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Aspen Technology Enables Customers to Drive Higher Levels of Operational Excellence with New Software Capabilities

Business Wire
·4-min read

aspenONE®, including expanded Industrial AI, helps customers measurably impact performance and sustainability goals

BEDFORD, Mass., May 29, 2024--(BUSINESS WIRE)--Aspen Technology, Inc. (NASDAQ:AZPN), a global leader in industrial software, today introduced new and expanded capabilities now available in aspenONE®, the company’s portfolio of asset optimization solutions, spanning design, operations and maintenance. The latest version of aspenONE, V14.3 May 2024, helps customers achieve new levels of operational excellence with expanded Industrial AI throughout the portfolio, additional integration of industrial data management across solutions and advancements in planning and scheduling capabilities.

"On the heels of OPTIMIZE 24 earlier this month where 1,100 customers and partners joined AspenTech for a week of discussions, it’s clear that asset-intensive industries are intensely focused on leveraging technology to achieve business performance objectives while making operations greener and safer," said Rasha Hasaneen, Chief Product and Sustainability Officer at AspenTech. "The newest version of aspenONE, specifically enhancements to Aspen Unified solutions, is designed to enable customers to significantly streamline user workflows and drive the highest levels of optimization possible."

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AspenTech’s Industrial AI and Aspen Unified

AspenTech uniquely embeds Industrial AI in modeling solutions that leverage more than 40 years of experience applying engineering fundamentals. These models provide guardrails, robustness and trusted results to ensure customers can leverage AI-based technology to improve agility, guide decision-making and drive higher levels of efficiency through automation.

With the release of V14.3, the planning and scheduling capabilities in Aspen Unified™ have been enhanced with Industrial AI to attain higher levels of optimization. This is accomplished by enabling schedulers to close the gap between planned and actual operations. Through unique, innovative and dynamic optimization capabilities, refining and olefins producers can streamline and integrate planning, scheduling and yield accounting, resulting in smaller deviations and faster remediation.

According to Peter Reynolds, Principal Analyst with ARC Advisory Group, "The V14.3 release provides breakthrough enhancements to help refining and petrochemical industries optimize supply chains and meet sustainability targets. Once again, AspenTech uniquely addresses Industrial AI by embedding technology into customer planning and scheduling models. This approach should help customers improve plan effectiveness and reduce margin leakage."

Furthermore, according to Janice Abel, Principal Analyst with ARC Advisory Group, "Aspen Unified is a powerful solution that will have a major impact on the Manufacturing Execution Systems (MES) market and allow users to integrate AI and new functionalities that reduce costs, improve operations and scheduling efficiencies."

Additional highlights of V14.3 include:

  • Industrial AI is now incorporated in Aspen Unified PIMS™ with the availability of Aspen Virtual Advisor (AVA), which guides production planners to save time, make better decisions and explain the impact models have on performance and sustainability.

  • Aspen Maestro™, an existing capability within Aspen Mtell® that automates the development of better models faster, now includes an anomaly capability that accelerates alert resolution. In addition, Aspen Mtell includes FMEA templates and KPIs for accelerated deployment, guided detection strategies and risk analysis.

  • AspenTech Inmation™ now provides direct integration capabilities with Aspen Mtell, leveraging the data management platform’s components to make data access simple and easy to maintain over time. AspenTech Inmation also integrates seamlessly with both Aspen InfoPlus.21™ and aspenONE Process Explorer®, delivering scalable and performant access with minimal impact on production as well as feature-rich, real-time data visualization, reporting and analysis at an enterprise level.

Visit our release page for a comprehensive view into the features and capabilities included in aspenONE V14.3 May 2024.

About AspenTech

Aspen Technology, Inc. (NASDAQ: AZPN) is a global software leader helping industries at the forefront of the world’s dual challenge meet the increasing demand for resources from a rapidly growing population in a profitable and sustainable manner. AspenTech solutions address complex environments where it is critical to optimize the asset design, operation and maintenance lifecycle. Through our unique combination of deep domain expertise and innovation, customers in asset-intensive industries can run their assets safer, greener, longer and faster to improve their operational excellence. To learn more, visit AspenTech.com.

© 2024 Aspen Technology, Inc., AspenTech, aspenONE, AspenTech Inmation, Aspen InfoPlus.21, aspenONE Process Explorer, Aspen Mtell, Aspen Maestro, Aspen Unified, Aspen Unified PIMS and the Aspen leaf logo are trademarks of Aspen Technology, Inc. All rights reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240529950840/en/

Contacts

Media
Stephanie Jackman
AspenTech
+1 781-221-1965
Stephanie.Jackman@aspentech.com