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BUSINESS

AspenTech sees growth via partners' digital transformation progress

24/12/2020 03:07 PM

By Azlee Nor Mahmud

KUALA LUMPUR, Dec 24  -- Industrial technology company, Aspen Technology Inc’s (AspenTech) growth strategy for Malaysia and Asia Pacific is to continue to partner with its customers to accelerate their progress in their digital transformation journeys and to help them tackle challenges.

President and chief executive officer Antonio Pietri said the company understands that businesses in this region are facing multiple challenges including increased global competition, evolving demand for products and increased pressure from their stakeholders to reduce the environmental impact.

“We believe that smart enterprises will leverage artificial intelligence (AI) to optimise operations, and this will separate the leaders from the laggards.

“But we don’t believe that AI technology is the stand-alone answer -- we believe that the combination of AI and models based on the first principles of engineering and physics will power the operational technology of the future,” he told Bernama today.

On the key challenges faced by Malaysian companies amid the global COVID-19 pandemic and economic uncertainties, Pietri said that with global lockdowns, companies are constantly adjusting their manufacturing operations to meet supply and demand swings.

Secondly, companies need to become more agile and digitally productive with many staff working remotely.

Thirdly, he said AspenTech sees companies rapidly wanting to ramp up the introduction of new processes and technologies to underpin this speed of change and market volatility.

“We want to enable our customers to be part of this acceleration and to be able to capitalise on their use of technology in order to successfully navigate the macro-economic situation.

“For example, our software enables plant operators to adjust plant utilisation and remotely monitor equipment reliability to better manage risk, while working from home.

“Our aim from the outset of the global pandemic was to support all our customers in meeting these challenges head on,” he said.

Pietri said, for example, AspenTech implemented a zero-cost e-learning programme to allow customers to upskill their workforce and build organisational competitiveness, which allows a rapid certification process for its users at scale.

AspenTech’s industry-specific applications with embedded AI will help to accelerate the companies' transformation.

“While other technology strategies require asset owners to invest in complex platforms and data scientists, with embedded AI, users can get started right away in improving margins and profitability,” he said.

Pietri said industrial AI is a technology solution that combines data science and AI with the ‘first principles’ (or fundamental basics) of chemistry and physics and domain expertise to deliver comprehensive business outcomes for the specific needs of capital-intensive industries.

On the overall industry outlook for 2021, he said prediction for 2021 is not straight-forward given the many and varied market and macro uncertainties at play.

“However, we remain optimistic about the future as we see many of our customers ramping up their digital transformation efforts.

“We anticipate sustainability will also start to drive investment in digitalisation initiatives -- new market expectations are creating new business priorities for energy and chemical companies -- from plastic depolymerisation to renewable sources.

“Legislation and pressure from every stakeholder are forcing the industry to find efficiencies and ways to reduce environmental impact, such as implementing zero-carbon and low-carbon initiatives, maximising energy and water efficiency, and minimising emissions,” he said.

-- BERNAMA

 

 


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