Long-Term Viability Likely Hinges on Quick Adaptation and Integration of Digital Technologies
Refiners seeking to improve their manufacturing processes with digital technology are primarily focused on product optimization, reliability and maintenance, and health safety and environmental (HSE) initiatives according to a recent HSB Solomon Associates LLC (Solomon) survey.
Solomon also found in the survey that, to achieve these initiatives, companies are employing digital tools such as advanced data analytics, collaborative dashboards and performance monitoring tools, and IT systems updates that connect various systems to enable other digital capabilities.
As part of the 2018 Worldwide Fuels Refinery Performance Analysis (Fuels Study) and Worldwide Paraffinic Lube Refinery Performance Analysis (Lube Study), Solomon sought to understand the refining industry’s current level of participation in the digital transformation revolution. The most successful industries are actively participating in this revolution through investment in innovative technologies and processes to reduce production costs and improve manufacturing efficiency and asset safety.
Overall participation in the Digital Transformation Survey was excellent, with 77% of all 2018 study participants completing the survey. The study provides key insights for refinery leadership teams to benchmark their programs compared to peers in utilizing modern manufacturing concepts to improve business results. It is likely that long-term viability is dependent upon quickly adapting and integrating new technologies into routine business processes.
Contact us today to learn more about the refining industry’s digital transformation.