HONEYWELL AND CHEVRON COLLABORATE ON AI-ASSISTED SOLUTIONS FOR REFINING PROCESSES
Honeywell (NASDAQ: HON) and Chevron (NYSE: CVX) have announced a strategic collaboration to develop advanced AI-Assisted solutions for refining processes. The partnership aims to enhance efficiency, safety, and reliability in industrial automation.
Key aspects of the collaboration include:
- Development of a new generation of AI-Assisted alarm management solutions
- Creation of an Alarm Guidance application to help operators respond effectively to alarms and operational events
- Integration of AI into Honeywell's Experion® distributed control system (DCS)
This collaboration aligns with Honeywell's focus on automation as one of its three powerful megatrends. The partnership aims to address industry challenges, including workforce shortages, through institutional knowledge capture and workflow digitalization.
Honeywell (NASDAQ: HON) e Chevron (NYSE: CVX) hanno annunciato una collaborazione strategica per sviluppare soluzioni avanzate assistite dall'IA per i processi di raffinazione. L'obiettivo della partnership è migliorare l'efficienza, la sicurezza e l'affidabilità nell'automazione industriale.
Gli aspetti chiave della collaborazione includono:
- Sviluppo di una nuova generazione di soluzioni di gestione degli allarmi assistite dall'IA
- Creazione di un'applicazione Alarm Guidance per aiutare gli operatori a rispondere in modo efficace agli allarmi e agli eventi operativi
- Integrazione dell'IA nel sistema di controllo distribuito Experion® (DCS) di Honeywell
Questa collaborazione è in linea con l'attenzione di Honeywell per l'automazione come una delle sue tre potenti megatrend. La partnership si propone di affrontare le sfide del settore, comprese le carenze di manodopera, attraverso la cattura della conoscenza istituzionale e la digitalizzazione dei flussi di lavoro.
Honeywell (NASDAQ: HON) y Chevron (NYSE: CVX) han anunciado una colaboración estratégica para desarrollar soluciones avanzadas asistidas por IA para procesos de refinación. El objetivo de la asociación es mejorar la eficiencia, la seguridad y la fiabilidad en la automatización industrial.
Los aspectos clave de la colaboración incluyen:
- Desarrollo de una nueva generación de soluciones de gestión de alarmas asistidas por IA
- Creación de una aplicación de Alarm Guidance para ayudar a los operadores a responder de manera efectiva a alarmas y eventos operativos
- Integración de IA en el sistema de control distribuido Experion® (DCS) de Honeywell
Esta colaboración está alineada con el enfoque de Honeywell en la automatización como una de sus tres poderosas megatendencias. La asociación tiene como objetivo abordar los desafíos de la industria, incluidas las escaseces de mano de obra, a través de la captura de conocimiento institucional y la digitalización de flujos de trabajo.
하니웰(Honeywell)(NASDAQ: HON)과 쉐브론(Chevron)(NYSE: CVX)은 정제 공정을 위한 고급 AI 지원 솔루션 개발을 위한 전략적 협력을 발표했습니다. 이 파트너십의 목표는 산업 자동화에서 효율성, 안전성 및 신뢰성을 향상시키는 것입니다.
협력의 주요 사항은 다음과 같습니다:
- AI 지원 경고 관리 솔루션의 새로운 세대 개발
- 운영자가 경고 및 운영 이벤트에 효과적으로 대응할 수 있도록 돕는 Alarm Guidance 애플리케이션 생성
- 하니웰의 Experion® 분산 제어 시스템(DCS)에 AI 통합
이 협력은 하니웰의 자동화에 대한 집중이 세 가지 주요 메가트렌드 중 하나와 일치합니다. 파트너십은 제도적 지식 캡처 및 워크플로우 디지털화를 통해 노동력 부족과 같은 산업 문제를 해결하는 것을 목표로 합니다.
Honeywell (NASDAQ: HON) et Chevron (NYSE: CVX) ont annoncé une collaboration stratégique pour développer des solutions avancées assistées par IA pour les processus de raffinage. L'objectif de ce partenariat est d'améliorer l'efficacité, la sécurité et la fiabilité dans l'automatisation industrielle.
Les aspects clés de la collaboration incluent :
- Développement d'une nouvelle génération de solutions de gestion des alarmes assistées par IA
- Création d'une application Alarm Guidance pour aider les opérateurs à répondre efficacement aux alarmes et aux événements opérationnels
- Intégration de l'IA dans le système de contrôle distribué Experion® (DCS) de Honeywell
Cette collaboration est en ligne avec l'accent mis par Honeywell sur l'automatisation en tant que l'une de ses trois grandes méga-tendances. Le partenariat vise à relever les défis du secteur, y compris les pénuries de main-d'œuvre, à travers la capture de connaissances institutionnelles et la numérisation des flux de travail.
Honeywell (NASDAQ: HON) und Chevron (NYSE: CVX) haben eine strategische Zusammenarbeit angekündigt, um fortschrittliche KI-unterstützte Lösungen für Raffinationsprozesse zu entwickeln. Ziel der Partnerschaft ist es, die Effizienz, Sicherheit und Zuverlässigkeit in der industriellen Automatisierung zu verbessern.
