Editorial October 2023 Why Chemical companies are reluctant to adapt to digital technologies
12 Oct 2023
The Ministry of Chemicals and Fertilizers in a statement said that the portal (charak.chemicals.gov.in) will facilitate the collection of statistics related to various aspects of the chemical sector, such as production, installed capacity, export, import, purchases and sales. We do not know yet if the data available here is up to mark but a quick search by CAS Number didn't really retrieve any results. Hope with time, the site gets us real time data. However, getting people from the chemical industry online has been the most difficult task so far. But only new generation who are more tech savvy going forward will make things more digital.
The chemical industry ranks the lowest in digital transformation according to several research that have been carried out by consultants and our own personal experience. People in this age still wants to advertise in print magazine which are just there to print ads and distribute it to people, the old school way. Pitch for ads, design it in black and white for cheap rates and print them in bulk quantities and distribute using the cheaper modes of distribution, where some people get the print magazine, while some still await and get 2-3 issues of magazine at once because they were lost in transit or kept somewhere at the post office and found again to deliver them at once. Now these magazines are not even opened to view anything unless a product is not available in the market or to just glance through the pages.
People in the chemical industry are not tech savvy or they do not want to adopt to the technology transformation of marketing or advertising, and still wants to advertise in a print magazine where the paper quality and ink quality is deterioting due to its high cost, but still print magazine companies wants to distribute it because the company directors and company owners want it that way and at the same time make money. It doesn't matter that these magazines are rarely opened and the cost of paper and ink and in turn to the environment is huge, but they still want it that way! They don't want to go digital, they don't want to adapt to new technologies. Hope this will change with the change of the generations and people running the big firms. It won't be too long when someone will surprise the industry with a non-conventional, non-traditional approach to deliver value to the new age customers. Those chemical companies who do not want to be taken by surprise, might want to rethink, take note of things required for digital transformation, whether it is marketing, advertising, factory automation or anything that can make things simpler and allow their organization to question each of the traditional approaches and think out of the box to make a difference using the new digital transformation techniques. Think about it, India is looking forward to be a 5T economy and the fastest way to reach out to the masses is via the Internet. Reach the potential customers by advertising and make your presence felt by thousands of companies all over the globe because once a portal or a website is dedicated to an industry, irrespective of anything, people in the industry will definitely find its way to the portal or website and ultimately you and your company in the chemical industry. On that note, I would like to invite you and join us, post your products on our portal chemical market leads platform, get access to the pricing modules, get access to our magazine that is distributed digitally to more than 40k people globally. Be a part of the revolution and make your presence felt.
The digitalization rate in the overall chemical industry is significantly higher among larger and global manufacturers, while a major share of medium and small regional or local companies are at the early adoption or no adoption stage due to the lack of adequate budget and the knowledge on where to begin. Most of the larger corporations have planned to invest about 5% of their annual revenues in further digitalization of their various operations over the next five years. Its like the rich (bigger companies) will likely get richer and the smaller companies will likely struggle and won't be able to complete with the richer. The rate at which technology should be adopted by the smaller players should exceed the rate at which it is adopted by the bigger players. The big players have a process to transform anything, but the smaller companies should be able to do things quicker because the process cycle is much smaller than that in the larger companies. The first mover in adopting technology will always win. Technology adoption saves time, saves man hours and efforts and ultimately increases sales and innovation.
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