40% of Energy Companies Believe Digitalization Can Save 16% or More in Operating Expenses (OPEX), According to AspenTech Rese...
March 01 2018 - 9:00AM
Business Wire
Survey Shows Lack of Data Science Expertise as
Top Barrier to Realizing Benefits of Analytics
Aspen Technology, Inc. (NASDAQ: AZPN), the asset optimization
software company, today announced the results of a recent survey of
over 400 energy industry managers and executives about the impact
of analytics and big data on the energy business in the next 24
months. The data confirmed that improving reliability is the key
objective for upstream and downstream companies as well as the
engineering, procurement & construction (EPC) firms that serve
them.
To achieve greater asset availability and utilization,
organizations are undertaking digital transformation initiatives
that use advanced analytics and machine learning to drive
significant increases in asset reliability and performance. Survey
respondents indicate clear and compelling interest in the potential
of analytics to drive operational excellence.
40% of companies believe that digitalization can save 16% or
more in operating expenses (OPEX). The potential to achieve
high returns on assets with a relentless focus on operational
excellence, a holistic asset optimization strategy and a pragmatic
execution roadmap is attractive to an industry at the threshold of
business and technology disruption. Other key findings include:
Analytics adoption is growing rapidly, with 51% of
upstream/midstream firms and 40% of downstream companies currently
using or testing data analytics.
- Maximizing uptime is the top benefit
seen from analytics, 72% of respondents agree, followed by
equipment monitoring (68%), reduced maintenance costs (68%);
automated operations (62%); expanded remote operations (61%); flow
assurance/safety (60%) and reduced capital expenses, or CAPEX
(58%).
However, getting started with advanced analytics is a
challenge:
- Lack of expertise is cited as the
top barrier to adopting data analytics, with over a third of
respondents reporting no data scientist personnel in the
organization. Almost half – 49% of EPCs and 45% of
upstream/midstream companies – say lack of in-house expertise is
their top barrier to realizing the benefits of analytics.
Supporting Quotes
John Hague, Senior Vice President and General Manager, AspenTech
APM Business Unit“Digitalization is not new – oil and gas companies
have been capturing production, equipment and other data for over
35 years. What is new are the performance improvements made
possible by advanced analytics enabled by machine learning in
combination with rich process knowledge and the application of
these transformative technologies to asset optimization – without
employing an army of data scientists. This is how digital
transformation achieves results today.”
Supporting Resources
- aspenONE V10 Software
- aspenONE V10 Software Infographic: The
Five W’s of Data Analytics in Upstream
- White Paper: Beyond Oil
Digitalization-The Roadmap to Upstream Profitability
Survey Methodology
In 2017, AspenTech and Petroleum Economist conducted a survey of
over 400 energy industry managers and executives about the impact
of analytics and big data on the oil & gas business in the next
24 months.
About AspenTech
AspenTech is a leading software supplier for optimizing asset
performance. Our products thrive in complex, industrial
environments where it is critical to optimize the asset design,
operation and maintenance lifecycle. AspenTech uniquely combines
decades of process modeling expertise with big data machine
learning. Our purpose-built software platform automates knowledge
work and builds sustainable competitive advantage by delivering
high returns over the entire asset lifecycle. As a result,
companies in capital-intensive industries can maximize uptime and
push the limits of performance, running their assets faster, safer,
longer and greener. Visit AspenTech.com to find out more.
© 2018 Aspen Technology, Inc. AspenTech is a trademark of Aspen
Technology, Inc. All rights reserved. All other trademarks are
property of their respective owners.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20180301005202/en/
AspenTechAmanda McCarthy, +1
781-221-6806amanda.mccarthy@aspentech.com
Aspen Technology (NASDAQ:AZPN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Aspen Technology (NASDAQ:AZPN)
Historical Stock Chart
From Jul 2023 to Jul 2024