The scope of digital transformation in chemical industry
The chemical industry must use a large amount of data to better understand its operations and customers and identify new revenue streams, including innovative services and results based models. To thrive, chemical suppliers need to conceive and provide compelling new customers, even end-user experience, improve operational efficiency, launch or integrate new digital products, and build innovative ecosystems.
With the advanced capabilities in capturing, storing, processing and analyzing data today, a large number of factory, asset and operational data in the chemical industry can be combined with advanced algorithms to simulate, predict and regulate maintenance to increase the availability of assets, optimize normal operation time, improve operational performance and extend its life.
Applications allow vendors in the paper chemicals field to implement sensors and other digital technologies to track how their products are integrated into their customers’ data, and in turn help chemical suppliers improvise their product based on usage patterns and improve their ability to proactively meet customer needs.
The Internet of things lays the foundation for machine learning in the manufacturing and asset management of chemical industry, because it can capture real-time data such as asset status and performance, process parameters, product quality, production cost, storage capacity and inventory (telemetry), inbound / outbound logistics, worker safety, product and service pairing.
Advanced analysis and machine learning are being used to reduce the risk of supply chain disruption. For example, in natural disasters, goods can be automatically rerouted to achieve the goal of on-time delivery and meet customer commitments at the lowest cost.
Another opportunity is to optimize the use of transport assets and associated costs. Transport of chemicals usually requires special equipment and complex compliance requirements, so empty transport is normal, not exceptional. Machine learning can make better use of transportation assets, eliminate waste from logistics function, reduce cost and optimize asset utilization.
Therefore, in addition to improving efficiency and implementing decision-making, the digital transformation of chemical suppliers must also provide good experience for customers.
As the chemical industry finds more customer centric approaches, it can apply some of the practices discussed above, and use digital technology to rethink traditional direct and indirect sales and marketing channels – while monitoring emerging platform-based channels. Therefore, in addition to improving efficiency and implementing decision-making, digital transformation must also provide customers with a good experience. The future of the chemical industry is to create an ecosystem focused on improving customer experience.
