Editorial July 2020 Digital Transformation in the Chemical Industry
20 Jul 2020
In 2020, we see a wave of digital revolution sweeping businesses and has a big impact on the top line revenue of any company. We call it “Industrial 4.0” or Industrial Internet of Things (IIOTs) or digital manufacturing.
I believe, if you don’t change with the pace of the changing world, you will be left behind and with time, it won’t be possible to match the speed of the changing technology. The biggest example you see is the “Reliance Industries”. It has moved from oil to data partnering with few of the best data driven companies like Facebook.
We are a generation where we saw computers at a very young age. Since 1995, the internet revolution has changed the way we do business. There are companies who made money just by virtual platforms like Yahoo and Google. They do not have a physical product but are still trillion $ companies.
Today, we are at a stage where this internet revolution is advancing to another level. The advent of 5G, where everything will be connected to every other thing. There are major trade wars going on between countries who will bring 5G to the people. The cloud computing space is growing at an unprecedented pace to accommodate this Industrial Internet of Things revolution. With 5G, the speed at which data is transferred is 20 times the current 4G LTE.
20 years back, cell phones were new and the Nokia’s were ruling the cell phone market, today the IOT devices are entering the market which will control all our business processes which are currently done manually and will be controlled by these IOT devices.
Specially in the chemical industry, lots of automation will take place, whether it is sales, marketing or chemical processes. There are three main ways in which digital transformation will affect the chemical industry. The first is using digital-enabled approaches to improve companies’ business processes, which we call functional excellence. Second is the potential for digital to affect demand patterns in end markets, with implications for the chemical industry’s value chains. The third is where digital developments lead to changes in the business models through which chemical companies capture and create value for customers.
Data is the key here! If you have data, you have control over your business. Whether it is the data for the chemical processes from past few years, the utilization of the raw materials to create your end product or your product consumption by the masses. If you have proper data for something, you can analyze and statistically determine the new plan of action for your company. But all this is only possible if you have digitalized your systems and processes and have a way to extract the logs and data from existing systems.
Marketing Automation: We here at Chemical Market are trying to automate your marketing efforts through our “Advertising Subscription.” We call it the LEADS PLATFORM. Post your products on our Leads Platform. It is unlike any other services offered in the industry. The biggest advantage is; we don’t charge you based on leads received, but on posting your products. You can view 1 lead or view 500 leads; the pricing model remains the same. You just have to be a part of the system.
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