Oil & Gas companies can maximise their business potential by identifying the root causes of frequent failures and identifying the best strategies for preventing future incidents. MaxGrip’s Integrated Failure Analysis solution gives Oil & Gas asset managers and owners the tools and services to reduce unwanted asset behaviour and prevent incidents from occurring and recurring.
Based on the unique RATIO approach, MaxGrip Failure Analysis uncovers every physical, human and systemic root cause of (potential) failure. This holistic solution gives you:
A highly effective five-step method based on a uniform Root Cause Analysis (RCA), which can be integrated with Failure Mode, Effects and Criticality Analysis (FMECA) functionality. All steps and processes are fully supported by Optimizer+;
Accurate data – the first requirement for any root cause analysis and continuous improvement initiative;
Coaching, training and facilitation to help your various team members to analyse and continuously learn from system failures and underperformance;
Clear reports on potential savings and the financial effects of RCA actions;
Easy managing and sharing of RCA data, to facilitate learning across disciplines and between department;
Enhanced knowledge of asset behaviour, which makes it easier for you to find the root causes of unwanted asset behaviour, resolve performance deviations, and prevent failure recurrence. By comparison, traditional RCA methods such as the 5-Why approach that produces a singular answer, do not provide enough transparency and traceability.
Asset owners and managers around the world are placing more emphasis on reliability, and on aligning their organisations’ interests with public demands for clean and safe operations. MaxGrip Failure Analysis solution – which typically yields more than a tenfold ROI – is a tried and tested method for preventing failures by uncovering the root causes of equipment breakdowns, instead of merely focusing on symptoms.
We demonstrated this with one of the world’s largest energy producers, which wanted to improve the reliability of offshore production assets and increase production at equal or lower operational costs. MaxGrip used the predictive modelling functionality of Optimizer+ to identify potential failures and helped remove the barriers for reliable failure reporting. With the ability to identify underperforming assets and prioritise maintenance tasks, the client has taken significant steps towards operational excellence.
How would you like to transact with your bank in 2020? On vacation – relaxing on a beach, from your home or on the go? Most of us would prefer all three where time, place and medium don’t matter. Today, Banks are adapting to changing consumer behaviour and are focusing on building new channels for interacting and transacting with them. The millennials, in particular, prefer banking anywhere, anytime and is, therefore, demanding innovative methods for availing banking services.
Last year, the ubiquitous research firm Gartner rebranded their Enterprise Content Management (ECM) Magic Quadrant, now using a new term to describe this group of business solutions — Content Services Platforms (CSP).
This rebranding represented a continuation of the idea that they first posited in their 2016 report Reinventing ECM: Introducing Content Services Platforms and Applications. As a seven-year resident on the Gartner Magic Quadrant for ECM, we were keenly interested in what changed and what the shift means for organizations still pursuing objectives related to the old ECM terminology. In this article, we’ll share with you a quick primer on what CSP means in the current context and the impact on user-organizations.
Content Services Platforms (CSP) vs. Enterprise Content Management (ECM)
The two terms are more than just a new spoonful of acronym alphabet soup. According to Gartner, they represent two distinct ideas. This from their Reinventing ECM research:
“Content services are a set of services and microservices, embodied either as an integrated product suite or as separate applications that share common APIs and repositories, to exploit diverse content types and to serve multiple constituencies and numerous use cases across an organization.”
Gartner further delineates three categories of content services: platforms, applications and components — all interoperable pieces to a holistic content management strategy.
Credit: Gartner, Reinventing ECM: Introducing Content Services Platforms and Applications, December 5, 2016
Reading through the lines, we think what Gartner intends to represent with the terminology change is to describe this set of platforms more comprehensively. In other words, Enterprise Content Management always had the mission of achieving a wide array of content-related operational goals using a centralized platform; Content Services Platforms, on the other hand, embody a new approach — one focused less on storing documents centrally and more on the strategy an enterprise uses to deal with their growing content, data and document needs.
