IMC-2019 Learning Session 35:25 Minutes
by Allison McNulty and Christopher Williams, AspenTech
The advent of new enabling technologies such as high-performance computing, the cloud and data lakes, internet connectivity and mobility — among many others — have come together to generate deeper insights from the exploitation of this data. These advances are making it possible to derive insights not afforded before, to capture even greater value through improvements in operations and reliability, and ultimately to maximize margins through operational excellence programs.
The ability to leverage this massive collection of data to extend the life of assets and maximize the return on capital employed represents one of the greatest sources of additional profit still available — and it is made possible by technologies that fall under the “Industry 4.0” or “digitalization” banner. Early adopters of solutions that incorporate these advances are realizing significantly higher profits and a competitive advantage.
In this session, we’ll discuss how several early adopters of prescriptive analytics have reduced unplanned downtime and improved asset reliability. We’ll discuss how Saras, a leading European refiner, achieved 45 days advanced notice of equipment failure. Other examples covered include a cardboard plant in Asia.