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Surpassing the Digital Needs of the Industry

In these times of macroeconomic and geopolitical uncertainty, it’s more important than ever for capital-intensive companies to run as efficiently as possible to remain competitive. How to optimize operations across industries by harnessing technological innovation is at the top of business leaders’ minds. In fact, according to a recent Avanade report, 92% of business leaders cite digital transformation as a top priority for the next year.

At AspenTech we’re constantly looking for digitally-advanced solutions to address our customers’ most pressing operational pressures. We’re excited to announce that Aspen Mtell® has been selected as a finalist for this year’s Hydrocarbon Processing awards in the Best Asset Monitoring Technology category.

Now in its third year, the Hydrocarbon Processing awards honor the downstream energy segment’s leading innovations. The magazine’s advisory board votes on the award winners, spanning 17 key categories in the hydrocarbon processing industry. Judges evaluate solutions based on the impact the technology has on the industry and recognize finalists that have advanced the industry into the next wave of digitalization. 

It’s crucial for vendors to continue developing technologies that support customers’ Industry 4.0 initiatives. Aspen Mtell harnesses the power of artificial intelligence and machine learning to extract insights from facilities to enable new levels of reliability, which allows organizations to make data-backed decisions with visibility into how the plant is operating historically and in real-time. 

More specifically, Aspen Mtell discovers the precise failure signatures that precede asset degradation and breakdowns then predicts future failures to mitigate or solve problems before they happen. In a real-world application of machine learning, Aspen Mtell gave eight weeks’ notice of a compressor failure at a large North American refinery. The prediction came seven weeks before the refinery’s state-of-the-art vibration system found the impending failure. Aspen Mtell delivers best-in-class software that allows customers to not only improve reliability and costs, but also deliver maximum profits. 

In any industry, a company is most competitive when it runs efficiently and uninterrupted. Asset-intensive industries are even more so reliant on operational assets that run at peak performance to remain profitable. We’re excited to help solve these challenges on a daily basis, as we continue to deliver innovative solutions that allow our customers to reach new levels of operational excellence. 

Interested in learning more about AspenTech’s Aspen Mtell solution? Check out the recent white paper, “Seeing Into the Future With Prescriptive Analytics: A New Vision for Asset Performance Management.”
 

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