Industry Benefits

Any enterprise involved in the capital project industry should consider adopting elements of the iRING and ISO 15926 strategy. The benefits for participating are undisputed. As summarized below, organizations that start early will enjoy the benefits of competitive differentiation from being at the leading edge, and those that don’t will find themselves at a competitive disadvantage.

Capital Projects Industry

Achieving real-time data and information interoperability with iRING, combined with industry specific reference data, will dramatically improve the efficiency and productivity of the capital projects industry by reducing the time spent finding and verifying information; currently, reduced productivity time is estimated at $15 billion/year for U.S. capital projects.  iRING will make the lifecycle for capital projects more predictable and result in safer, more efficient plants with lower project and operational costs and a higher return on assets (ROA).

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Engineering Procurement & Construction Firms

Achieving real-time data and information interoperability with iRING utilizing industry specific reference data enables EPCs to design and build safer, more reliable plants faster and at a lower cost because everyone involved can access and utilize the right asset information at the right time.

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Owners/Operators

Achieving real-time data and information interoperability with iRING, combined with industry standard reference data libraries,  ultimately results in safer, more efficient and productive plants that can be brought online more quickly, as the asset data needed across the plant lifecycle is in a format that’s readily consumable by the software used for operations, maintenance, and modification records.

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Equipment Suppliers

By achieving real-time data and information interoperability with iRING, equipment suppliers will be able to automate repetitive tasks, reduce errors in data sheets and bid responses, and deliver complete, context-appropriate data about assets required by EPCs (for designing and constructing plants) and operators (for operating and maintaining plants).

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Software Vendors

By enforcing a world-wide standard for describing plant assets and attributes, iRING makes it easier for software vendors to develop functionality to help customers automate repetitive tasks, decrease maintenance “wrench time,” and give management greater visibility into plant operations.

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