The new digital imperatives for the chemical industry
The chemical industry has always been at the forefront of innovation. From large-scale chemical production implementations that led the first industrial revolution, to today’s technology-driven transformation steered by industry consolidation, new business models and broad digitalization, chemical manufacturers are leaders in catalyzing the digital future.
We have now reached another inflection point for the chemical industry, one driven by the urgency of our declining natural resources, the growing demand for food, and environmental concerns. Consumers are demanding more advanced and personalized products and services focused on sustainability, transparency and trust.
With pressures like shorter innovation cycles, on-demand mass customization, shrinking margins and resource scarcity, there is an opportunity for the chemical industry to make a massive global impact if they can apply technology to embrace more sustainable and innovative economic practices.
Technology plays an increasingly strategic role in fostering innovation, sustainable practices, and differentiation in the marketplace. Advanced technological capabilities—including AI, machine learning, advanced and predictive analytics, and blockchain—allow chemical manufacturers to transform their business processes to enable systems of intelligence that draw better insight from data and convert it to intelligent action. These systems are what will define an organization’s competitiveness and ability to change the entire chemical industry landscape.
To assume this position of digital leadership and thrive in a modern ecosystem, chemical manufacturers must act on four key imperatives:
- Predict market trends and shorten cycles of innovation
- Enable a new level of responsiveness in production
- Embrace an as-a-service business model
- Address material scarcity in a circular economy
In this new white paper, Catalyzing the Future, we explore each of these areas in detail, and provide guidance for chemical manufacturers around how to respond to each imperative to address the most urgent sustainability challenges facing our world. Learn from chemical industry leaders who have already adopted innovative business models in each of these four areas to drive innovation and disruption.
If you are a chemical manufacturer looking to lead with digital, I encourage you to download our white paper to learn how to spark a revolution that could—quite literally—save the world.
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