Wood and Aspen Technology form partnership to deliver enterprise optimized performance management solution
Aspen Technology and Wood Group have announced a new partnership that will offer Wood’s clients Aspen Mtell® asset performance management (APM) technology for predictive and prescriptive maintenance.
The partnership will enable global enterprises to improve the performance of their manufacturing and facility assets through a maintenance solution built upon industrial artificial intelligence and machine learning. Aspen Mtell analyzes historical and real-time operational and maintenance data to discover the precise failure signatures that precede asset degradation and breakdowns, predicts future failures, and prescribes detailed actions to mitigate problems.
“Wood has an extensive understanding of the performance optimization needs of our clients and realized a unique opportunity to provide a solution to help enhance asset productivity and identify potential issues well ahead of time,” said Prabu Parthasarathy, Wood vice president of Intelligent Operations.
Darren Martin, Wood CTO, said, “We are excited to bring AspenTech into our strategic partnership ecosystem to unlock innovative technology solutions to solve our clients’ challenges. Aspen Mtell is part of our connected operations and maintenance programs that will allow our clients to detect patterns in operating data, allowing them to take prescriptive action and avoid unplanned downtime. Together, our vision is to drive value through digital twins across the full asset life cycle, working to optimize asset performance, monitoring, and control across any environment.”
“The value of predictive and prescriptive maintenance is much more than simply predicting failures on large rotating assets,” said Greg Mason, senior vice president and general manager of APM, Aspen Technology. “Companies that are truly focused on eliminating safety and environmental incidents tied to machine failure, in addition to avoiding production losses, understand the need to have a comprehensive predictive maintenance culture throughout the entire plant. This requires an analytics technology that is scalable, resources needed to deploy to scale, and the expertise to lead change management. I’m pleased to say that the partnership of AspenTech and Wood around the Aspen Mtell solution provide these three unique capabilities needed to bring contextualized AI for the process industries to scale.”
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