Proving out new methodology estimated to reduce facilities’ reliability spending by 10% to 30%
PASADENA, TEXAS (March 18, 2021) – Pinnacle, the world’s leading provider of data-driven reliability and integrity programs, today introduces an improved approach to reliability modeling, called Quantitative Reliability Optimization (QRO). This new approach streamlines current reliability methodologies into a single, comprehensive analysis, empowering leaders in processing industries to make smarter decisions at a lower cost.
“QRO methodology will be instrumental in taking reliability performance to the next level,” said Ryan Sitton, founder and CEO of Pinnacle. “Throughout the development of QRO, we’ve worked with top performers from a variety of processing industries to test the foundation of QRO and have already seen the significant impact that this approach has on equipping facilities to make better reliability decisions. As we continue to validate QRO methodology, we invite other industry leaders to participate by working with us to improve reliability across the world.”
QRO links every relevant reliability data point to the facility level and provides for advanced simulation of reliability investment and associated reliability performance. Because everything is related in one powerful model, a reliability or operational leader can leverage the approach to optimize all reliability and maintenance investments to hit specified future reliability and process safety targets.
“On average, facilities waste between 10% and 30% of their maintenance spend on activities that do not directly impact the reliability of their facility,” said Jeff Krimmel, director of market and data analysis for Pinnacle. “As facilities continue to heavily scrutinize their annual spending, QRO is the exact methodology they need to confidently identify and extract areas of wasted budget.”
Successfully deploying QRO will allow companies to make near real-time decisions by understanding the reliability implications of changes in process, economics, operations or maintenance. In addition, QRO will provide common reliability language between field workers, engineers and corporate executives, which help facilities better align and increase bottom-line value.
“So much has changed in the industry since we developed the API RP 581 approach in the early 1990s,” said Lynne Kaley, vice president of research and development. “It’s imperative reliability models advance along with technology to increase bottom-line value for processing industries. QRO can leverage a seemingly endless supply of data already coming into process facility systems and perform the more detailed analyses needed to attain insights and make better reliability decisions and associated plans.”
For more information on QRO, download Pinnacle’s Executive Brief.