Sphera Acquires Petrotechnics As Industry Leaders Call for Better Risk Management Tech

Risk management software and information services provider Sphera is expanding its operational risk solutions with the acquisition of Scotland-based Petrotechnics.

Established in 1989, Petrotechnics provides operational risk software for hazardous industries; the company’s software is known for its data visualization, configurable workflows, easy-to-use interface and real-time analysis and insights, Sphera says.

Improved use of technology will help make companies and their work teams safer, hazardous industry leaders told Petrotechnics in its recent Operational Risk and Process Safety Management survey. While 66% of respondents in the report said they use EHS software and 84% use asset performance management systems, these alone do not lead to tangible improvements to process safety, even when combined with enterprise asset management/maintenance systems and enterprise resource planning systems, respondents said.

In order to drive significant improvements, companies need to “glue together disparate management systems and present a common view of risk – an accurate reflection of what’s happening in the field or on the asset – and make it available for the entire organization,” says Simon Jones, head of professional services at Petrotechnics.

The industrial IoT (IIoT) is already starting to make a big difference, Jones says. “This change won’t happen overnight, but the attitudes illustrated in this year’s survey will fuel a digital process safety transformation with pace,” he adds.

Respondents predict the use of advanced digital technologies such as IIoT platforms, digital twins, predictive analytics, and mobile workforce applications to increase significantly in the future – nearly fivefold for the use of digital twins, with advanced analytics expected to more than double.