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With the internal standards management solution from IHS Markit, you can make sure your documents are accessible and cross-referenced with external/industry standards:
See how a leading media technology provider dramatically improved productivity by securely sharing internal design documentation with supply chain partners using the IHS Markit solution for internal standards management.
IHS Markit offers an exclusive Conformity Assessment service for your high-cost internal standards. The objective is to identify and eliminate deviation from industry standards by preventing "gold-plating" that drives unnecessary costs. IHS Markit will leverage industry benchmarking and cost data, software tools, and your own proprietary data to:
The benefits can be substantial. Watch this video on the cost (and opportunity) of standards within your organization. For one large energy firm, IHS Markit identified over $180 million in annual cost savings in 1,200 internal standards. Focusing on a single internal standard for well casings, IHS Markit identified an opportunity to reduce spend by $5 million by aligning with an industry standard. Furthermore, the IHS Markit Conformity Assessment determined that a full 25% of their internal standards were outdated and noncompliant with industry standards. This is not unusual especially in large, engineering-intensive organizations that have longstanding systems/processes and have gone through multiple mergers and acquisitions. Read this case study to learn how you can use Conformity Assessment to drive millions or even tens of millions of dollars of costs out of your operations.
Chad Hawkinson, SVP at IHS Markit, speaks to how engineering standards, and the proper application of those standards, can drive dramatic cost improvements by eliminating over-specification (a.k.a. ‘gold plating’), minimizing internal standard ‘overlays’, and adopting industry standards where appropriate. He explains how IHS Markit helped a large operator in the oil & gas industry determine that they over-specified many of their valves, and identified $25M in annual cost savings by procuring to industry standards rather than their own internal standards.View Video
To lower costs enterprise-wide, a global energy company asked IHS to review 35 internal standards and list 143 comparable international standards. Research uncovered conformity opportunities including 25% savings on casing/tubing for $5 million annually and $180 million annually for conformance with ALL industry standards.Learn More About Our Customer's Success
One of the world’s largest cable TV, high-speed internet and telephone providers, with billions of dollars in annual revenues, meets increased customer expectations and accelerates time to market for new products and services with automated distribution of standards information to 70+ suppliers and approximately 1000 employees worldwide.Learn more about our client's successes