Aspen Technology, Inc. provides asset optimization software that optimizes asset design, operations and maintenance in industrial environments.
The company’s products have embedded artificial intelligence (AI) capabilities that create insights, provide guidance, and automate and democratize knowledge, known as Industrial AI, to create value for the process industries. For customers beginning to consider how AI could be applied to their domain-specific challenges, the company introduced its hybr...
Aspen Technology, Inc. provides asset optimization software that optimizes asset design, operations and maintenance in industrial environments.
The company’s products have embedded artificial intelligence (AI) capabilities that create insights, provide guidance, and automate and democratize knowledge, known as Industrial AI, to create value for the process industries. For customers beginning to consider how AI could be applied to their domain-specific challenges, the company introduced its hybrid model methodology.
The company has developed its applications to design and optimize processes across three principal business areas, such as engineering, manufacturing and supply chain, and asset performance management.
The company has approximately 2,500 customers globally. Its customers consist of companies engaged in the process industry and other capital-intensive industries, such as energy, chemicals, engineering and construction, as well as pharmaceuticals, food and beverage, transportation, power, metals and mining, pulp and paper, and consumer packaged goods.
Segments
The company operates through two segments, Subscription and Software, and Services and Other.
The Subscription and Software segment engages in the licensing of process optimization and asset performance management software solutions and associated support services, and includes the company’s license and maintenance revenue.
The Services and Other segment includes professional services and training, and includes the company’s services and other revenue.
aspenONE Solutions
The company provides integrated asset optimization software solutions designed and developed primarily for the process and other capital-intensive industries. Its solutions also help organizations design, operate, and maintain the production of products from new energy sources, such as hydrogen to new genetic-based pharmaceuticals, such as vaccines. Its aspenONE solutions are organized into three suites, including engineering; manufacturing and supply chain; and asset performance management (APM). Each product suite leverages the company’s artificial intelligence of things (AIoT) products as the foundation of industrial data.
Engineering: The company’s engineering software is used to develop process designs of new plants, re-vamp existing plants, and simulate and optimize existing processes. Using advanced modeling technologies, including industrial AI, its engineering software could create digital twins of new and existing plant processes and equipment that are used to troubleshoot, fine-tune plant operations and improve overall environmental impact.
Manufacturing and Supply Chain: The company’s manufacturing software is used to optimize day-to-day processing activities, enabling process manufacturers to make decisions and to improve plant performance, while driving sustainable operations. Its supply chain management software is designed to enable process manufacturers to reduce inventory levels.
Asset Performance Management: The company’s asset performance management software is used to understand and predict the reliability of a system; be it multiple assets, a single asset, or equipment in a plant. The factors that impact reliability include how operating conditions degrade equipment performance over time, or how process conditions lead to equipment failure, and the ability to predict when the equipment would fail and prescribe actions to avoid such occurrences. The APM suite delivers Industrial AI through comprehensive machine learning and analytics technologies which, when used in a standalone or integrated manner with historical and real time asset and equipment data, could help its customers improve their return on capital employed and adhere to their sustainability goals.
Artificial Intelligence of Things: The company’s artificial intelligence of things products are used to collect volumes of data for reporting and analysis; integrate data across plants and technologies; visualize data to identify trends, outliers and patterns; and customize applications with its Data Science Studio. Each suite leverages its AIoT products to capture industrial data to help it realize its Industrial AI vision.
The company offers customer support, professional services and training services to its customers. Under its aspenONE licensing model, software maintenance and support are included for the term of the arrangement. Professional services are offered to customers as a means to further implement and extend the company’s technology across their corporations.
Products
The company’s software applications are offered in three suites, such as aspenONE Engineering, aspenONE Manufacturing and Supply Chain, and aspenONE Asset Performance Management. These suites and its AIoT products are integrated applications that allow end users to design process manufacturing environments, monitor operational performance, respond and adapt to operational changes, predict asset reliability and equipment failure, and manage planning and scheduling activities, as well as collaborate across these functions and activities. The three suites and the company’s AIoT products are designed around core modules and applications that allow customers to design, operate and maintain their process manufacturing environments.
aspenONE Engineering
Engineering
Aspen HYSYS: Process modeling software for the design and optimization of hydrocarbon processes, including flow assurance, refinery reactors, acid gas clean-up, and sulfur recovery - with embedded Industrial AI capabilities.
Aspen Operator Training: Solution for developing and deploying dynamic plant simulations for the purpose of training plant operators to respond to operational and safety scenarios in a virtual training environment.
Aspen Plus: Process modeling software for the design and optimization of chemical processes, including solids and batch processes - with embedded Industrial AI capabilities.
Aspen Capital Cost Estimator: Economic evaluation software for estimating project capital costs and lifecycle asset economics - from conceptual definition through detailed cost estimation.
Aspen Exchanger Design and Rating: Software for the design, simulation and rating of various types of heat exchangers.
Aspen OptiPlant 3D Layout: A platform used to develop 3D Models, engineer multiple options for analysis, select the design optimized for Cost, Layout, Constructability, Safety and Operations.
Aspen Basic Engineering: Collaborative platform for managing process engineering data and producing front-end design deliverables, such as multi-disciplinary datasheets, process flow diagrams, piping and instrument diagrams, and equipment lists.
