#bigdataanalytics and #AI technologies are set to play key enabling roles in process industries through optimizing systems and improving plant-wide performance. At the forefront of this effort is a joint venture of @TCGDigital (part of The Chatterjee Group) and @LummusTechnology—Lummus Digital—with the objective of "getting more from the existing" throughout the asset life cycle of refining, petrochemical, and gas processing sectors. The emphasis is on driving towards autonomous operations of plants and assets.
Solutions on offer cover the spectrum of sensors and assets to process units, plant-wide, and business solutions focusing on efficiency, reliability, uptime, margin, collaboration, and safety. The majority of solutions reportedly yield an ROI of 50%, with a payback of less than 6 months.
The solution portfolio encompasses Performance Monitoring (remote monitoring, operational digital twin, expansion/debottlenecking diagnosis, etc.), System/Asset Health Prediction (Process upset/shutdown/off-spec, catalyst residual life & performance Forecasting, corrosion detection & image analytics, etc.), System Optimization (profit optimization, yield optimization, production optimization, feedstock blend optimization, product grade sequence optimization, AI-based MPC, etc.), and Plant-wide Performance Improvement (demand forecasting and production planning, inventory optimization, product pricing optimization, etc.)