A recent study has found that chemicals companies are planning to invest 5 percent of annual revenue on digitization over the next five years. Overall one third of these chemicals companies already reached an advance level of level of digitization.
These initiatives of Digitization is giving benefits across three business dimensions:
1. Operations,
2. Customer-facing, and
3. Organizational.
In operations, the use of digital technologies for maintenance is already improving plant performance, reducing operating costs. By using digitization to integrate business and manufacturing systems, chemicals companies can capture gains of up to 25 percent in capacity utilization.
Now the chemicals companies shifted from “product sellers” to “solution providers” in improving on the customer-facing aspect of their business. Digitization can make a big difference in this regard. Among the results are better customer relationships, a greater share of customer budgets, and the potential for increased revenue.
And advances in machine learning present chemicals companies a valuable opportunity to do more with fewer people and effectively lower the cost of running the business.
Conclusion:
There are, however, strategic steps that chemicals companies can take to at least open doors to profitable growth, including value capture, digitization, and smarter portfolio management.
Created by: http://getdigitalpartner.com/
