LinkedIn discussion on the insights that drive the future of intelligent risk mitigation:
- Podcast: Oz Rodriguez, Ganapathi Pulipaka, and host Tamara McCleary discuss how Lloyd’s Register is transforming risk mitigation. Lloyd’s Register is working towards a future with fewer equipment failures, unscheduled downtime, and unforeseen disasters by putting people at the center and using technology to enhance their capability to make the best decisions. Learn how they are working to make the world a safer place, one customer at a time.
- LinkedIn Conversation: Oz Rodriguez will join me in a conversation about the future of risk management and the tools Lloyd’s Register has built. In addition to increasing automation, Oz explains that the goal is to provide the best past, present, and future picture to subject matter experts so they can make informed decisions.
Looking for more customer success stories about optimizing operations and avoiding downtime?
- KAESER KOMPRESSOREN – Reimagining Design to Operate for Fast Product Delivery and Improved Service
- Newcrest Mining: Setting the Gold Standard for Worker Safety and Productivity
You will find this episode as well as many more on sap.com/BTP. And, as always, I want your input! Please tell me what topics you’d like to discuss in the future and give me feedback on the questions we should be asking our guests. You can also contact us if you’d like to be a guest on an episode.
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