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Enterprise risk management software adopters outperform the rest
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30/05/2008
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Manufacturers that take risk seriously – and implement the newer integrated ERM (enterprise risk management) systems – are outperforming those that do not.
That’s the chief finding of a study by analyst Aberdeen Group, which suggests that manufacturers that adopted ERM early are achieving 98% product compliance, against 95% average, and 7% downtime against 10% average.
Matthew Littlefield, who authored the report, explains that wannabe ERM users need t look for systems capable of: first, identifying and prioritising risks; second, instigating mitigating controls; and third, identifying appropriate new processes.
“ERM technology solution adopters are not only more likely than best in class manufacturers to identify risks, but are also more likely to monitor those risks and prioritise them according to the probability and the impact of those risk no manufacturing operations,” observes Littlefield.
He also suggests that successful ERM installations are being achieved when manufactures integrate their new systems with existing IT, in particular MES (manufacturing execution systems), quality management systems and EAM (enterprise asset management) systems.
“This integration is a critical step for manufactures,” says Littlefield, “as it eliminates siloed approaches to investing in technology and provides a common platform to share best practices for managing risks – resulting in reduction of overall risk profile of manufacturing operations.”
Aberdeen specifically mentions Logic Manager, Methodware, risk Governance, Syntex Solutions and Strategic thought Group as key providers of ERM solutions.
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Author
Brian Tinham
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