Article | November 19, 2019

Using Advanced Technology To Attack Operational Costs

Source: OSIsoft

Managing and continuously improving operational costs is critical to staying competitive in the chemical/petrochemical industry. The challenge is that primary input costs are under persistent upward pressure while plant managers are locked in a constant battle against unscheduled downtime and underperforming assets.

Energy for both fuel/power needs and feedstocks alone accounts for up to 85 percent of total production costs in some products, according to a 2018 report by the American Chemistry Council. Because energy is a vital component of the industry’s cost structure, higher energy prices can have a substantial impact.