Individual consumers expect tailored products and services. Color, size, quantity, payment method, and delivery channel options abound. The chemical sector is also now following this suit of action. The global chemicals supply chain
has grown steadily for three decades. Chemical businesses are improving their supply chain capabilities to handle complexity and meet client demands. This includes implementing advanced data-driven and cloud-based technologies that enable faster, more flexible, and tailored customer interactions.
Areas of innovation for chemical companies
Living segmentation can help chemical businesses better serve clients and satisfy their expectations. This entails adapting supply chain capabilities to each customer's needs.
An asset-light network involves developing an ecosystem of partners to add capabilities and value to your supply chain beyond standard co-manufacturing, co-packing, and third-party or last-mile logistics providers. In addition, it should include technology partners that help chemical businesses
innovate and be adaptable.
Data and Applied Intelligence
Improving speed, agility, and efficiency in global supply chains demands comprehensive visibility and the correct information. Data provides visibility and insights. The key to providing excellent customer service is gathering the appropriate data and using it strategically to get important insight. The industry generates a ton of data, which is excellent news.
In response to last year's supply chain delays, corporations are building supply chains with geographically spread shipping/supplier choices. Real-time visibility and enhanced analytics can be used to track delays by providing revised ETAs and analyzing downstream implications. Data-driven insights can alert organizations of a delay almost immediately and help them acquire raw materials from another supplier to reduce the domino impact downstream. Chemical businesses must rethink their supply chains to implement living segmentation, asset-light networks, data, and AI.