Aspentech is embarking on efforts to democratize artificial intelligence (AI) in capital-intensive industries based on over 40 years of accumulated data across various industrial sectors.

On the 3rd, Aspentech held a press briefing at its Korea office, featuring a video presentation by Antonio Pietri, Aspentech chairman and CEO, as well as a Q&A session with Kim Heung-sik, country manager of Korea office, and other related personnel.

In his video presentation, Antonio Pietri, chairman of Aspentech, stated that Aspentech's vision is to provide self-optimizing plants and smart enterprises, with industrial AI as its foundation.

In particular, Chairman Antonio noted that over 40 years, Aspentech has built a series of achievable benchmarks by providing digital technologies and automation technologies to capital-intensive industries and process industries, and through these technologies, production throughput has been improved by 5-25%, raw material costs have been reduced by 5-25%, and inventory levels have been reduced by 15-20%.

He further stated that with the fourth industrial revolution, a series of technologies have emerged including cloud, artificial intelligence, robotics, drones, virtual reality, edge connectivity technology, and high-performance computing, and today's processes are producing over 200 times more data than 30 years ago. He argued that industrial AI is necessary to optimize process assets to operate more safely, environmentally friendly, longer and faster, and to accelerate innovation, and that Aspentech is confident it is the partner to successfully provide industrial AI to capital-intensive industries.

Aspentech stated that it combines expertise, engineering fundamental principles, industrial experience accumulated and developed over 40 years, and data management capabilities, and is pursuing the democratization of artificial intelligence use in capital-intensive industries.

To this end, Aspentech noted that it has invested tens of millions of dollars, acquired related companies, and brought together data scientists, chemical engineers, and other types of engineers to combine creativity, innovative thinking, and talent to create the method and capabilities currently called hybrid products or hybrid modeling.

It also referred to the digital reference architecture and infrastructure for AI as 'AIoT Hub,' a new industrial architecture that supports scalable deployment of solutions in both edge and cloud, and noted that more and more customers are requesting to move data tied up in on-premises databases to the cloud to analyze data and gain insights.

Along with this, it stated that using Aspen Cloud Connect, connectivity between data lakes and systems built through other companies can be easily established, and the enterprise visualization at the top level will provide governance, visualization, and workflow management across the organization.

He also explained about self-optimizing plants.

Chairman Antonio stated that a self-optimizing plant is a self-learning, self-adapting, and self-maintaining plant that continuously monitors and captures performance data to identify changes in process conditions, changes in raw material quality, and operating conditions, resulting in safer operation, sustainable, reliable, and at the same time more profitable plants.

In the Q&A session, Kim Heung-sik, country manager of Aspentech Korea, responded to each question.

Country Manager Kim stated, "We are providing solutions so that customers can gain competitiveness, and with the latest solution applications, version updates are progressing at a rapid pace. During the contract period, we provide rapid upgrades for free through the cloud so that we can offer the best solutions to customers," and added, "Even if a company lacks digital infrastructure, we provide the best solutions in the environment that company faces, minimize losses, and do our best to present solutions that maximize profits and contribute to business."