CSP is about service-oriented processes over content-oriented processes. It’s about agile and flexible services that solve real business challenges. Gartner expounds on these two approaches:
“The transformation from ECM to content services denotes an important conceptual shift away from the ‘management’ of content and too much focus on the repository as the solution. Redefining the market as content services recognizes that it is no longer strictly about the storage of content for the enterprise, but rather about the consideration of how content is used by individuals and teams — internally and externally — to create, collaborate, share, transform, and leverage that content in business processes and to gain insight. This transformation will be a multiyear evolution in many organizations, and reflects a change in requirements from buyers, affecting several markets.”
Ultimately, ECM and Content Services Platforms have similar goals, but a different approach. While ECM intends to achieve operational goals with a single system, CSPs employ a strong recipe of strategy and integrated technology to achieve these goals.
The CSP Gartner Magic Quadrant & M-Files
Based on the rebranding from ECM to CSP in the 2017 Gartner Magic Quadrant and the corresponding changes to the inclusion criteria, several vendors were added to the quadrant, with a few vendors dropping from the list last year. All the same, M-Files remained on the newly-adorned 2017 CSP quadrant as a visionary in the space and it makes sense.
As we discussed, M-Files as a company has always prided itself on having that forward-thinking, strategic approach to solving complex enterprise content problems. So, our company fits perfectly with the terminology change because, for us, it’s never really been about JUST the repository as a solution to manage files. It’s been about developing a solution that evolves and scales with the ever-changing needs of the enterprise.
When the market demanded a more cloud-centric solution, we were ahead of the curve, offering content management on-premise, in the cloud or a hybrid of the two. When organizations demanded a solution to bridge together multiple data repositories, we were ahead of the curve, offering integrations with a myriad of silos where data might live — from CRM to ERP“>ERP to Microsoft SharePoint and beyond.
Go back a little in time, and try to remember how financial services looked before the advent of technological advancements and an omnichannel customer experience. The picture that comes to mind includes printed account statements or policy documents as the only customer touch point, and it doesn’t take a genius to guess these didn’t add to customer delight of any sort. The lack of personalization and appeal did not help either.
From then to now, a lot has transformed
In a digital world full of hyper-connected consumers, the desire to feel special and noticed is at an all-time high and customer communication management (CCM) takes centre stage. Customers hold in their hands more power than ever before. A variety of digital devices, ranging from smartphones, tablets, to laptops, keep them online 24/7 and allow them access to a plethora of information as and when they need it.
Sample this. When a customer interacts with a bank or insurance company through websites, mobile apps, or calls with customer representatives, what they receive is a seamless customer experience. It, then, is a given that he/she would continue to shop, pay bills timely, and maybe even recommend your business to other customers. The takeaway being: an omnichannel digital experience for consumers is more of a necessity than a luxury for financial organizations.
How Does One Ensure Happy Customers In The Digital Age?
With the detailed discussion about the obstacles and what is expected of organizations, the answer to this question becomes imperative. Financial services such as banks, insurance, healthcare are all highly regulated industries, and the need to abide by government regulations makes the customer experience a trickier domain for them. Apart from being consistent across all digital touchpoints, they also need to keep up to rules in terms of disclosures, mandated language or font types.
What such industries need is a solid CCM platform, with the following components.
Multi-Channel Engagement: A modern CCM platform should let you engage with your customers through multiple channels, and ensure engagement is consistent across all channels to avoid any customer dissatisfaction.
Personalization: Highly targeted and personalized communication that strikes the right chord with each customer is the need of the hour. CCM enables you to cross-sell/up-sell your products or services based on customer profiles, generate communications in local languages and comply with local regulations.
Legacy Integration: Integration with back-end legacy systems, such as core banking or insurance systems is crucial to ensure a 360-degree insight into customers’ data and help generate consolidated information.
Centralized Control: All the data assets and templates are maintained within a CCM system centrally. This is essential for any multi-national organization with customer relationships across the globe and ensures a holistic view of customers present across product-lines or departments.
Security: Security is critical to outbound communications, especially in the Financial Services sector. CCM provides out of the box security features on the documents, such as password protection, barcodes, QR codes, digital signatures, and follows security standards like PCI DSS or HIPAA for data encryption.
A personalized and engaging relationship with customers is essential for business growth. In an age dictated by customers, CCM is the road that leads to the omnichannel, personalized and interactive experience which can make you a success story.