Sphera Unveils Industry 4.0 Digital Twin Software Solution, Considered the “Next Big Thing” in Operational Risk Management
Sphera, the largest global provider of Integrated Risk Management software and information services with a focus on Environmental Health & Safety, Operational Risk and Product Stewardship, announces the launch of its Operational Risk Management (ORM) Digital Twin software solution on the SpheraCloud platform.
Considered the “next big thing” for ORM, Digital Twin software brings together the data collected from enterprise systems, mobile applications, sensors and human-derived inputs as part of an Industrial Internet of Things (IIoT) strategy to produce a computer-generated risk map. This allows companies to obtain a simulated view of their Operational Risk in real time on SpheraCloud.
The technology includes an early warning system that makes all risk exposure visible, prominent and available in real time. This is designed to help reduce organizations’ vulnerability to high-potential near-misses and major hazards.
ORM Digital Twin technology allows companies to improve their risk management capabilities while improving productivity and managing costs.
Sphera’s ORM for Operations solutions, formerly known as Petrotechnics, received the highest score among all software providers for digital twin capabilities according to the 2019 Operational Risk Management Green Quadrant report written by the independent industry analyst firm Verdantix.
As noted by Verdantix: “Sphera undoubtedly now offers the broadest range of functionality for Operational Risk management.”
“SpheraCloud’s ORM Digital Twin software application provides a virtual representation of a physical asset and is used to monitor the performance of the asset in real time in identifying potential risks,” said Paul Marushka, Sphera’s president and CEO. “This Industry 4.0 technology offers an unprecedented advancement in Operational Risk Management that will help organizations keep their people safe, their products sustainable and their operations productive.”