Across the globe, leading organizations are embracing and implementing advanced digital technologies and the industrial metaverse. This industrial digital transformation journey will change the nature of asset intensive industries, particularly the energy and chemicals businesses. In that context, digital twins — virtualized copies of physical assets and their operating behaviors — will play key roles.

Hydrocarbon Processing Editor-in-Chief and Associate Publisher, Lee Nichols, discusses with Paul Donnelly, AspenTech Industry Marketing Director how EPC firms are adopting and using new digital technologies, and most importantly, how these technologies are improving return on investment for these organizations.

Is unplanned downtime – resulting from equipment failures and process disruptions – hurting your production? Are you looking to reduce maintenance costs and improve overall asset longevity?

Aspen Technology Announces Financial Results for the Third Quarter of Fiscal 2021

You and your organization know that contributions from maintenance are key to improving operations and helping your company stay competitive. However, many teams are not yet taking advantage of the latest advances in asset performance management, or APM, to help make the right decisions to drive an effective maintenance strategy.

According to a June 2020 McKinsey report, “The Next Normal in Construction,” EPCs have an opportunity to double their profitability by embracing a handful of “emerging disruptors.” One of these disruptors, digitalization of processes, is within reach of most EPCs and aligns with initiatives already underway at many firms. Join us to learn more about:

EPC firms that were already under stress from the COVID-related downturn are investing heavily in digitalization initiatives. According to a June 2020 McKinsey report, EPCs have an opportunity to double their profitability by embracing a handful of “emerging disruptors.” One of these disruptors, digitalization of processes, is within reach for most EPCs and aligns with efforts and initiatives already underway at many firms.

As predictive and prescriptive analytics become better understood across industries, companies are putting new focus on maintenance maturity and the use of digital technologies. They’re realizing that having a robust maintenance program means leveraging APM technology—and their data—to the fullest advantage.

Aspen Technology Appoints Jill D. Smith to its Board of Directors

In the pharmaceutical industry, equipment failures, changing operating conditions and other unexpected occurrences can cause batch failures, resulting in costly production losses and disruptions to supply. So how can companies maintain the security of supply while protecting profits?