Chemicals companies that are early adopters are already making waves with digital strategies. For example:
- A supplier of process chemicals has installed sensors in dispensing equipment that allow its technical services people to optimize consumption at the customer's site. These sensors are also providing access to a host of other process data for analysis, which is yielding valuable ideas for optimizing the company's customer's operations.
- A supplier of vibration monitoring and other measurement devices has connected its equipment to the cloud and is offering advanced diagnostic services to chemical plant operators.
- A leading polyolefin producer is developing tailored grades suitable for 3D printing. This will permit it to serve a rapidly growing segment of the fabrication industry.
The current zero-growth environment, complete with shifting market dynamics, creates a challenging environment for chemicals companies, but one with significant potential if it is managed well. Ironically, perhaps the smartest course you could take is to adopt an activist mentality yourself, rather than bristling against the ideas proposed by maverick shareholders. In other words, by focusing on improving productivity, organizational efficiency, and digital capabilities, your company may in fact make allies of investors and survive intact while disarray claims the competition.
It has been a long time since the blockbuster breakthroughs, particularly in plastics, that characterized the late 20th century. Since then, chemicals companies have had to make do with incremental technological advances. As a result, it is critical that you embrace digital transformation wholeheartedly, because leveraging new technologies in ways that bring your company closer to its customers is going to be a significant source of value for the industry in the coming years. Offerings based on digital innovation will finally allow you to achieve a goal many chemicals companies have been desperately targeting for decades: becoming a true solutions provider and partner to customers instead of a mere supplier or vendor.
Based on the above survey a lot of the chemical companies have three items as their top agenda, where we provide assistance:
- Cost reduction initiative – we help them digitalization that assists in cost reductions.
- Cross-border M&A – we have a unique proposition to merge companies' data into a single enterprise system and especially when it crosses borders – divestitures, M&A and splits is one of our specialties and we have proven products and technologies for it.