The independent analyst report shows Sphera differentiating itself with process safety management (PSM) solutions that provide real-time insights for data-driven decisions, enabling comprehensive risk management and operational ESG
CHICAGO, Nov. 20, 2023 /PRNewswire/ -- Sphera, a leading global provider of environmental, social and governance (ESG) performance and risk management software, data and consulting services, has been named a leader in the PSM software market by Verdantix, an independent analyst firm, in its Green Quadrant: Process Safety Management Software 2023 report.
The Green Quadrant report aims to help organizations better understand the market evolution of the PSM software ecosystem by taking a deep dive into the current software platform offerings. The benchmark report, based on the proprietary Verdantix Green Quadrant methodology, assessed six technical, nine functional and 10 market momentum categories. The analysis was based on a multi-hour, live brief and product demonstration, as well as vendor responses to a 102-point questionnaire and customer interviews. Sphera has maintained its strong position since being named a market leader in the inaugural Green Quadrant: Process Safety Management Software report in 2021.
Sphera received a perfect score — which is the highest score of all vendors — for vision and strategy, which assesses how vendors address and achieve target market opportunities and meet target customer needs. Sphera's accelerated growth in offerings that address ESG risk and safety risk was noted as a key strength and differentiator. So was its commitment to Operational ESG through its innovative software, data and consulting services. Operational ESG — where everyday activities feed real-time ESG metrics – enables companies to capture the transactional data necessary to advance performance and manage operations in a safer, sustainable and effective manner.
Sphera earned a perfect — and the joint-highest — score for hazardous chemical management. And it received the highest score for process safety information management in addition to high scores for risk management and platform configurability. The comprehensive approach to ESG risk management provided through Sphera's wide-ranging PSM offerings is noted as a key strength. The Green Quadrant analysis found that "Sphera's PSM suite, easily deployed through the SpheraCloud, offers dynamic data visualization on customizable dashboards and real-time ORM digital twins" and that Sphera's solutions "provide detailed risk exposure analysis, efficient waste management and effective operational risk control, enhancing process safety workflows."
Sphera tied for the top score for control of work (CoW). Sphera's CoW solution is highlighted for offering "robust major accident hazard (MAH) cumulative risk capabilities to demonstrate safety barrier impairments, alongside dynamic risk pathways (DRPs) to give PSM managers rich visualizations of interactions between barriers and processes." The report also notes that Sphera's Advanced Risk Assessment (ARA) tool stands out for "delivering a real-time ORM digital twin and — expanding use cases into ESG — even providing templates for evaluating climate risks."
"We are proud to be continually recognized by Verdantix as a leader in PSM software," said Paul Marushka, Sphera's CEO and president. "Sphera is committed to helping companies keep their people safe, their products sustainable and their operations productive. In order to achieve this, businesses need to be able to stay ahead of operational risk. Our solutions provide centralized access to information and real-time insights that enable companies to operationalize ESG and proactively manage risk and safety across the organization."
"Verdantix finds that PSM software buyers are increasingly seeking solutions with extensive out-of-the-box functionality that integrate well with the customer's existing IT systems and feature robust reporting and analytics capabilities," said Joe Lamming, industry analyst at Verdantix. "The Green Quadrant analysis shows that Sphera delivers wide-ranging PSM software with a focus on ESG and sustainability management, ORM and supply chain risk management. Sphera is well-positioned to serve firms across a variety of industries seeking a solution that enables comprehensive risk management and supports operationalizing ESG."
Sphera is the leading provider of environmental, social and governance (ESG) performance and risk management software, data and consulting services focusing on Environment, Health, Safety & Sustainability (EHS&S), Operational Risk Management (ORM), Product Stewardship and Supply Chain Risk Management (SCRM). For more than 30 years, we have served over 7,000 customers and a million-plus users in 80 countries to help companies keep their people safe, their products sustainable and their operations productive. Learn more about Sphera at www.sphera.com. Follow Sphera on LinkedIn.
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