IHS SPECTRUM Excellence Awards Honor Industry Leaders for Achievement of Operational Excellence & Risk Management Business Goals
IHS Inc. (NYSE:IHS) , a leading global source of critical information and insight, today announced that seven companies have received IHS SPECTRUM Excellence Awards for outstanding achievements in operational excellence and risk management. This prestigious industry award program spotlights organizations and individuals around the world who make key decisions to achieve a broad variety of business objectives through innovative use of information, analytics and expertise. The new 2014 award winners represent multiple market sectors that include agriculture, chemicals, energy, forestry, healthcare and manufacturing.
“In today’s ultra-competitive marketplace, it is more important than ever that industry leaders make well-informed decisions,” said Scott Lockhart, senior vice president for operational excellence and risk management at IHS. “From long-term strategies to daily tactics, decision-makers must drive continuous improvement and mitigate potential risks by leveraging the very best information and analytics. IHS is proud to recognize this group of 2014 award winners for their accomplishments and we look forward to continuing our partnership with them.”
The new IHS SPECTRUM Excellence Award winners are being recognized specifically for projects or programs that leveraged best-in-class information and insights to achieve major results related to operational excellence and risk management such as:
o Asset performance
o Environmental performance
o Product stewardship
o Risk assessment
o Safe operations
o Supply management
Winners were honored by hundreds of attendees during the IHS SPECTRUM Excellence Award dinner held Tuesday, November 11 at the Marriott Marquis Hotel in Washington, DC.
The new 2014 IHS SPECTRUM Excellence Award winners and their accomplishments include:
ARAUCO – Latin America’s largest developer of forestry products created a uniform materials master and sustainable governance system for the entire inventory of 300,000-plus parts used at its 70 plants. As a result, the company saved more than $1.2 million through detection of duplicate parts, boosted productivity with automatic translation into multiple languages, reduced the time for creating new records from 40 days to four days, and improved negotiations with suppliers to decrease purchase costs.
Cardinal Health – This leading manufacturer of medical supplies reduced its commodity costs by millions of dollars within 18 to 20 months. Providing enhanced price data and analysis to the company’s 30-plus sourcing managers worldwide enabled them to negotiate better rates – for example, pushing back on six commodity cost increases in eight months with more accurate pricing data – in order to achieve better margins while also improving workflows to serve consumers more effectively.
Cargill – One of the world’s largest privately owned food/agribusiness companies delivered millions of dollars in value over four years through effective global sourcing. Its strategic sourcing team used market intelligence to manage price volatility – e.g., managing labor costs by securing local labor rates or building a cost-driver-analysis model to provide a holistic market view – and committed to save additional millions of dollars over the next five years through further sourcing improvements.
Chevron – This global energy industry company showed strong leadership in greenhouse gas (GHG) management and reporting as part of its proven commitment to operational excellence. It earned a spot on CDP’s S&P 500 Climate Disclosure Leadership Index for five consecutive years – near the top of the 2013 index and 9 points over its prior year rating – as well as reducing time for submission of GHG data to US EPA through automated reporting (e.g., from two weeks to one day for one group).
Cristal – As part of its growth strategy, this top global producer of titanium chemicals implemented a best-in-class MRO solution to manage 125,000-plus replacement parts worldwide and boost productivity by accelerating searches for parts from minutes to seconds. The global procurement team streamlined purchase request workflows from weeks or months to only days or hours – reducing costs by optimizing inventory, eliminating excess purchases, and helping negotiators convince vendors to offer lower rates.
Integra Group – One of Russia’s premier oilfield services providers drove continuous improvement towards operational excellence and performance goals with stronger QHSE information management. Within three years, company employees had recorded more than 3,500 incidents and implemented 10,000-plus action items in order to improve standards, systems and processes as well as reduce overall injury rates nearly 70 percent – from 2.3 percent to 0.7 percent injuries per million hours.
LANXESS – This leading specialty chemicals company moved ahead of schedule to ensure compliance with tighter OSHA regulations based on GHS standards – e.g., 60 percent of new SDSs and labels were completed nine months ahead of deadline. The company now manages 4,000 SDSs in the U.S., and a few thousand more in Canada and Mexico – in 39 languages for destinations worldwide. Its five-person team sent out more than 120,000 SDSs companywide in 2013 while proactively increasing customer satisfaction.
Established in 2006, the IHS SPECTRUM Excellence Awards program is presented by the IHS customer recognition team. Nominations for next year’s IHS SPECTRUM Excellence Awards will open starting January 1, 2015. For more information about the award program, please visit www.IHS.com/SPECTRUM-Awards or contact KC Chartrand, IHS SPECTRUM Excellence Awards committee chair, at email@example.com.
About IHS (www.ihs.com)
IHS (NYSE:IHS) is the leading source of information, insight and analytics in areas that shape today’s business landscape. Businesses and governments in more than 165 countries around the globe rely on the comprehensive content, expert independent analysis and flexible delivery methods of IHS to make high-impact decisions and develop strategies with speed and confidence. IHS has been in business since 1959 and became a publicly traded company on the New York Stock Exchange in 2005. Headquartered in Englewood, Colorado, USA, IHS is committed to sustainable, profitable growth and employs more than 8,000 people in 31 countries around the world.
IHS is a registered trademark of IHS Inc. All other company and product names may be trademarks of their respective owners. (c) 2014 IHS Inc. All rights reserved.
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