A few weeks ago, at AspenTech’s third annual Engineering Week in Korea, I was amazed to see the transformation our customers have achieved. In response to a higher level of global competition in engineering and construction, these businesses have moved upstream from detailed engineering to FEED work. As part of that shift, they recognize they must be able to respond quickly to their customers with both bids and FEED deliverables to increase their win rates. At two different executive forums, our customers shared how Aspen Capital Cost Estimator™ (ACCE) and Aspen Basic Engineering™ allow them to do exactly that.
Korean firms have been using AspenTech’s process modelling and simulation tools for decades, and this was the third year AspenTech has hosted an ACCE Executive Forum there. Over that time, the adoption of model-based estimation has grown substantially. Three years ago, this region had limited experience with the concept and tools; today, we have a thriving user community sharing best practices. This year, we added the Aspen Basic Engineering Executive Forum to better support our customers as they make the strategic shift to more conceptual and FEED work. Many customers are also looking to enhance their relationships with operators during operations and maintenance, performing studies for conceptual engineering, energy optimization and revamp projects.
One of the common threads our customers shared is that they need agility without consuming a huge amount of resources. Customer speakers from five firms shared how using AspenTech solutions allows them to provide timely yet accurate responses to their customers, often based on limited information. This capability has translated into improved win rates.
With the Lump Sum Turnkey (LSTK) contracting model prevalent for Korean firms, creation of accurate estimates and project plans is critical. To ensure accuracy, ACCE uses volumetric models and regularly updated cost basis derived from five well-established regions, as well as historical data from your company’s completed projects for calibration. Costs like labor, materials, bulks and equipment can be calibrated based on specific project information for greater accuracy.
The workshops were a great success, with companies representing Korea’s top E&C players and owner-operators taking part in insightful, informative and interactive sessions throughout the day. We’re grateful to the customers who shared their stories about the impact AspenTech tools have had on their business – everything from reducing turnaround time by 50 percent to taking a lifecycle approach to cost estimating.
We’ve scheduled training sessions in Korea for later this month to support our customers in their digitalization efforts. I’m looking forward to seeing our customers do even more with ACCE and Aspen Basic Engineering to address their business challenges.
Want more insight on how to improve your estimates? Read the Executive Brief: 5 Best Practices in Capital Project Estimating for the Process Industries