As many global industries and sectors are switching to digitization for improved business processes and customer relationship management, digital transformation has become an important consideration. The chemical industry is no different and this sector can benefit from digital transformation with the support of professional data conversion services. Today’s chemical companies are in search of smart systems that help manage the huge volume data that is stimulating their industry. Smart systems using advanced technologies like automation, analytics and artificial intelligence make core operational functions like R&D, manufacturing and supply chain more efficient, augmenting workforce capabilities. These systems help to capture and analyze data from devices, and with business intelligence tools this information is converted into valuable insights that is used to make the right business decisions.
With the ongoing pandemic situation, digitization of chemical industry has become a necessity to navigate through the complexities in this uncertain situation and re-evaluate the business models and supply chain. So, digitization in the chemical industry aims at improving productivity, innovation, and creating new channels to market. The following are the latest trends expected in the chemical industry in 2021.
Internet of Things (IoT): The demand for IoT has been on the rise since a few years in the chemical industry. Advanced technologies like IoT, machine intelligence along with real time data and human skills help to achieve cost-effective production and ensures seamless workflow in the industry. With IoT, it also becomes easier to collect real-time data that is vital for storage capacity, product quality, an asset’s state and performance, worker safety, and production costs. This data can be used to predict, stimulate and suggest maintenance requirements.
Cyber Security: Having strong cyber security is vital for the chemical industry and businesses need to implement security measures like supervision and training to technical specialists and plant operators. Today, hackers are well-advanced and equipped to hack any strong security systems, so not having a secure firewall application can lead to the leak or loss of critical data. This would eventually lead to poor reputation of the company. As per the latest report published by Next Move Strategy Consulting, the Global Cyber Security Market size was valued at USD 163.53 billion in 2019 and is predicted to reach USD 430.46 billion by 2030, growing at a CAGR of 9.1% from 2020-2030.
Use of Mobile Apps: Use of mobile is increasing every year, and so the chemical industry has also embraced mobile applications. This has enabled chemical companies to modify their working culture by improving the working technique of the sales, supply chain, and procurement departments. Incorporating mobile applications in the chemical industry ensures faster response, assets tracking and improved business applications ad collaborations.
Nanotechnology: Nanotechnology and chemical industry are closely related and numerous products are developed using this nanotechnology. It also helps to develop new traits with biology, material science and chemistry. So, with digitized data, it is easier to use valuable information to produce new elements.
Green Chemistry: Green chemistry, also known as sustainable chemistry, aims at planning the working technique of the sales, supply chain, and procurement departments. Initiatives in this direction persuade chemical companies to analyze and review their business strategies and be more environment-friendly. This also ensures sustainability and gives importance to eco system friendliness.
Digital transformation is a big boon during COVID-19 times because it helps to minimize manpower, improve production and enhance efficiency. It also helps to reduce the wear and tear of the company thereby achieving 100% production capacity.
The advancements in technology and increasing demands of the customers are driving chemical companies to increase the pace and quality of innovation to keep up in the market. Digitizing paper assets with the help of a data conversion service provider is an important first step in the digitization process. Efficient digitization helps to have better visibility across the ecosystem and ensures overall improvement of the industry.