PASADENA, Texas, Dec. 09, 2020 (GLOBE NEWSWIRE) -- Pinnacle, the world’s leading provider of data-driven reliability and integrity programs, announces the release of its first Global Economics of Reliability Report. The report is the first of its kind, and the first in a series of reports that explore the impact reliability has on various global industries including the oil and gas, chemical, wastewater, and other industrial processing industries.
“We estimate that complex processing systems spend over $500 billion annually on reliability,” said Jeff Krimmel, director of market and data analysis at Pinnacle. “Reliability is a core competitive strategy for these systems because it helps facilities optimize costs, mitigate risk, and increase availability. Despite the competitive edge reliability can provide, facilities have not been able to easily measure and understand the reliability performance of industry leaders. Our report provides insight into the top-performing facilities in the world, and will help leaders understand the operational and financial realities that shape the reliability of major global industries.”
The interim report, which focuses on the current market trends in the petroleum refining industry, leverages Pinnacle’s data models to estimate the reliability spending patterns and performance of refineries in the United States, Europe, and Asia Pacific regions. The foundation of the data analysis combines public data from international governments and refineries and Pinnacle’s internal algorithms to provide unique insight into the industry. Highlights of the report include how best-in-class refineries achieve superior reliability and the estimation of the global impact an improvement in reliability will have on the market.
“In this report, we conclude that 10% to 30% percent of industry spend on reliability-related initiatives is wasted,” said Ryan Sitton, founder and CEO of Pinnacle. “We found that the systems with the best reliability performance leverage data-focused analysis.”
On Tuesday, December 15th, Krimmel and Sitton will host Pinnacle’s Economics of Global Reliability brief. During the virtual brief, they will discuss additional insights and the future of reliability in the petroleum refining sector. Download the report and register for the virtual brief at pinnaclereliability.com.
About Pinnacle
Headquartered in Pasadena, Texas, Pinnacle is exclusively focused on helping industrial facilities in the oil and gas, chemical, mining, and water and wastewater industries better leverage their data to improve reliability performance, resulting in increased production, optimized reliability and maintenance spend, and improved process safety and environmental impact. Pinnacle is privately held, and has been consistently recognized for its growth by Inc. Magazine, the Houston Business Journal, and more. For more information, visit pinnaclereliability.com.
Contact Information:
Brittany Kopech, Client Solutions &
Marketing Manager
281-598-1330
Brittany.Kopech@pinnaclereliability.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1c6c1b72-68d7-4f26-b545-cf622a1d9318