Aspen Technology takes trophy for AI and manufacturing | Singapore Business Review - The Latest News, Headlines, Insight, Commentary & Analysis
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Aspen Technology takes trophy for AI and manufacturing

AspenTech’s cutting-edge AI software enables industrial manufacturers to achieve operational excellence and be more sustainable.

Aspen Technology’s vision to accelerate the manufacturing industry’s transformation through its project in a press release titled “IRPC Selects AspenTech Prescriptive Maintenance Software to Mitigate Unplanned Downtime” has won the Technology Excellence Award 2020 for Artificial Intelligence (AI) – Manufacturing.

The company’s clients, which are leaders in the oil and gas, chemicals, and engineering industries, rely on AspenTech’s software and services to optimise their production processes and manage their supply chains.

Founded in 1981, AspenTech has been at the forefront of innovation in its industry for close to four decades, the company aims to help customers accelerate digitalization and increase profitability. To take on the next frontier, AspenTech’s technology in AI and machine learning includes software to take on a holistic approach to help capital-intensive companies design, operate and maintain in the asset lifecycle.

For example, Aspen Mtell software is part of the aspenONE Asset Performance Management software suite that enables high performance of assets through a combination of advanced analytics, machine learning, and process knowledge expertise.

Last year, Aspen Mtell software was selected by Southeast Asia’s integrated petrochemical pioneer, IRPC PLC for use at its refinery and petrochemical plants in Rayong Province, Thailand.

Aspen Mtell, prescriptive maintenance software, gives customers, such as IRPC, early warning about equipment degradation and impending asset failures, so that companies can mitigate unplanned downtime.

Autonomous agents in the Aspen Mtell software automatically detect patterns in data, while simultaneously prescribing actions to avoid problems or reduce adverse consequences.

IRPC operates a fully integrated petrochemical complex with facilities to support the business, such as a deep sea port, tank farm and power plant. IRPC selected Aspen Mtell software to increase plant reliability and reduce maintenance cost.

Other factors driving the decision include ease of deployment; accurate, early detection of asset failures; prevention of false alarms; and the ability to scale across the industrial zone. With the deployment of Aspen Mtell software, IRPC is adopting Industry 4.0 predictive and prescriptive maintenance best practices. Built around three elements – Growth, Digital and People, IRPC’s 4.0 program expected to transform the company into a petrochemical leader in digital integration and innovation.

According to Sanjeev Mullick, Vice President for Asia Pacific Japan at AspenTech, “IRPC selected Aspen Mtell software to ensure that critical equipment is available on demand, helping the company achieve operational excellence. With increasing market complexity, petrochemical companies will be well-positioned to compete in the global economy by adopting AspenTech’s prescriptive maintenance software.”

With the company’s latest advances in AI and machine learning, AspenTech’s purpose-built software portfolio enables companies to weave a digital thread throughout the design, operation and maintenance of their facilities and value chains. This is how the company will unlock new levels of performance for the industry leaders of tomorrow.

Watch the interview below to know more about their winning project:

The Technology Excellence Awards, presented by Singapore Business Review, was held via video conferencing throughout the first and third week of June.

This year’s nominations were judged by a panel consisting of Daryl Pereira, Head of Cyber at KPMG; Cheang Wai Keat, Head of Advisory Services in Singapore and ASEAN Technology Consulting Leader at Ernst & Young; Chin Chee Choon, Advisory Leader and Assurance Director at Nexia TS; Rizwi Wun, Partner, Acting Head of Intellectual Property and Technology Practice Group at RHTLaw Asia; Carolyn Chin-Parry, Managing Director and Digital Accelerator Leader at PwC.

If you would like to join the 2021 awards and be acclaimed for your company’s exceptional technological innovations, please email Julie Anne Nuñez at julie@charltonmediamail.com

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