Digital Transformation Drives Innovation in the Chemicals Industry
Innovation in the chemicals sector requires data, but also a platform to manage that data effectively; and current methods are falling short. Companies wouldn’t think twice about investing in hardware to support 20% efficiency gains, if it meant getting more products to their customers faster and with higher confidence in the quality. Yet, true digital transformation can easily yield 20 – 75% efficiencies depending on the process being performed.
While digital transformation is a growing trend in many companies in the chemicals sector, it’s the right approach that will take companies to the next level of digitization and innovation. Let’s see why it’s important and how it can bring them closer to their goals.
Think about the level at which your business could transform, both short term and longer term. Identify a platform that can take you on that transformation today. Global research and innovation (R&I) spending in the chemicals industry reached $50.2 billion in 2018, almost double that in 2008. Innovation in the industry not only secures its future, but its products and technologies also enable innovation in many downstream value chains. Considering the role of innovation in this growing sector, investing in R&I and a digital data management platform to help can have enormous benefits, including minimizing costs and streamlining product development processes.
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