Aspen Technology Delivers New Industrial AI Solutions to Accelerate the Journey to the Self-Optimizing Plant

Reading, UK – 7th October 2020 – Aspen Technology, Inc. (NASDAQ:AZPN), a global leader in asset optimisation software, today announced the general availability of the aspenONE® V12 software release, which embeds artificial intelligence (AI) across the portfolio, and uses the cloud for delivery of enterprise-wide analytics and insights for increased safety, sustainability, and improved margins. AspenTech’s Industrial AI solutions democratise the application of AI where it can deliver most value and is a vital step towards the Self-Optimizing Plant.

“Aspen Hybrid Models™ are a major advance in the field of chemical engineering. Hybrid models are a major step forward in bringing together AspenTech’s process models and machine learning and are a game changer in process engineering and plant improvement,” said Dr. Karuna Potdar, Vice President, Technology Centre of Excellence, Reliance Industries Limited.

aspenONE® V12 solutions have the first Industrial AI hybrid model capability that is purpose-built for the process industries and other capital-intensive industries. Aspen Hybrid Models™ capture data from assets across the enterprise, and then apply AI, engineering first principles and AspenTech’s domain expertise to deliver comprehensive, more accurate models at enterprise speed and scale. With AspenTech’s four decades of knowledge about the unique challenges of building solutions for process industries and other capital-intensive industries, aspenONE® V12 enables customers to apply AI to critical processes without additional data science expertise and offers better support for new users without deep process knowledge or experience.

The process industries have embraced digital transformation to drive operational excellence and innovation as they respond to meet the needs of growing populations and expectations for sustainability. The new solutions in aspenONE® V12 address these unique challenges with better modeling accuracy, greater insights and improved total cost of ownership that can support evolving business needs and take advantage of the new digital native workforce.

“The process industries and other capital-intensive industries are experiencing new levels of volatility in supply and demand, and the need to be agile in response to all market conditions requires a new approach to asset optimisation,” said Antonio Pietri, President and CEO, Aspen Technology. “In addition, they face higher expectations for efficiency and profitability, and increasing pressure to meet sustainability targets. This next generation of Industrial AI solutions will change how process industries work. The Self-Optimizing Plant represents the future of operational excellence, and we continue our commitment to innovate and deliver solutions that can accelerate our customers’ journey toward it.”

According to Peter Reynolds, Senior Analyst, ARC Advisory Group, “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 with embedded AI will help companies accelerate transformation. While other technology strategies require asset owners to invest in complex platforms and data scientists, with embedded AI, users can get started right away improving margins and profitability.”

Francesco Mura, Digital Platform Manager, Process and Technology for Saras, sees the advantage for updating planning models, “Aspen Hybrid Models™ provide very efficient nonlinear planning model generation, taking information from Aspen HYSYS rigorous refining reactor models and offering a great deal of promise as a new approach for updating planning models.”

New Features of aspenONE® V12 software include:

• Aspen Maestro™ – new capability for Aspen DMC3TM and Aspen Mtell®  which automates the development of better models faster by guiding a less experienced user on how to build a particular model or agent.
• Aspen Deep-Learning IQ™ – enables the building of more accurate models and predictions.
• Aspen Verify™ for Planning – uses AI to capture knowledge and check against plan to prevent costly mistakes.
• Aspen Multi-Case™ – easily runs thousands of simulations cases concurrently, on-premise or in the cloud, allowing a more complete analysis so results can be used to navigate operational complexity and make more accurate decisions faster.
• Aspen Event Analytics™ – provides rapid insight into production events. Fast, easy investigation of unexpected production events accelerates corrective action decision-making. Monitors and detects real-time events to enable rapid early intervention.
• Aspen MES Collaborative™– delivers the connected enterprise. Aggregates data with an enterprise-level historian and connects small sites to eliminate stranded data.
• Aspen Cloud Connect™– provides flexible connectivity with high performance and security to transfer data from edge to cloud.
• Aspen Capital Cost Estimator Insights™(ACCE) – streamlines the user experience with out-of-the-box integration with ACCE and Aspen Enterprise Insights to provide visualisation and collaborative workflow within a hybrid cloud environment.

About Aspen Technology

Aspen Technology (AspenTech) is a global leader in asset optimisation software. Its solutions address complex, industrial environments where it is critical to optimise the asset design, operation and maintenance lifecycle. AspenTech uniquely combines decades of process modelling expertise with artificial intelligence. Its purpose-built software platform automates knowledge work and builds sustainable competitive advantage by delivering high returns over the entire asset lifecycle. As a result, companies in capital-intensive industries can maximise uptime and push the limits of performance, running their assets safer, greener, longer and faster. Visit AspenTech.com to find out more.