Chemical Management
Article | July 13, 2021
The chemical industry is evolving. The marketing, purchasing, and selling of chemicals are being affected by forces in the market, with digitization unquestionably having the most significant impact. Many of the existing digitizing models have likely already been given some thought and then rejected.
Chemical businesses are currently conducting pilot projects or starting to gradually scale up their digital initiatives after moving past the proof-of-concept stage. Although this past year brought many difficulties, it also provided an opportunity to revise and re-evaluate foundations moving forward. The Great Reset, as the World Economic Forum has dubbed this time period, is illuminating how the chemical industry might leverage digital technologies to advance.
Whether prompted by governmental requirements or consumer desires, chemical businesses' net-zero ambitions will necessitate new expenditures throughout the whole chemical value chain. As a result, back-office costs must be as efficient as possible to free up money to pay for those investments while keeping a profit.
Consumer pull
The most essential requirements for the success of a new product are a solid understanding of customer needs and wants, the competitive climate, and the makeup of the market. The primary factors that influence the needs of the consumer are price, timing, and quality. Therefore, companies create ongoing procedures and plans with these three factors in mind to better serve client needs and grow their market share by regularly creating new products.
Technology pushes
The influence of digital technology is constantly growing. One of the foundational elements of 21st-century sources of growth is data-driven innovation. There are numerous items and procedures in the history of innovation that were the result of an accident or careful forethought. Vast volumes of data, or "big data," are being produced and used as a result of the convergence of numerous phenomena, including the growing migration of socio-economic activities on the Internet and the decline in the cost of data collecting, storage, and processing.
Large data sets are becoming an essential resource for the economy, supporting the development of new markets, procedures, and goods while also generating substantial competitive advantages. For example, a billion customers can now access broadband at a reasonable price because of the digital world's supporting infrastructure. In addition, cloud computing and the enormous amount of information processing equipment it needs are developing swiftly, and low-cost connected gadgets are being introduced into every industry.
Economic benefits
The financial gains that can be realized through digitization are genuine. The new digital technologies and businesses have seen an influx of cash, and the public markets are rewarding early adopters with record values. The effects of digitization are spreading swiftly throughout every business. Digitization is the changing of life and work as a result of new technologies, not only their acceptance. Much like earlier technologies, modern emerging technologies like the cloud and big data quickly become part of businesses' operations. Unknown to many, this is having a much more significant impact on the industry that makes these tools as well as on customers.
Digitalization that derives from and includes strategic business objectives can greatly benefit chemical firms. Cost savings of roughly 30 to 40 percent can already be made on average today. Additionally, in certain situations, digitalization aided in improving service quality and affected the bottom line by, for instance, enabling new business models. On average, platform-driven digitization projects pay off after 18 months.
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Chemical Technology
Article | June 6, 2022
Intelligent Operations can play a vital role in creating connected content environments, however, many companies – especially within oil and gas – having been slow on the uptake.
Businesses that implement digital transformation initiatives often gain a competitive advantage over their rivals, as they benefit from reductions in human error, increases in productivity and further support for compliance efforts.
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Chemical Management
Article | July 22, 2021
MAY 2021 ///Vol 242 No. 5
FEATURES
Developing pre-rig solutions that are greener, safer and more efficient
There is an increased focus in the oil and gas sector to look further afield to opportunities presented in deepwater locations. Because of this, finding cost-efficient solutions and overcoming the associated challenges that arise below 1,000 ft will be vital for the success of new activity.
Jostein Aleksandersen, Neodrill
There is an increased focus in the oil and gas sector to look further afield to opportunities presented in deepwater locations. Because of this, finding cost-efficient solutions and overcoming the associated challenges that arise below 1,000 ft will be vital for the success of new activity.
All those currently—and those considering—operating in deepwater fields will have an awareness of the general challenges that are presented at such depths. From considerations relating to vast increases in pressure, to the potential for increased drilling time and days spent offshore, there are several hurdles that follow when operating in what are often challenging well environments. In addition, suitable solutions also must support the industry drive to reduce emissions by offering a more carbon-efficient approach.
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Science and Research
Article | June 27, 2021
SEE THE END section of this blog post for a dystopian version of our environmental future. In a follow-up post – which I will publish on Thursday, 1 July – I will offer some suggestions about how we can avoid an outcome that nobody of course wants.Both posts are meant to be provocative, challenging and controversial because only through debate, and sometimes outright argument, will we get to the answers.
If you disagree after either or both posts have been published, great, that would be good. In fact, I would love to hear from you whatever your views at john.richardson@icis.com. The petrochemicals industry can do this; we can fix this if we create the right forums for ideas and then solutions.
Let me provide the background first. Let me start by examining developments in the refinery industry and the implications for petrochemicals as important background. Then I will look at a sample of ICIS petrochemicals demand growth forecasts for 2020-2040. I will conclude by providing the bleakest of bleak outcomes for the world in 2025
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