AVEVA, a global leader in engineering and industrial software, today announced it had been recognized with this year’s Frost RadarTM Best Practices Award for growth, innovation, and leadership excellence in the asset performance management (APM) market.
The Frost Radar is a dynamic tracking tool that offers the frequent rating and positioning of companies that are leading the industry in growth and innovation. The Growth Innovation Leadership (GIL) Best Practices Award is bestowed on companies that consolidate or grow their leadership position by continuously innovating and creating new products and solutions that serve the evolving needs of the customer base.
AVEVA was recognized with the GIL award for its strong digital and innovative initiatives and features included in its APM 4.0 framework, including AVEVA Insight, a cloud offering that provides end users with actionable insights from anywhere, anytime, and any device. AVEVA’s APM 4.0 framework (connecting engineering, operations, and performance) enables customers to predict unplanned failures and balances four key value drivers, such as asset performance, safety and compliance, cost control, and resource management, to drive the greatest monetary and business value for customers.
AVEVA’s artificial intelligence (AI) and machine learning (ML) capabilities (e.g., predictive and prescriptive maintenance) are cited as well, which have helped many customers increase equipment reliability and operational performance.
Ram Ramasamy, Global Client Leader at Frost & Sullivan: “The APM market is evolving from a linear value chain to a circular digital-thread-centric value chain. AVEVA’s APM 4.0 framework, which connects engineering, operations, and performance, aligns with this transformation. AVEVA’s APM 4.0 balances four key value drivers, namely asset performance, safety and compliance, cost control, and resource management, in a business context to drive the greatest monetary and business value for customers.”
“This award is testament to AVEVA’s strong position in the APM market, particularly given the in-depth and robust nature of this report,” said Kim Custeau, APM Business Lead at AVEVA. “Frost & Sullivan’s recognition of our APM offering and value delivered to customers this year is a great accomplishment for AVEVA. In a challenging global environment, AVEVA is committed to helping organizations accelerate their digital transformation journey, by helping them manage risk and reduce OPEX.”
