Top Digital Approaches for Chemical Companies to be Ready for the Next Downturn
Posted: January 11th, 2021
A “new normal” scenario is applying pressure to the entire value chain, forcing Chemical and Petrochemical companies to re-evaluate business and operations management. They must keep an eye on the future to make faster, better decisions at any time, including during a crisis.
From now on, companies will need to be nimble and resilient, connected, and collaborative to survive in the long run. Full visibility on business impacts from market changes and mechanisms in place to mitigate these risks and explore the smalls windows of opportunity will make the strong players stronger.
The new reality is shaping how technology enables and empowers a connected workforce through the Digital Plant. In the Digital Plant, the applications interoperate seamlessly to address complex problems. The relevant information needs to be contextualized and presented simply and clearly anytime, anywhere, promoting fast and accurate decisions. Industrial software has become as easy to use as the technology we use at home to ensure the continuity of safe operations and maintenance.
Here are four key digital approaches to face the challenges in a future full of uncertainties:
1. The supply chain needs to be managed differently than before, to increase agility for robust decision making;
2. It must be possible to optimize the value chain based on real-time operational and economic data to improve margins;
3. A reliable maintenance platform is required to ensure an effective maintenance plan reducing costs and increasing safety;
4. Edge-to-enterprise visualization and control in the cloud are critical to providing the workforce with clear, concise, and comprehensive information, enabling confident decisions and faster reaction time under normal conditions and during a crisis.
We can´t predict market change, but we can certainly be ready for it!
There are many aspects of life that we can´t control, so we need to dedicate time and efforts to those aspects that we can address! We can´t predict market changes, but we can be ready to act fast, ensuring business continuity and safety.
Watch the webinar AI-Driven Analytics for Chemicals to learn how Predictive Asset Optimization provides a full 360 degree view of risk in order to make better, more informed strategic decisions.
How to start?
A strategic digital roadmap must be designed based on a thorough understanding of an organization’s own maturity level to best support business objectives and the overall business strategy. Done the right way, digital transformation acts as a business catalyst.