I am proud to share that today, January 12, 2023, it was announced that Aspen Technology has been selected as winner of the “IoT Partner Ecosystem of the Year” award in the 7th annual IoT Breakthrough Awards program conducted by IoT Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global Internet-of-Things (IoT) market.
The IoT Breakthrough Awards recognize the innovators, leaders and visionaries from around the globe in a range of IoT categories, including Industrial and Enterprise IoT, Smart City technology, Connected Home and Home Automation, Connected Car, and many more. This year’s program attracted more than 4,000 nominations from companies all over the world.
The award recognizes AspenTech’s breakthrough partnership with Amazon Web Services (AWS). AspenTech also achieved AWS' IoT Competency for providing specialized edge-to-cloud solutions, and AWS' Energy Competency, for its expertise helping energy companies leverage AWS cloud technology to improve equipment reliability and availability.
AWS and AspenTech developed the Asset Maintenance & Reliability (AMR) solution for the Manufacturing sector to address key industrial and enterprise operational challenges. The AMR solution utilizes AspenTech’s prescriptive maintenance solution, Aspen Mtell® on AWS cloud, which enables operations, maintenance and reliability engineers to remotely monitor assets, in real time, while also prioritizing maintenance activities to extend the useful life of equipment. The AMR solution provides multiple benefits - including reducing maintenance costs and improving equipment uptime while reducing resource and energy inefficiencies.
Working Together - AWS Equipment Health and Maintenance Solution
With Aspen Mtell, industrial leaders have access to machine learning and AI-powered technology that provides early warning and predicts equipment failure. The solution applies machine learning to operating data both upstream and downstream of equipment to recognize precise patterns that indicate degradation and/or impending failure well before it's too late. Through seamless, flexible data mobility and integration powered by the AWS infrastructure, Aspen Mtell also allows users to transfer failure signatures across similar equipment.
“Several key operational challenges facing industrial organizations today include high maintenance costs and unexpected equipment downtime, unplanned shutdowns leading to flaring and excess carbon emissions, financial losses due to throughput reduction from degrading equipment and digitalization tools that have yielded low value to date as well as a lack of consistent maintenance strategies across plants,“ said James Johnson, managing director at IoT Breakthrough.
Johnson continued, “The AMR solution, in particular, encompasses breakthrough technology from both Aspen Technology and AWS that improves the reliability and maintainability of assets and equipment with a robust predictive maintenance strategy. Aspen Technology’s partnership with AWS and their solutions are a breakthrough achievement in the space whose benefits are far reaching for organizations and our planet. Congratulations on being our pick for ‘IoT Partner Ecosystem of the Year!’”