Top 3 Insights on the Operational Risk Management Software Market
Based on the proprietary Verdantix Green Quadrant methodology, the report evaluates the leading ORM software vendors for 30 high-level categories of product capabilities and 11 high-level categories of market momentum (or strategic success factors).
The report identifies three leaders, two of which are Wolters Kluwer’s Enablon and eVision. It recognizes Enablon and eVision for having the strongest market momentum among the three leaders and among all 17 vendors. Also, together Enablon and eVision scored highest in 16 of the 30 assessed capabilities, a clear majority. If you’re asking the question “Who are the leaders among the leaders?”, you have the answer in those facts and numbers.
In addition to benchmarking ORM software vendors, the Verdantix report also includes a wealth of interesting information on the ORM software market. There were plenty of candidates for the most important insights and it was hard to choose, but we highlight three significant ones in this post.
1) Enterprise Risk Management Is Raising the Profile of Operational Risks
Enterprise Risk Management (ERM) aims to identify, analyze, evaluate and mitigate many different types of risks, including financial, legal, HR, supply chain, reputational, and operational risks. Historically financial risks were predominant in ERM programs.
But over the last few years there has been a greater recognition of the criticality of operational risks, especially in asset-intensive industries like oil and gas and chemicals. Operational risks are “having their day in the ERM sun”. And it’s about time.
Operational risks can lead to injuries and fatalities, environmental disasters, and plant shutdowns, all of which can cause severe financial and reputational harm. The successful anticipation and mitigation of operational risks improve overall risk management. On a side note, check out our post on aligning operational and enterprise risks.
2) More Integration of Real-Time Data with ORM software
According to the Verdantix report, organizations plan to integrate ORM software into a broader IT/OT landscape. Verdantix interviewed 211 operations decision-makers and 67% of them view IT/OT systems integration as “very significant” or “significant” for ORM.
Leading ORM software already integrate with industrial systems, maintenance management systems and asset performance management software. Increasingly, real-time data from equipment and environmental sensors, and wearables, is being integrated with ORM software, the report says.
ORM software will require strong integrations with other systems and digital sensors. It will have to leverage real-time data from assets, machines and IoT devices. Many organizations have IoT devices on their facilities, and integrations with ORM software will allow them to generate greater value from the data.
3) User Interface and Configurability Are High Priorities for Buyers
If you’re in an ORM software selection process, and you want to know which criteria are the most important to evaluate, it helps to know what your peers in a similar position are thinking. Verdantix asked the 211 operations decision-makers about the factors that are important in shaping their purchase decision.
The quality of the user interface was the most important factor. It was ranked as “very important” or “important” for 72% of respondents. The ability to configure workflows was the second most important factor. It was ranked as “very important” or “important” for 67% of respondents.
This is not surprising. The more intuitive a software system is, the more frontline workers will use it to report incidents, near misses and hazards. Also, the more flexible a system is, the more likely it will meet the specific needs of companies.
These three insights are just a glimpse of what you can learn from the full report. Download your free copy of the Verdantix report by clicking on the image below, and learn more about the ORM software market, including a detailed comparison of the 17 most prominent vendor.