New Research: Improved Project Management Is Key to Reducing Infrastructure Risks in Energy, Power, and Chemicals Industries
By Melissa Centurio Lopes on Apr 29, 2014
The process manufacturing industry is confronting significant infrastructure problems that heighten risks to operations and leave executives struggling to bring their ageing facilities into the twenty-first century, according to a new report by the Economist Intelligence Unit and sponsored by Oracle. One executive put the challenge in stark terms, saying "It takes years to build a reputation, but one serious infrastructure failure can destroy it."
The report, "The Impact of Aging Infrastructure in
Process Manufacturing Industries," is based on a recent
survey of 366 executives. The research found that aging systems are negatively
impacting—sometimes substantially—companies in oil and gas, utilities,
chemicals, and natural resource industries. A commanding majority—87 percent of
the respondents—said aging infrastructure has impacted operations in the past 3
to 5 years, with 1 in 10 saying they suffered severe consequences that they are
still trying to fix.
But as a group, the executives see a way to improve agility and seize new opportunities while protecting customers, employees, operations, and corporate images from costly infrastructure failures. The best solutions involve a blend of technology, project planning, and due diligence, the report stated. The executives added that these elements help organizations identify and resolve problems before crises occur.
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