40% of Energy Companies Believe Digitalization Can Save 16% or More in Operating Expenses (OPEX), According to AspenTech Research

March 1, 2018

Survey Shows Lack of Data Science Expertise as Top Barrier to
Realizing Benefits of Analytics

BEDFORD, Mass.–(BUSINESS WIRE)–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

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.

Contacts

AspenTech
Amanda McCarthy, +1 781-221-6806
[email protected]