As we begin to see routes out of the recent extreme volatility and uncertainty globally, asset intensive industries are facing a new era entirely. Industry’s ability to react and try to recover from the intense shock in market conditions in the past several months is now beginning to evolve. Finding a way not just to survive, but to thrive can mean making decisions that question ‘business as usual.’ For some it will be time to prepare for a new pathway towards building future resilience into business models.
Whichever focus industrial companies have it has become clear that digital transformation will be crucial. Supported by partnerships with technology solutions providers that combine vast domain expertise with vision and ambition, it is digital technologies that will be key to future success.
I expect to see the industries we serve harness the power of digital transformation and Industrial AI to address some of their most pressing challenges in 2021 in a wide range of ways:
Bridging to new business models through increased insights
Leveraging artificial intelligence (AI) for advanced analysis of a multitude of complex business scenarios gives industrial companies the ability to quickly evaluate potential courses of action. New technologies offer visibility into the entire value chain as well as enterprise-wide operating conditions and asset health. Analyzing these holistically can uncover a host of opportunities including new markets and business models. With deep insight and the means to better connect previously disparate data and parts of the business, industrial organizations can optimize operations and unlock hidden value at speed and scale.
Improving sustainability: reducing energy use and emissions
A recent ARC survey reported that 90% of global energy and chemical companies have sustainability initiatives in place; it’s clear that industrial organizations are striving to reduce their environmental impact. Metals and mining, pulp and paper, polymers, pharmaceutical companies and other industries are also aiming for greener operations – and turning to Industrial AI for support.
Polymers makers are using process simulation tools to find new ways to reduce unwanted by-products and model new recycling processes, measuring their viability. Advanced modeling tools can also reduce the number of experiments and associated waste in new product development.
Predictive maintenance also plays an important role in sustainability allowing manufacturers to avoid unplanned shutdowns and reduce the risk of environmental incidents. By monitoring equipment health and providing advance notifications of pending failures, predictive maintenance solutions allow companies to plan repairs, ensuring safe operating conditions.
Attracting and empowering the workforce of the future as experts retire
The global energy industry faces a massive loss of experience over the next few years, with many workers retiring and taking decades of knowledge with them. In response, oil and gas companies are pivoting toward advanced technology that leverages data science to automate processes and safely run their facilities to the limits of performance.
Artificial intelligence and machine learning resolve the gap in workforce knowledge and provide critical data science capabilities that are already in short supply. These advanced technologies will empower a new generation of technically savvy workers to transform industrial businesses and position them to win in the future marketplace. The new workforce increasingly demands technology that is both intuitive and effective.
Setting the vision for 2030
For those companies and business models able to transform profitably, future strategy and direction will need to be defined and possibly re-defined, it would be shortsighted not to do so.
We’re bringing the power of our own domain expertise and technology solutions together with the phenomenal experiences of our global customer base at our bi-annual industry event OPTIMIZE 2021.
This year OPTIMIZE will be online, which opens up a whole new world of opportunity to engage with attendees from over 60 countries. Strategic, visionary plenaries will help prepare us for what’s next, a glimpse of the future with sessions featuring the AspenTech leadership team and other industry thought leaders.
Showcasing real-world use cases from leading companies OPTIMIZE 2021 allows a unique opportunity for organisations to share digital journey best practices and experiences implementing AI-powered technology as we embark on this new era together.
Why wait? Click here to register now.