August is an important month for AspenTech.
Not only did AspenTech turn 40, but one year ago this month, AspenTech launched its AIoT Hub to help capital-intensive industries unlock the hidden business value of Industrial AI. This one-year milestone of the AIoT Hub gives me a lot to reflect on in terms of how we have worked as a strong team to transform our collective vision into a market reality.
The AIoT Hub is AspenTech’s solution to help our customers quickly mobilize in response to market volatility, Industry 4.0 trends, and other forces that are impacting the digital transformation of the industrial sector. With the AIoT Hub, customers are turning to AspenTech for an Industrial AI infrastructure solution to help them easily bridge across existing operational technologies towards a cloud-ready, AI-enabled Self-Optimizing Plant vision - thereby unlocking the immense value from industrial data assets and delivering actionable insights quickly.
The AIoT Hub is a unique technology enabler that catalyzes industrial digital transformation. Unlike other comparable solutions, the AIoT Hub is purpose-built to specifically address challenging business environments that capital-intensive industries are regularly faced with. The AIoT Hub enables a convergence of IT and OT, in which data scientists and digital executives are central to the strategy, and seamlessly collaborate with process engineers and operational leaders to drive business outcomes. These next-generation industrial organizations are more empowered than ever to make fast decisions to improve the business and respond to market volatility.
Strengthening our Industrial AI Position
Over the last year, the AIoT Hub has further solidified AspenTech’s leadership position in the Industrial AI space. In March, we were recognized with the 2021 Artificial Intelligence Award from the Business Intelligence Group, and earlier this month the AIoT Hub was named a finalist in the AR/VR/AI category of the Hydrocarbon Processing awards. Senior ARC Research Analyst Peter Reynolds even had this to say about the AIoT Hub:
“AI has the potential to enhance many industrial work processes; however, most companies are not well-equipped to bolt on AI themselves. AspenTech’s industry-specific applications, underpinned by their AIoT Hub, with embedded AI will help companies accelerate transformation. While other technology strategies require asset owners to invest in complex platforms and data scientists, with AspenTech’s Industrial AI, users can get started right away improving margins and profitability.”
I couldn’t be prouder of the hard work, agility, and determination of the team that made these recognitions possible.
Feedback from our customers and the industry has also taught us that companies consider Industrial AI to be critical to helping them achieve new levels of safety, sustainability, and profitability. In May, at our bi-annual customer conference OPTIMIZE, several customers shared success stories on how they are using Aspen AIoT Hub-enabled solutions to power their digitalization strategies. For example, by using AIoT Hub products, GSK is able to have end-to-end supply chain visibility, minimize data integrity issues, reduce errors and waste, and make smarter, quicker and more informed decisions. In the last 12 months, AspenTech was also regularly quoted in the media talking about how enterprises can optimize their Industrial AI strategy, and the AIoT Hub has been covered in publications like Forbes, CIO.com, and AI Business.
What’s Next for the AIoT Hub
The excitement around and success of the AIoT Hub has taught AspenTech a lot. There is genuine appetite for a proven, cloud-ready solution that can accelerate how capital-intensive organizations derive business outcomes from their data. As Industry 4.0 sends us further down the automation path, volatile events like the COVID-19 pandemic continue to disrupt global business ecosystems, and emerging sustainability initiatives like the dual challenge confront traditional norms of how businesses operate, enterprises will be faced with having to make even more critical business decisions, with an overwhelming amount of data. We expect the landscape to evolve, from human to machine interactions, to edge-to-cloud convergence, and we look forward to evolving with it. In the meantime, check out this content and resources to help with your company’s Industrial AI journey:
- Webinar: How to Unlock Business Value from Industrial Data with Artificial Intelligence of Things (AIoT)
- CIO.com Article: How Data Historians Have Evolved to Make Industrial Data Actionable
- ARC Executive Brief: The Convergence of AI and IIoT
Congratulations to our team and customers on a successful year one of the AIoT Hub. Cheers to many more!