Aspen Online: Solution that connects process models to real-time plant data for expedited decisions, operational guidance, and optimization.
aspenONE Manufacturing and Supply Chain
Manufacturing
Aspen DMC3: Multi-variable controller software for maintaining processes at their optimal operating point under changing process conditions with Industrial AI.
Aspen Inferential Qualities: Maintain quality control and reduce lab work with real-time estimates of infrequently measured properties using deep learning technology.
Aspen GDOT: Multi-unit dynamic optimization software for alignment of Advanced Process Control with Planning & Scheduling to enable unified production optimization for refineries and ethylene plants.
Aspen Production Execution Manager: Workflow, order and recipe management software per CGMP guidelines that ensures operational consistency.
Aspen Operations Reconciliation and Accounting: Focus in production accounting and decision-making with reconciled production data using one model that integrates unit- and plant-boundary balances.
Aspen Tank and Operations Manager: Execute and monitor inventory operations with an interface for movement and tank operations.
Aspen Unscrambler: Tool for modeling, prediction and optimization using multivariate statistical analysis and interactive visualizations.
Aspen Unscrambler HIS: Solve problems with multivariate analysis of hyperspectral images for transformations, outlier detection and model validation to classify products and improve quality.
Aspen Process Pulse: Monitor, control and optimize processes with real-time visibility of various types of process and spectral data. Run models for early fault detection, process deviation warnings, Process Analytical Technology support and continuous improvement, while enabling compliance with regulatory mandates.
Supply Chain
Aspen Unified PIMS: Refinery and olefins planning software for optimizing feedstock selection, product slate and operational execution.
Aspen Unified Scheduling: Refinery and olefins scheduling software for scheduling and optimization of refinery operations with integration to refinery planning, blending and dock operations.
Aspen Petroleum Supply Chain Planner: Economic planning software for optimizing the profitability of the petroleum distribution network, including transportation, raw materials, sales demands, and processing facilities.
Aspen Fleet Optimizer: Software for inventory management and truck transportation optimization in secondary petroleum distribution.
Aspen Collaborative Demand Manager: Software for forecasting market demand and managing forecast through changes in the business environment by combining historical and real time data.
Aspen Plant Scheduler: Software for generating optimal production schedules to meet total demand.
Aspen Supply Planner: Software for determining the optimal production plan taking into account labor and equipment, feedstock, inbound/outbound transportation, storage capacity, and other variables.
Aspen Schedule Explorer: Enable operational execution by aligning teams via a common collaborative hub, allowing supply chain and operations to communicate and make decisions.
aspenONE Asset Performance Management
Asset Performance Management
Aspen Fidelis Reliability: Software for predicting the future performance of various systems and quantifying the change in performance due to changes in design, capacity, operations, maintenance, logistics, market dynamics, and weather.
Aspen ProMV: Multivariate analysis software for analyzing interrelated process data for continuous and batch processes, to identify the minimum critical set of variables driving product quality and process performance, and identifying optimal set points.
Aspen Event Analytics: Software for analyzing plant operations in real time to identify causal precursors that could lead to an unplanned downtime event.
Aspen Mtell: Software for recognizing data patterns as predictions of future equipment behavior.
aspenONE Artificial Intelligence of Things
Artificial Intelligence of Things
Aspen Cloud Connect: Software to collect data from assets, enterprise data sources, and MES systems using Industrial IoT technology, and integrating the data into enterprise systems on-premise or in the cloud.
Aspen InfoPlus.21: Local data historian software for storing, visualizing and analyzing volumes of data to improve production execution and enhance performance management.
Aspen Enterprise IP.21 Historian: Aggregate data in the cloud across multiple IP.21 or third-party historian sites, support smaller sites, provide inherent high-availability and enable an industrial data lake strategy.
aspenONE Process Explorer: Software for combining process measurements, product characteristics, alarms, events and unstructured data for a view of production.
Aspen Production Record Manager: Segmentation of production data into batches, campaigns or other logical groupings for analysis and production reporting.
Aspen Enterprise Insights: Enterprise Visibility, Collaboration and Workflow Automation- Translate real-time data into business decisions to visualize deviations and identify risks.
Aspen Data Science Studio: Enable an Industrial AI Application Ecosystem-Out-of-the box analytics libraries and AI development collaboration tools enabling both domain experts and data scientists.
Growth Strategy
The company has introduced a new strategy to evolve its scope of optimization from the process units in a plant to the process and the equipment in the plant or entire asset. Its primary growth strategy is to expand organically within its core verticals by leveraging its market leadership position and driving increased usage and product adoption of the capabilities in its aspenONE offerings. The key elements of the company's strategy include to continue to provide innovative, market-leading solutions; further penetrate existing customer base; strive for its customers to adopt and sustain the use of its products by improving the consumption of their token entitlement; target additional capital-intensive industries with the APM functionality that it refers to as the global economy industries; build an ecosystem; pursue acquisitions; and expand its total addressable market.
Sales and Marketing
Historically, majority of the company’s license sales have been generated through its direct field sales organization. To market the specific functionality and other technical features of its software, the company’s account managers work with specialized teams of technical sales personnel and product specialists organized for each sales and marketing effort. Its technical sales personnel have degrees in chemical engineering or related disciplines and consult with a customer’s plant engineers. In addition to its direct field sales organization, the company employs an inside sales team that targets customers in certain market segments.
Research and Development
The company’s research and development expenses were $94.2 million in the year ended June 30, 2021.
History
Aspen Technology, Inc. was founded in Massachusetts in 1981.
