How to Pivot Your Program During an Economic Downturn
Inspectioneering Journal, May/June 2020 Issue
As the oil and gas industry slowly begins its long journey back to recovery, facilities are continuing to look for areas they can immediately reduce costs without negatively impacting their programs in the future. Additionally, decision makers are having to quickly decide where to invest the remainder of their severely diminished budgets and are having to make these decisions based on the data they have access to. Often, this data does not identify the areas of their program that have the greatest impact on their overall facility performance and can cause facilities to invest in activities that do not directly provide value to the facility.
Identifying initiatives that reduce short-term costs while having a positive, long-term impact on a program can be very challenging for plant management. However, despite the recent challenges that the oil and gas industry has faced over the past couple of months, facilities have the unique opportunity to assess, optimize, and improve their programs. This article will provide three areas plant management can focus on to pivot their program
during an economic downturn:
- Evaluate facility culture and embrace potential change
- Build strong, data-driven processes to drive decision making
- Pursue excellence and focus on measuring quantifiable value
