How to navigate global uncertainty and build the capacity to thrive
In today's rapidly changing global landscape, organizations face an unprecedented level of uncertainty. Here, we share how they can not only navigate this uncertainty but also build the capacity to thrive.
From technological advancements to economic and geopolitical shifts, change has become a constant and necessitated all-new levels of operational agility and resilience.
To effectively navigate uncertainty, organizations require a solid foundation comprising process, data, technology, and skills. Here, we examine these elements and how an organization can address gaps and strengthen that foundation.
Driving agility through process and data
In the context of managing assets and plants, functional silos have made it difficult to efficiently respond to change and optimize costs and operations. For example, while asset strategies may be updated to reflect a change in operating conditions, there’s often no efficient way to ensure these changes are ultimately reflected in maintenance plans and the work executed out in the field.
This is why we advocate for a process-driven approach to asset performance management that connects the previously siloed functions of asset strategy, asset health, defect elimination, and work management.
Connecting these functions, the process helps drive continuous alignment between asset strategies and changes in operating environment. It also allows organizations to ensure changes to asset strategies are reflected in maintenance plans and monitoring applications. Moreover, it equips organizations to better consolidate, evolve, and leverage their data across the enterprise. So they can better prioritize resources, manage unplanned costs, and mitigate risk.
Enhancing agility and performance through technology
Once you’ve established the right process, you can start to digitize that process which will drive efficiencies throughout your business and make it even easier to adapt to change.
Cordant™ offers a complete digital solution to help. Offered as a modular and composable solution, Cordant™ enables organizations to address specific use cases such as health, strategy, and defect elimination to process optimization or energy and sustainability management and seamlessly expand capabilities as their needs evolve.
Insights surfaced through Cordant™ applications help organizations anticipate outcomes, evaluate scenarios, and strategically choose actions to reduce risk and failure and optimize process and performance.
What’s more, the efficiency, agility, and efficacy of decision-making is improved, which is essential during times of uncertainty and rapid change. Scenarios can be rapidly evaluated, and recommendations established in an automated workflow, driving up team productivity, quality of decisions ,and speed to implement and realize value.
Accessing the skills and resources needed to adapt and thrive
Organizational design and resourcing are also critical when it comes to adapting to change. Rather than seeking to be experts in all areas, it makes sense for organizations to partner in areas outside of their core business. Asset management is one of those areas.
Internal resources can provide valuable knowledge around how assets operate within their plant and under specific conditions, and they can help shape asset strategies with an understanding of the organization’s processes and priorities. Partners, meanwhile, can provide expertise to align asset strategies with industry best practice and perform analytics to optimize processes and production. Partners can also provide remote management and support.
This is especially relevant when it comes to specialist skills like data science and the development of data models specific to asset management, strategies and diagnostics. It can be far more cost efficient to partner rather than hiring new resources or developing skills in-house.
Partnering also allows organizations to access skills and resources on an as needed basis, so they can remain nimble, scale as required, and quickly take advantage of advances in technologies like generative AI.
There are several partnership models that allow organizations to take advantage of the value partners provide in a way that aligns with their organization, budget and business priorities. These include co-innovation and outcome-based models as well as traditional outsourcing, remote support, and embedding of expert resources.
Acknowledging that different types of partnerships suit different business needs, Baker Hughes offers a path to success for every customer. Explore our Cordant™ services and how they can help you accelerate and sustain long-term value realization.