Digitalization undergoes rapid growth

Digitalization continues to fuel the competition in chemical companies, as implementation of digital solutions becomes a defining part of their business strategies. The trend also gives rise to third-party digital platforms, which could alleviate some of the problems faced by companies when undergoing a digital transformation, while also giving customers access to multiple platforms through one portal. Increased implementation and usage of digital platforms by chemical companies have changed the way suppliers, distributors, and customers operate. Digital development will continue to remake the sector in the coming years. Larger chemical companies are especially intuitive to the movement and have made huge investments in expanding their digital capabilities. In January 2019, BASF launched a digitalization and information services division, which chief digital officer Christoph Wegner said will “support the digital activities at BASF and drive them forward more quickly than before in collaboration with the colleagues from the different business units, functions, and research and development units.”