Honeywell Process Solutions, a part of Honeywell International Inc (HON), recently announced the launch of a complete suite of software and services titled Digital Suites. The innovative technologies are primarily tailored for the Oil and Gas sector in order to increase production and improve operational safety.
The Digital Suites for Oil and Gas include six subsets of services including operational data, process safety, production surveillance, equipment effectiveness, production excellence and operational performance. The new system will help oil and gas producers by ensuring that all existing systems and procedures are followed and performed as per the expected standards.
Honeywell’s Digital Suites technology will help producers overcome data challenges by capturing, managing, and analyzing the right production data. Honeywell’s expertise in the Oil and Gas industry has helped it to deliver a unique suite of solutions specifically designed for upstream operations. These novel software and services are likely to help upstream companies improve production by 3%–5% through a combination of better productivity, higher uptime, and remote operations. It will further improve operational safety with healthy return on investment in less than six months.
Honeywell is a globally diversified technology and manufacturing company offering a wide range of products and services. These include control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials, process technology for refining and petrochemicals as well as energy efficient products and solutions for homes, business and transportation.
Honeywell currently has a Zacks Rank #3 (Hold). Other stocks that look promising in the industry include CLARCOR Inc. (CLC), Federal Signal Corp. (FSS) and ITT Corporation (ITT), each carrying a Zacks Rank #2 (Buy).
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