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AspenTech Aims to Optimize Asset Performance in Industrial Process Plants
Technology Category
- Analytics & Modeling - Machine Learning
Applicable Industries
- Oil & Gas
- Chemicals
Applicable Functions
- Maintenance
- Discrete Manufacturing
Use Cases
- Predictive Maintenance
- Asset Health Management (AHM)
Services
- Data Science Services
The Challenge
AspenTech, a company with a 36-year history in process engineering simulation, advanced process control, process optimization, and supply chain activities, has decided to venture into the asset performance space. The decision was driven by feedback from customers who, despite praising AspenTech's process optimization tools, expressed that poor asset performance was hampering their overall business performance. They found that they could not optimize the process and improve profit margins when assets failed to live up to expectations and intended reliability. This sparked AspenTech's new direction towards optimizing overall asset performance in industrial process plants.
About The Customer
AspenTech is a global leader in process engineering simulation and process optimization. The company, which started as a startup from the Massachusetts Institute of Technology (MIT), has grown to become a global leader in its field. Over the past 36 years, AspenTech has been successfully growing its portfolio of industry-specific applications for process engineering simulation, advanced process control, process optimization, and supply chain activities. The company's customers span across multiple industry verticals, including oil & gas, chemicals, and other asset-intensive industries.
The Solution
AspenTech's solution involves a novel asset performance approach that reevaluates the role of the maintenance function in its customers' industrial process plants and the operating department's participation. The company aims to optimize asset performance by continuously improving the performance of all assets in an industrial lifecycle with less expertise, allowing customers to autonomously push equipment to the safest, most profitable operating limits. The approach combines emerging and proven technologies to drive operational excellence, enabling industrial companies to democratize decision-making and redefine what is possible. AspenTech's deep process expertise and knowledge of the fundamental chemistry, equipment properties, and science, combined with new asset management capabilities, have enabled it to focus on asset lifecycle optimization.
Operational Impact
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