Digital and technological transformation are the two most popular popular words of the day. However, in addition to industry terminology, we need to promote the next generation of technology for business, industry and borders. It is a well-known, most conservative and slow industry, and it does need to innovate and produce results faster than ever. In today’s digital world, speed has become a strong competitive differentiation factor, even chemical companies can not ignore.
The chemical industry is famous for its systematic business methods, and therefore, it faces a unique challenge, namely, to strategically digitize its processes and business models.
How digital will benefit the chemical industry:
According to industry experts, digitization can promote innovation and thus change the chemical industry. Digitization can also speed up innovation, and predictive analysis can reduce costs – because it reduces waste from experiments and reduces errors. At present, chemical enterprises are trying to simplify the process and M & A activities. With the support of the right strategy and the required digital capability, digitization can provide important value for the whole supply chain process. Here are some potential benefits digital brings to the chemical industry:
Profitable business
Manufacturers can improve their operational level through digital chemical plants and obtain end-to-end financial visibility. This integration provides further benefits, including better waste management, optimization of production networks and better labor security. BASF is a good example of using computer modeling to reduce energy and waste. They developed software solutions to deal with the complex requirements of batch and semi batch systems. By establishing a detailed dynamic model of the bulk expanded polystyrene process and applying dynamic optimization technology, BASF can reduce the batch time by 30%, thus saving energy significantly.
Better supply chain management
The management of supply chain has been the main problem in the chemical industry. However, with digitization, businesses can enjoy unimaginable transparency. They can easily access sources of chemical supply and other intermediaries. Digital supply chains also benefit suppliers because they have access to customers in new markets and geographic areas.
To achieve new productivity level
Digitization provides a great opportunity to improve the efficiency and productivity of the whole industry value chain. In the fierce competition and huge pressure of profit, excellent management has become an important goal of chemical enterprises. Specifically, the enterprises with structural cost disadvantage will inevitably achieve operation optimization. Digital commitment to achieve excellent operation!
innovate
Digitalization can speed up innovation, help enterprises improve R & D efficiency, design new products and solutions.
Digitalization offers a lot of opportunities for innovation, expansion and growth. Due to its inherent periodicity and the existence of basic commercialization, the chemical industry still lags behind in adopting digital agenda. The company is required to adopt a business model that synchronizes its business plans and digital solutions. They do need to focus on streamlining processes and positioning their value chains in this new ecosystem to achieve higher levels of efficiency and transparency.
