KUALA LUMPUR, Sept 18 (Bernama) -- Asset optimisation software company Aspen Technology Inc (AspenTech) is positive that its business in Malaysia would continue to grow in the energy, chemical, engineering, mining and electric power sectors with the rise in demand and the population in the country.
This is given that production sites for oil and gas refineries, offshore production and complicated enhanced recovery are widely distributed geographically.
Its Energy Industry Marketing Director, Ron Beck, said the company's services in offering software solutions would enable businesses to optimise asset performance, leading to higher profits, reduced unplanned downtime and enhanced daily operations.
"In Asia, where one-third of our business is, unplanned downtime happens about three to 10 days per year in big companies where a system or equipment fails to perform its primary function, which can cause great loss in productivity and money to the business.
"AspenTech's solutions can assist in better troubleshooting, planning and scheduling for the asset lifecycle by leveraging on big data, artificial intelligence and machine learning, creating a model that can predict what will happen to an equipment or a plant in a period of time," he told reporters at a media briefing here today.
Beck said that 82 per cent of failures are not wear-based and addressable via scheduled maintenance.
Citing Petronas' refinery and petrochemical integrated development project (RAPID), he said the growing energy sector would require a more mobile technology-savvy workforce as Malaysia embarks on digital transformation to attract the younger generation to business.
"Asset optimisation harnesses emerging technologies which include mobility, robotics, high-performance computing, cloud, virtual reality and machine learning. While the experienced workforce is retiring, Malaysia needs to motivate and empower the young ones to drive digitalisation and make the process industry more appealing or 'sexy'.
"This is crucial as they have to be ready to react to the macroeconomics of sustainability and energy shifts in the face of global and regional complexity in the future," Beck added.
Headquartered in Massachusetts in the US, AspenTech was founded in 1981 and has been present in Malaysia for over 30 years.
The company is listed on the Nasdaq Stock Exchange with a market capitalisation of US$8.10 billion.