Aspen Technology: AspenTech named FIPI Digital Technology Provider of the Year
AspenTech is honored to receive the prestigious Digital Technology Supplier of the Year 2021 award from the Petroleum Industry Federation of India (FIPI), which recognizes companies for implementing the industry’s most advanced digital technologies .
Launched in 2007, the FIPI Oil and Gas Awards were created to recognize leaders, innovators and pioneers in the oil and gas industry. Industry interface with government and regulatory authorities, FIPI members include all major companies operating in the oil and gas sector in India.
This award highlights AspenTech’s role in accelerating digitization initiatives for the process industry over the past four decades. Digitization is fueling automation that drives new levels of operational excellence, giving businesses the agility to exploit new market opportunities, respond quickly and effectively to challenges. A major goal in the world today is the dual challenge, which imposes the need to meet the growing resources of a growing population with increasing standards of living, while balancing the need to meet sustainability goals. Companies able to balance profitability and sustainability can meet the dual challenge more effectively in the new normal industry.
AspenTech is well positioned to advise both capital intensive and process companies on their digitization strategy and investments. For example, digital twins are an evolving digital profile of the historical, current, and future behavior of a physical object or process that helps optimize business performance. When used as an essential tool to optimize business performance, agility, optimal sustainability, profitability, as well as asset optimization, it has the potential to transform businesses through intelligent insight. .
In India, AspenTech’s customers include Reliance, Indian Oil, Hindustan Petroleum Corporation Limited (HPCL) and Bharat Petroleum Corporation Limited (BPCL).
A landmark BPCL customer case study anchored this victory for AspenTech in the downstream industry where they deployed software that accelerates digitization and sustainability initiatives. The case study showed how the company adopted a real-time digital twin, based on the use of AspenTech’s digital twin and Advanced Process Control (APC) products.
Essentially, BPCL Mumbai Refinery has deployed Aspen DMC3 ™ software with a digital twin approach to achieve approximately $ 1 million in utility savings each year. The company is the first among Indian PSU refineries to implement APC in Amine Regeneration Units (ARUs) and to integrate dual digital output into APC. With an estimated return on investment of less than six months, the company could effectively reduce energy consumption by altering the sulfur content of raw slate, which initially resulted in sub-optimal amine regeneration.
Aspen DMC3 software enables a scalable and sustainable approach to be taken through its patented adaptive process control technology. This enables the smart factory to react automatically, achieve real-time agility, and optimize performance in a transparent yet robust manner. With the ability to accelerate deployments, process manufacturers can gain benefits faster, improve ROI, and improve overall performance.
In the age of sustainability, accelerating digitization is essential for companies to achieve their sustainability goals and, in so doing, foster operational excellence.
Abhinav Chowdhary, Country Manager, India and Himanshu Khatri, Sales Account Manager, India, Aspen Technology, received the 2021 FIPI Digital Technology Provider of the Year Award – on behalf of the company.
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