Case Studies AspenTech Aims to Optimize Asset Performance in Industrial Process Plants

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	AspenTech Aims to Optimize Asset Performance in Industrial Process Plants

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
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. Read More
About 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. Read More
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. Read More Log in to view content
Contents

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

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 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.

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.

Impact #1	AspenTech's approach focuses on applications with simple deployment methodologies and work processes that align precisely with current customers' skills and competencies.
Impact #2	The approach brings together process engineering, operational, and maintenance knowledge.
Impact #3	AspenTech can provide abstraction of machine mechanisms, allowing mechanical and process engineers to implement complex analytical solutions rapidly and effectively, without needing deep machine learning skills.

Impact #1

AspenTech's approach focuses on applications with simple deployment methodologies and work processes that align precisely with current customers' skills and competencies.

Impact #2

The approach brings together process engineering, operational, and maintenance knowledge.

Impact #3

AspenTech can provide abstraction of machine mechanisms, allowing mechanical and process engineers to implement complex analytical solutions rapidly and effectively, without needing deep machine learning skills.

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Overview

AspenTech Aims to Optimize Asset Performance in Industrial Process Plants

Operational Impact