The Cost Savings Digitization Series covers several cost saving opportunities you may have at your facility, including common pitfalls, ways to optimize, and things you can do today to upgrade your program – specifically in regard to digitization and digital transformation efforts. Catch up on our 30-minute virtual workshops and open discussion sessions below, and check out our Weekly Cost Savings Series and Water Reliability Series.

Reducing Cost with Digitization: Addressing the Buzz

While most leaders understand that digitizing is beneficial to their programs, approximately 39% of organizations feel that the integration of digital transformation is their greatest challenge. Digital transformation is the acceleration of existing processes, resulting in faster data collection, analysis, and decision making. Facilities often transform their digital presence by digitizing important elements of their current processes such as drawings, fields documentation, and asset-specific information, which can help their budget by streamlining processes and information across the organization.

Reducing Cost with Digitization: Establishing Foundational Minimums

Leaders across most industries can agree that digitizing processes and procedures provides a multitude of benefits to facilities. However, digitizing all elements of a program, especially if not done correctly, can be costly to facilities. The key to successfully digitizing elements of a program is to establish strong foundational minimums. Foundational minimums are the minimum data state (MDS) needed to make confident decisions at a given point in time and can be used to create a strong foundation for digital transformation.

Reducing Cost with Digitization: Creating Action-Driving Key Performance Indicators

Creating action-driving key performance indicators will help facilities successfully measure their digital transformation initiatives, as KPIs are a critical component of digital transformation. While facilities collect a large amount of data and metrics, knowing the specific KPIs facilities should collect, when facilities should review these KPIs, and how KPIs can support cost savings initiatives is crucial to driving reliable programs.

Reducing Cost with Digitization: Enabling Cultural Change Through Data

Facilities should invest in digital transformation efforts during the economic downturn because the resulting product will never become obsolete in the future, despite technology advances. The three key elements of digital transformation are human behavior, tools, and structure. Facilities prioritizing digitization need to ensure they focus their efforts on all three elements to ensure a smooth transformation.

More resources like this

Events
Cognite Product Tour 2023: Data-Driven Asset Performance Management
 Learn More
Events
A Data-Driven Approach to Sustaining and Improving Your MI Program
 Learn More
Events
Data Validation: Are We Data-Rich, but Information-Poor? Fall 2022 “Meeting of the Minds”
 Learn More
Events
Research and Development Roundtable: CML Optimization
 Learn More
Events
The Evolution of Data Management in Mechanical Integrity: Spring 2022 “Meeting of the Minds”
 Learn More
Events
SMRP’s 30th Annual Conference
 Learn More

Ready to connect ?

Set up a discovery call now

Learn More

info@pinnaclereliability.com

© Copyright Pinnacle