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Ideagen named as Smart Innovator in Verdantix’ Operational Risk Management report

Monday, June 4, 2018

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The UK software firm feature among the leading players in the ORM space

Ideagen has been featured in a key industry research report which recognises the leading Operational Risk Management (ORM) software vendors.

The report – published by Verdantix, an independent research and consulting firm – assesses the strengths and weaknesses of each vendor and charts the future course of the ORM market.

The research details the potential for technology to enhance barrier management, risk planning and controls, process safety management, management of change and permit to work processes.

Ideagen is included in the report thanks to its strength in providing strong incident and change management software solutions.

Gordon McKeown, Ideagen’s Head of Product, said: “We are absolutely delighted to be named among the thought leaders of the ORM industry in this latest Verdantix research report.

“In recent years, firms with physical operational assets such as manufacturing equipment, railway depots, chemical plants, natural gas pipelines and retail stores have begun using digital technology to identify and control the risks associated with those assets. For large firms, ORM software is becoming an essential part of the digital toolkit to reduce risk and increase production.

“Ideagen customers use our risk management software for several increasingly enterprise-wide use cases, including quality, safety, audit and performance management. Most are building on foundations of compliance and control and are implementing enterprise ORM systems.”

Lost revenues, regulatory fines and costly reputational damage caused by accidents and shutdowns have resulted in Board-level risk committees looking for better risk controls at an operational level.

Verdantix’ ‘Smart Innovators: Operational Risk Management Software’ report provides operations, production and safety managers with a high-level assessment of the emerging category of ORM software.

Speaking at Verdantix’ EHS Innovation Summit in Houston, David Metcalfe, the organisation’s CEO, said: “Digital technologies are converging with operational equipment which is creating the potential to improve risk management for assets like oil rigs, chemical plants and power stations.

“Our operational risk research helps operations leaders in sectors such as chemicals, oil and gas and utilities to understand how they can enhance risk management across the asset lifecycle. Innovations like digital twin asset models, IoT sensors and Neo4j graph databases will significantly enhance operational risk frameworks.”

“This is a new software category. Controlling risks at the level of physical assets requires entirely different technologies compared to financial and IT tools offered by GRC vendors,” stated Verdantix’ Principal Analyst, Malavika Tohani. “There is everything to play for in the operational risk management software market where projects often exceed $3 million and three-quarters of vendors anticipate double-digit growth in 2018.”

Verdantix research and consulting services cover the environment, health, safety and quality, operational risk, as well as energy, real estate, facilities and maintenance sectors. It’s research and advisory services help corporate managers, investors, technology executives and service firm leaders to make robust, fact-based decisions.

Ideagen is one of the leading providers of ORM software and counts the likes of BT, BDO, Haeco, Brussels Airlines, Johnson Matthey and Babcock among clients using its software to manage risk.

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