Wood, Aspen to deliver AI-powered technology

The partnership brings Aspen’s Aspen Mtell asset performance management (APM) technology to Wood’s clients, providing bespoke asset performance management solutions.

Aspen Mtell APM technology provides predictive and prescriptive maintenance, and will aim to improve manufacturing and facility assets of global enterprise.

It uses industrial artificial intelligence (AI) and machine learning to analyse operational maintenance data. The technology can then identify asset failure signatures, predict future failures and provide mitigation strategies to prevent issues.

Wood’s solution – independent asset performance consulting, engineering services and real-time performance monitoring systems – will be combined with Aspen’s AI-driven predictive and prescriptive maintenance solutions.

Wood chief technology officer Darren Martin said the adoption of Aspen Mtell technology would provide a viable solution for its clients.

“We are excited to bring AspenTech into our strategic partnership ecosystem to unlock innovative technology solutions to solve our clients’ challenges,” he said.

“Aspen Mtell is part of our connected operations and maintenance programs that will allow our clients to detect patterns in operating data, allowing them to take prescriptive action and avoid unplanned downtime.

“Together, our vision is to drive value through digital twins across the full asset lifecycle, working to optimise asset performance, monitoring, and control across any environment.”

Wood provides solutions for consulting, projects and operations to more than 60 countries.

Aspen Technology senior vice president and general manager Greg Mason said a predictive maintenance culture was an important aspect to delivering a consistent operation.

“The value of predictive and prescriptive maintenance is much more than simply predicting failures on large rotating assets,” he said.

“Companies that are truly focussed on eliminating safety and environmental incidents tied to machine failure, in addition to avoiding production losses, understand the need to have a comprehensive predictive maintenance culture throughout the entire plant.

“This requires an analytics technology that is scalable, resources needed to deploy to scale, and the expertise to lead change management.

“I’m pleased to say that the partnership of AspenTech and Wood around the Aspen Mtell solution provide these three unique capabilities needed to bring contextualised AI for the process industries to scale.”

Aspen Technology specialises in asset optimisation software using decades of process modelling expertise along with AI.