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Management and The Board
03 Jul 2017
IQ2 is the combination of each company’s proven expertise in asset data analysis, forensic investigation and root cause analysis, designed to provide a total solution for asset performance optimisation. Using proven methodologies to identify systemic root causes of performance issues, IQ2 devises corrective and preventative actions that are prioritized by return on investment predictions.
Peter Adam, Add Energy’s EVP for Asset & Integrity Management, explained: “Following continued collaborative projects and work, we are thrilled to be formally coming together with Matrix Risk Control and STC Global to offer a new industry solution.
“IQ2 is the bringing together of three skill sets to offer one solution that pushes through the improvement and delivers results for our clients – identifying actions not just for now, but also preventative measures to correct existing and future issues.”
The new service follows a three-step process covering; selection review, analysis and optimisation. This process supports the IQ2 expert team in identifying and resolving key systemic failures, using quantitative and qualitative analysis ahead of developing solutions to resolve issues which have negatively impacted on production, safety and reliability.
These solutions will deliver the return on investment (ROI) required to justify the long term commercial case for embarking on the identified improvement programme, proving a worthwhile exercise and procedure for many companies in today’s difficult marketplace.
Peter added: “ Historically, we have been able to identify significant cost savings for our clients through analysis and improvement road mapping. An example of this comes from a project that was delivered recently in Kazakhstan where we developed a list of 40 improvement changes that accumulated over $20M worth of savings for the client.
“IQ2 not only conducts a forensic investigation into systematic failures, but also implements the improvement opportunities so that the ROI can be achieved. To ensure confidence in investment of IQ2 , we offer a free asset screening for suitability and calculation of ROI forecasts, as well as different options on payment models.”