How can Chemical Industry take advantage of Digital!
My 5 years of experience in the chemical industry exposed me to a million possibilities in which chemistry could transform the lives of millions- both in good and bad ways. The industry for ages has been trying to strike the right balance by continuously engaging in efforts to transform itself as well. There have been worldwide efforts to strike that fine balance- ecological, social & economical parameters. But that is one debate which I will refrain from getting into.
With the emergence of plethora of technology solutions there is a lot that chemical industry could adapt in order to reduce the negative impacts it has on the ecology, at the same time increase the positive impacts on our lives. The era of "Digital" offers significant opportunities to the chemical industry. Here is a list of ways in which chemical industry could make use of technology:
1. IoT for a connected value chain
I am of the opinion that the concept of IoT has matured enough and there is still a lot of opportunity for many use cases, specially in the chemical industry. Imagine your ability to leverage sensors to capture data across the entire value chain- from manufacturing to distribution.
Safety in manufacturing units has been a matter of grave concerns for chemical industry across the globe. IoT can do a lot of good in this space by equipping the teams to take right decision at the right time. Distribution of certain hazardous chemicals pose another such threat. Striking a balance between the costs and safety in the logistics becomes extremely critical. And connected devices with ability to transmit data can be of great help in this area.
2. Everything on cloud
On premise solution constrain any industry in more than one ways. The evolution in the space of cloud has increased ability to make the chemical industry more transparent and collaborative in nature. You could make use of cloud platforms to support a common system of record for both suppliers and customers- and this is just one example
3. Making sense of data
Like any other industry, chemical industry also produces massive chunks of data every day. And that offers opportunities to make use of Analytics to make this industry efficient. Leveraging data to improve efficiency across the entire value chain from planning to customer services could help the industry solve some very complex puzzles.
4. Machine Learning
Machine learning could be used to assist in predictive maintenance of operational equipment, thus improving efficiency & safety performance of your company
5. Blockchain to bring in transparency
Compliance becomes critical for the chemical industry and could land you in trouble. Blockchain could be of immense help as far as visibility in transactions for assets, materials, and products is concerned
6. Robotics Process Automation
RPA has a lot of potential to help chemical industry improve product quality, employee safety, better utilization of assets & customer engagement
These are just a few ways in which chemical industry could make use of Digital to transform itself. The possibilities are limitless and it is just a matter of time before we see of lot of work happening in this area.