With ADIPEC 2022, one of the oil and gas industry’s largest and most influential events right around the corner, AspenTech announced its participation in the trade show with a focus on aiding companies in the energy sector accelerate their transition towards sustainable operations.
AspenTech will showcase its portfolio of solutions that help oil and gas and energy companies accelerate their transition towards more sustainable operations. The company’s digital tools play a vital role in advancing sustainable technology pathways and providing future insights while achieving profitable outcomes.
Speaking to ITP.net, Mike Brooks, Global Director for Asset Performance Management (APM) at AspenTech, elaborated on the role of APM 4.0 in industries that deal with a massive amount of data.
APM 4.0 encompasses more than just routine maintenance of mechanical equipment and preventing unscheduled downtime. In order to increase asset dependability and extend asset life, this strategy integrates Industry 4.0 technology with recommended maintenance procedures. To properly support the business objectives of any manufacturer.
Asset performance management (APM) relies heavily on technologies like condition-based monitoring and product inspections, which can be supplemented and enhanced by new technologies and not completely replaced. Hence, it is of utmost importance to not implement new technologies without proper strategies and goals.
“Often times, we talk about initiatives, like big data, digital transformation, etc. But they aren’t real initiatives, they are tools to accomplish an initiative. Initiatives might be operational excellence, improved product quality, longer lifespan of equipment etc. It is important for business to realise the initiatives and then decide on the tools for digital transformation. Businesses should steer away from implementing technologies for technology sake,” said Brooks.
“15- 20 years back, some businesses picked out technologies like business intelligence and data warehousing, but 60% of those projects failed as they were unaware of their needs. Currently a lot of digitalisation is taking place, but infrastructure doesn’t solve the problem. It’s the applications that run against the data that solve the problem. AspenTech has the best applications to meet the business needs. We meet the customers wherever they are on the journey and help them go to the next step.”
As skills, workforce and competencies are some of the major challenges, the company is navigating this issue by keeping the application simple. They go by the saying, “Smarter on the inside, not on the outside”. All the data science and deep engineering are inside the tool, making it easier to navigate. But, with application implementation comes the questions of return of investment and cost efficiency.
From a cost centre to a driver of profitability
Implementing APM 4.0 changes the asset from being merely a cost centre to a major driver of profitability. APM 4.0 drives insights and innovations for operational excellence. Machine maintenance, unplanned downtime and the likes make an impact on the cost. These unforeseen events can be navigated through with APM 4.0.
“When a business looks from the top level, the two things that are normally looked for is ‘making money’ and ‘saving money’,” explained Brooks.
“If it is a cost centre, the concentration is on saving money. The concept is, if we can understand the behavioural pattern of an equipment and predict its chance of failure, there is an alternative to shut it down in a safer and environmentally friendly manner. This also ensures that the downtime is less. This in turn increases profitability. On the other hand, the tools in our stable match simulations against the future to predict the outcomes of changes.”
He elaborated that the assets shouldn’t be looked by itself. Assets and process are intertwined with each other that it cannot be separated. AspenTech tools gives insights on possible changes that can be taken, with cost and risk involved. This in turn replaces opinions with data.
“Data doesn’t have opinion. Previously companies implemented technologies driven by opinions. But now, we bring science into the picture. This is done with intense pattern recognition. We look for accurate interpretations of the behaviour of a piece of equipment that runs normally and when it deviates from norm, especially when it follows a pattern of degradation,” concluded Brooks.
