Chemical manufacturers are under constant pressure to maximize profits and operational efficiency. In order 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 industry 4.0 – also known as technology driven “smart factories” – chemical companies need to follow suit in order to continue to provide efficient and effective support to customers. With the adjustment of strategy and customer goals, chemical giants must integrate their processes across the value chain.
In addition, a chemical company can no longer just focus on producing and delivering products. It needs to provide customers with comprehensive solutions with a high focus on innovation and agility to quickly adapt to changing preferences.
Digital solutions to key chemical challenges
The benefits are concentrated in three aspects
Operational efficiency. Digitization promotes a sustained focus on supply chain visibility and agility to manage risk and cost factors. Digital predictive maintenance, including automatic data collection and analysis, can help chemical manufacturer assess the health of their equipment and recommend preventive measures to avoid major downtime.
Safety and compliance issues. The leakage of chemicals in the factory and transportation process will cause environmental and safety risks. Automatic communication between machines can improve the accuracy. As more and more chemical manufacturer realize operation automation, network security is becoming more and more important.
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 a few products for revenue are often insufficient to maintain profits.