Business profits from implementation of OpEx (Operational Excellence) consists, but not limit to minimizing waste and improving reliability that ultimately deliver big results in terms of lowering costs and boosting profits. Of course there are many definitions and methodologies, and focuses on different sectors.. Some manufacturers focus more on product quality and productivity, while high-risk industries like oil and gas tend to focus on safety and sustainability. However, common elements exist across all methodologies, including:
- Standardization of systems to increase reliability.
- Closed-loop processes that enable continuous improvement.
- Proactive risk management that goes beyond compliance.
- Generating actionable data from key performance indicators (KPIs).
- Collaboration among cross-functional teams.