PetroDiAC

    Technology companies are always searching for new technologies to add to their portfolios and add to their abilities to solve real industrial issue to save money to their   customers. However on the other side, the competition between these technology companies in the AI field, already fierce,  and is likely to intensify in 2024 and beyond, driven by several factors: Competition landscape: Industrial Automation Companies: They are investing heavily in AI research and development, aiming to dominate the market with comprehensive solutions and deep knowledge of the process industry. Mega Technology Companies: While they pioneer in deploying several AI based projects, yet they are working hard to add more deeper knowledge  and increase their footprint in the process industry. Startups: Nimble and innovative, they are bringing specialized solutions to niche areas within the process industries. Industry incumbents: Traditio...

  Episode 7: Introduction Among the key parameters of Operational Excellence, "Quality & Reliability" stands as a cornerstone for ensuring efficiency, safety, and profitability in operations. They refer to the ability of a business to consistently produce and deliver products or services that meet or exceed customer expectations. In this article, we will delve into the significance of quality and reliability in the industry.   Quality: Quality is defined as the degree to which a product or service meets or exceeds customer expectations, adherence to industry standards, specifications, and best practices. It can be measured in a variety of ways, such as: Customer satisfaction surveys Number of returns or complaints Product or service failure rates Process defects Examples of Quality Measures: Precision in Drilling Operations : Ensuring precise drilling techniques through advanced technologies like directional drillin...

  In the business dynamic and challenging landscape, companies are striving to achieve their objectives while maintaining healthy and streamlined operations. Central to this pursuit are operational excellence targets and many standards that they need to follow some of them are crucial for their operational like ISO. This article aims to illuminate the critical distinctions and parallels between these approaches, emphasizing how their synergistic implementation can propel organizations toward achieving their goals. It is very crucial for companies' middle management to differentiate how any opportunity that may arise in their operations can be addressed, studied and quantify the benefits using the right tools and reference practice.   ISO Standards: Anchoring Corporate Practices  T he International Organization for Standardization (ISO) stands as the global authority for developing and endorsing international standards across industries. For the Oil & Gas sector,...

  More often while we work with operations teams there we come across many standard questions that are majorly misconceptions about Operational Excellence and value for their plant, company   and for themselves. We here share some of these misconceptions about operational excellence that are important to address:   1.       Cost-cutting is the primary goal: One common misconception is that operational excellence is solely about cutting costs. While cost reduction is a part of it, the broader goal is to optimize processes, enhance productivity, and deliver higher value to stakeholders.   2.       Designed for large corporations: Some believe that operational excellence initiatives are only suitable for large corporations with extensive resources. However, companies of all sizes can benefit from adopting operational excellence principles tailored to their scale and resources.   3.     ...

  More often we find a mixed understanding of the Operational excellence as a corporate culture and Processes & Procedures. While both are crucial for organizational success, they differ significantly in their scope, implementation, and impact. In this article, we'll explore the difference between operational excellence as a corporate culture and operational excellence as processes and procedures.   Operational Excellence as a Corporate Culture: Operational excellence as a corporate culture is a holistic and all-encompassing approach to how an organization conducts its business, set their objectives and prioritize investments. It goes beyond the realm of specific techniques or procedures and instead becomes an intrinsic part of the company's identity and values. Here are some key aspects of operational excellence as a corporate culture: 1.   Mindset and Values: A mindset that is committed to continuous improvement and excellence are always available in corpora...

  In this value discipline, companies or investors are focused on providing customers with reliable products or services at competitive prices. The key is to streamline internal processes, optimize efficiency, and minimize costs. Companies that excel in operational excellence often have tight control over their operations, utilize technology to their advantage, and consistently deliver on time and on budget. The goal of operational excellence is to achieve high customer satisfaction through consistent and dependable delivery, rather than through innovation or customization. Companies following this discipline strive to become the low-cost provider. There are several parameters or factors that companies should consider when striving to create value through operational excellence. These parameters are essential for building and sustaining operational excellence: 1. Cost Management 2. Quality and Reliability 3. Efficiency and Productivity 4. Supply Chain Management 5. Employ...

  Operation Excellence 101: Why to Start from Redefining Your Organization Value Proposition     A great bestselling market research business book called “The Discipline of Market Leaders: Choose Your Customers, Narrow Your Focus, Dominate Your Market” by Michael Treacy, Fred Wiersema. The book outlined tactics for any business striving to achieve market dominance.   The business renowned authors outlined that, successful companies do not attempt to be everything to everyone. Instead, they win customers by mastering one of three "value disciplines": the highest quality products, the lowest prices, or the best customer experiences.    Authors have also stated that, companies that have taken leadership positions in their industries typically have done so by narrowing their business focus, not broadening it. They have focused on delivering superior customer value in line with one of three value disciplines—operational excellence, customer intimacy,...