Chemical Technology
Article | July 14, 2022
Cybersecurity concerns must be considered in order for the chemical sector to succeed with digital commerce; simply listing your products on an online store and crossing your fingers won't cut it. It is crucial to pick a spouse who is aware of these hazards and has a strong defense in place. It is evident that the sector has massive potential for online sales, but selling chemicals online is different from selling common consumer goods online. Who your consumers are and how you gather and maintain data about them raise severe security and privacy problems.
Chemical company leaders have every right to be concerned about the privacy of their data, given that one cyber attack occurs every 11 seconds. However, they should still go online because there is too much business risk in not taking advantage of the digital opportunity.
Deloitte estimates that the chemical sector alone sold over $27 billion worth of goods online in 2020.
More than half (58%) of chemical purchasers reportedly stated that they would transfer providers if their demands, which include demands for a fantastic digital experience, were not delivered.
The objective is to limit risk and create a secure digital sales environment rather than dismissing e-commerce due to cybersecurity issues.
Setting up the appropriate IT infrastructure: Building for convenience and security is possible thanks to new IT technologies.
Emphasis on confirming identification: Always be aware of who you are dealing with, regardless of whether they came through a digital or physical means.
Offering simple (and safe) reorder alternatives to clients that have been verified.
It's ideal for business owners in the chemical sector who want to test selling online but are concerned about data collecting, security, and privacy for my company and customers.
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Chemical Management
Article | July 8, 2022
Global IoT in Chemical market research report provides the newest industry data and industry future trends. It allows you to identify the products and end users driving Revenue growth and profitability. The IoT in Chemical industry report lists the leading competitors and provides the game-changing strategic analysis of the key factors driving the market. The report includes the forecasts by 2020-2028, analysis by 2014-2019, and discussion of important industry trends, market size, market share predictions and profiles of the top IoT in Chemical industry players.
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Chemical Management
Article | July 22, 2021
From novel process technologies to sustainable plastics— the chemical industry is scaling up its digital initiatives. This has opened new doors for organizations to explore opportunities to increase efficiency and streamline the process.
Admittedly, the chemical industry has been a little slower in implementing digital transformation. But COVID-19 has vastly increased the momentum of digitization among chemical plants.
According to a KPMG survey, 96% of industry CEOs saw digital transformation accelerate in their organizations, with 48 percent saying it advanced by a few years. In addition, according to a recent Manufacturing Leadership Council (MLC) survey, 82% of respondents agreed that the pandemic had "created a new sense of urgency" in driving investment in new technologies and digitalization.
Digital transformation solutions offer tremendous potential in the chemical sector. It can play a significant role in driving more value. So let's dig deeper and look at key technologies in bringing digital transformation to the chemical industry.
Circular Economy
Chemical manufacturers cannot exist within their own four walls any longer. They recognize the importance of working with their customers and other businesses and organizations to conserve resources and protect the environment. Chemical companies may source raw materials from recyclers as part of a circular economy, which necessitates fool proof solutions to confirm their quality and availability. Circular economy consortiums may advocate for reducing environmental threats such as ocean plastics or exposure to hazardous chemicals, opening up new avenues for innovation.
Customers are constantly looking for new ways to reduce waste and protect their ecosystems. For example, farmers may benefit from solutions that can instantly analyze soil quality, weather, and crops to determine the best products and schedule for applying fertilizers, crop protectants, or new seeds. Using this data, they use only what they need, generate less waste, and maximize output.
Error-Proof Operations
Chemical firms are also embracing technology to achieve operational excellence. They've discovered the benefits of using machine learning andIoT technologies to automate standard back-end processes. Technologies such as these reduce the need for human intervention — and thus the possibility of human error. Blockchain technology can also significantly reduce counterfeit chemicals' use, which is especially important for chemical manufacturers who supply products to the pharmaceutical or agricultural industries. In addition, blockchain technology can enable track-and-trace processes that require less work and waste while protecting the enterprise's reputation.
Staying Sharp in the Dynamic Market
Staying agile in an uncertain M&A environment is a top priority for some businesses. For example, chemical firms must be able to quickly divest assets, adjust portfolios, and adapt operations in response to market changes. Technology can provide executives with the visibility into operations, shipments, and market conditions required to make critical decisions and remain agile.
Data Analytics
The chemical industry is leveraging cloud-based storage systems to store and share confidential data anytime and anywhere. Additionally, data analytics solutions can analyze all the data effectively to provide valuable insights to the industry. This will help you make meaningful decisions in real-time.
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Chemical Management
Article | July 14, 2022
The chemical business is intricate, with numerous sub-sectors dealing with various challenges. Thus, there are some differences in the sector's main areas of digitalization. For instance, while specialty chemicals with smaller batches but larger profit margins are concerned with improving quality, large factories are concentrated on accelerating throughput speed.
To be able to react to quick and repeated changes in demand, supply, and working circumstances, however, every plant must optimize output, reduce waste, improve safety and sustainability, and become more nimble. Therefore, the Industrial Internet of Things (IIoT), artificial intelligence (AI), and cloud computing are expected to be the three most popular applications for digital transformation during the coming two years.
Key Trends
Production Optimization
The first and most valuable use cases of digitalization in chemical plants center on production optimization through improved equipment performance, process automation, remote and predictive monitoring, and simplified maintenance.
Chemical factories, which often provide basic chemicals for use as end products in other sectors, have a special responsibility to maintain consistently high product quality. However, doing so can be challenging given the significant variations in raw material supply and quality. In addition, as process engineers can change the mix on the fly in reaction to fluctuations in quality, feedstock, or ambient temperatures, better data and analytics enable finer and more frequent adjustments.
Lowering Waste
The main advantage of digitally transformed plants so far has been cost reduction. The price volatility of raw materials is a problem for the chemical production sector because customers naturally want constant low prices. Minimizing waste is critical since facilities must contend with rising energy costs.
Analytics tools that monitor fluctuating raw material prices aid factories in negotiating the best deals with suppliers and preparing in advance for price spikes. The risk of oversupply is reduced since plants can prepare the proper quantities of various products thanks to more precise demand predictions.
Sustainability, Compliance, and Safety
The chemical industry is heavily regulated as a result of the quantity of hazardous chemicals and the number of end-use industries that rely on it. Businesses are adopting digital transformation to boost safety awareness, reduce emissions and dangerous flare incidents, and guarantee a transparent and accurate audit trail.
Plants that quickly adopt digital solutions for remote monitoring, supply chain visibility, waste reduction, production optimization, raising their safety profile, and opening up new opportunities will profit from higher profits and increased revenue, whereas those that hesitate for too long risk failing in the long run.
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