Benefits of Externally Benchmarking Pipelines & Terminals from Customer Perspectives
This article discusses the importance of externally benchmarking your liquid pipelines and terminal facilicites from a customer perspective from study participants of Solomon’s Worldwide Liquid Terminal Performance Analysis (Liquid Terminal Study) and Worldwide Liquid Pipeline Performance Analysis (Liquid Pipeline Study). While some midstream companies conduct their own internal benchmarking within their fleet of facilities, Solomon has seen how an internal company bias can heavily influence internal benchmarking. As one would expect, study results accuracy improves by increasing the size of the comparison database. Solomon’s midstream studies provide regional peer groups with a larger number of participants than any one company has in their region. Hence, these studies are more in depth than internal benchmarking, resulting in drill-down capabilities to verify outcomes and justify changes.