In the face of a tough economic climate, IOM customers in refining, petrochemicals and processing cannot afford giving material away and incurring monetary losses due to internal error. Even a small percentage of unaccounted for material adds up during the course of a year and is likely to have a negative impact on a plant’s bottom line. Yield accounting, which closes the material balance by ensuring accurate tracking and financial assessment of receipts and shipments, may increase profitability in a facility by USD $ 4-5 million annually.
A variety of yield accounting solutions on the market today provide the necessary assistance in closing the balances. However, primary issues such as data quality, data reconciliation, and integration with data sources, have been reported with many of these solutions.
A variety of yield accounting solutions on the market today provide the necessary assistance in closing the balances. However, primary issues such as data quality, data reconciliation, and integration with data sources, have been reported with many of these solutions.
To address the problems associated with many other solutions of its kind, IOM designed a robust Yield Accounting solution integrating ErrorSolver, a third party yield accounting software, with Invensys’ existing Off-sites solutions. The end result enables customers to reduce the work time in half associated with reconciling and closing the balances. Data does not have to be imported by multiple sources or manually entered. This direct integration thus lessens the implementation time and eliminates a source of errors that arise from manual entry of tank and movement data.
Our solution leads the competition with its highly flexible and easy-to-use graphical modeling environment, automated gross error detection, composition tracking, and data reconciliation performance. Customers are now armed with the critical components to optimize performance in their workplace.
About Yield Accounting: The Yield Accounting solution from Invensys addresses one of the most stressing issues of a refinery, petrochemical plant, or other processing facility: unaccounted losses. This solution improves the efficiency in a facility with data reconciliation, which finds errors in raw plant data and closes the mass balance and production accounting, which allows the plant to better account for feedstock and products. Material tracking and product yield tracking account for inventory and pinpoint losses.
Technical Support: As always, feel free to reach out to your local technical support team for more information.
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