Wesentliche Aspekte der Zusammenarbeit umfassen:
- Entwicklung einer neuen Generation von KI-unterstützten Alarmmanagementlösungen
- Erstellung einer Alarm Guidance-Anwendung, die den Betreibern hilft, effektiv auf Alarme und betriebliche Ereignisse zu reagieren
- Integration von KI in das Experion® verteilte Leitsystem (DCS) von Honeywell
Diese Zusammenarbeit steht im Einklang mit Honeywells Fokus auf Automatisierung als eines seiner drei leistungsstarken Megatrends. Die Partnerschaft zielt darauf ab, Herausforderungen in der Industrie, einschließlich Fachkräftemangel, durch institutionelle Wissensspeicherung und Workflow-Digitalisierung zu bewältigen.
- Strategic collaboration between Honeywell (HON) and Chevron (CVX) to develop AI-Assisted solutions for refining processes
- Development of new AI-Assisted alarm management solutions to enhance efficiency, safety, and reliability
- Creation of an Alarm Guidance application to improve operator response to alarms and operational events
- Integration of AI into Honeywell's Experion® distributed control system (DCS)
- Alignment with Honeywell's automation megatrend focus
- None.
Insights
This collaboration between Honeywell and Chevron represents a significant leap in AI-assisted industrial automation, particularly for refining processes. The development of AI-powered alarm management solutions, including the Alarm Guidance application, could be a game-changer for operational efficiency and safety in the oil and gas industry.
Key points to consider:
- The integration of AI into Honeywell's Experion DCS could lead to more informed decision-making in control rooms, potentially reducing downtime and improving overall plant performance.
- By mining historical data to identify successful alarm response patterns, the system may significantly reduce lost profit opportunities and safety incidents.
- This partnership addresses the industry's workforce challenges by capturing institutional knowledge and accelerating the learning curve for new operators.
For investors, this collaboration signals Honeywell's strong position in the industrial AI market, potentially leading to increased market share and revenue growth in the automation sector. However, the success of these solutions will depend on their real-world performance and adoption rates across the industry.
This strategic collaboration could have significant financial implications for Honeywell:
- Potential for increased revenue streams from licensing and implementation of new AI-assisted solutions in the refining industry.
- Enhanced competitive advantage in the industrial automation market, possibly leading to higher market share and valuation multiples.
- Long-term growth prospects as the partnership aligns with Honeywell's focus on automation megatrends.
However, investors should consider:
- Development and implementation costs associated with these advanced AI solutions.
- The timeline for realizing significant revenue from this collaboration, as industrial adoption can be gradual.
- Potential regulatory hurdles or safety concerns that may arise with AI implementation in critical industrial processes.
Overall, this partnership reinforces Honeywell's position as an innovator in industrial technology, which could positively impact its stock performance in the medium to long term, especially if the solutions prove successful in improving efficiency and safety in refining operations.
Collaboration aims to enhance refining operations and workforce with advanced AI-Assisted technologies, including a new generation of alarm management solutions
These are among the new AI solutions Honeywell launched today to assist and help improve operator performance, optimize productivity and increase reliability as companies continue their journey to autonomous operations.
Together, the two companies are leveraging their deep domain knowledge and industry expertise to create a new generation of AI-Assisted alarm management solutions that will help operators make decisions to increase the efficiency, safety and reliability of process operations and industrial assets. The new solutions will include an Alarm Guidance application that provides operators with guided and specific actions to effectively respond to alarms and operational events, helping to reduce lost profit opportunities and process safety incidents. Using AI technology, the system will mine historical data on past actions to identify patterns of alarms and the corresponding operator actions that successfully return the process to normal operation.
"Advancements in AI will change the way companies like Chevron innovate, learn and solve problems at the plant level," said Lucian Boldea President and CEO of Honeywell Industrial Automation. "AI-Assisted automation is key to helping improve industrial plant performance while also addressing industry's workforce shortage through institutional knowledge capture, workflow digitalization, and accelerating the learning curve for the next generation."
Through this collaboration, Chevron's operators will also be able to infuse AI into Honeywell's Experion® distributed control system (DCS), making them future ready and more informed in the control room. The integration of AI to optimize operations to improve efficiency and upskill the workforce also supports Honeywell's alignment of its portfolio to three powerful megatrends, including automation.
The partnership between Chevron and Honeywell marks a significant advancement in the development of solutions that enable AI to assist human operators in plants. By co-innovating AI-enabled operational guidance solutions, both companies are setting new benchmarks for efficiency, safety, and reliability in refining processes. The collaboration is poised to not only address current industry challenges but also to pave the way for future advancements, ensuring that both Chevron and Honeywell remain at the forefront of innovation.
For more information on Honeywell's suite of AI solutions for industrials, including Honeywell Field Process Knowledge System, Experion Operations Assistant and Honeywell Production Intelligence, please visit Honeywell.com.
About Honeywell:
Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends – automation, the future of aviation and energy transition – underpinned by our Honeywell Accelerator operating system and Honeywell Forge IoT platform. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations through our Aerospace Technologies, Industrial Automation, Building Automation and Energy and Sustainability Solutions business segments that help make the world smarter, safer and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
Media Contact:
Tyler Sumrall
+1 (713) 203-0992
Tyler.Sumrall@honeywell.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/honeywell-and-chevron-collaborate-on-ai-assisted-solutions-for-refining-processes-302263203.html
SOURCE Honeywell
FAQ
What is the purpose of Honeywell and Chevron's collaboration on AI-Assisted solutions?
How will the AI-Assisted alarm management solutions benefit Chevron's operations?
What is Honeywell's Experion® distributed control system (DCS) and how will AI be integrated into it?
How does this collaboration align with Honeywell's (HON) business strategy?
