is under constant pressure to maximize profits and operational efficiency. To survive in an increasingly challenging business environment, chemical companies must redesign their processes and products to meet rapidly changing end consumer preferences.
As manufacturers around the world push for Industry 4.0 (also known as technology-driven "smart factories"), chemical companies need to follow suit if they are to continue to provide efficient and effective support to their customers. As strategies and customer goals adjust, chemical giants must integrate their processes across the value chain.
Moreover, chemical companies can no longer just focus on making and delivering products. It needs to provide customers with a comprehensive solution that is highly focused on innovation and agility to quickly adapt to changing preferences.
Digital solutions to key chemical challenges
The benefits are concentrated in three areas
Operational efficiency. Digitization promotes a constant focus on supply chain visibility and agility to manage risk and cost factors. Digital predictive maintenance, including automated data collection and analysis, can help chemical manufacturers assess the health of their equipment and recommend preventive measures to avoid significant downtime.
Safety and compliance issues. Spills of chemicals in factories and during transportation pose environmental and safety risks. Automatic communication between machines can improve accuracy. Cyber security is becoming increasingly important as more chemical manufacturers automate their operations.
Modern business model. Digital business models help companies capture requirements in real time and deliver the right products at the right time and place. In addition, traditional business models that rely on a single or several products for revenue are often insufficient to sustain profits.