Indian Chemical News (ICN), the most credible online media platform for Chemicals, Petrochemicals, and Energy sector, is organizing a virtual session on "Digitalization: Holistic Approach Need of the Hour" on July 21, 2022 in the second edition of ‘NextGen Chemicals & Petrochemicals Summit 2022’. 

The two-day virtual Summit is organised on July 21-22, 2022 and the main theme is "Driving Sustainable Growth." One can register as a delegate for the virtual session by clicking on the link (https://www.indianchemicalnews.com/nextgen-chemical-and-petrochemical-summit-register )

The speakers for the virtual session are: Atul Govil, CTO & Head (SAP & IT), India Glycols Ltd.; Partha Sur, General Manager - Technology, Haldia Petrochemicals Ltd.; Vivek Gupta, Joint Vice President - (Instrumentation & Digitalization), DCM Shriram Limited; Sheikh Faraz Osmany, DGM - Strategic Information Systems, Indian Oil Corporation Ltd.; and Dr. Pratap Nair, President & CEO, Ingenero Technologies. The virtual session is moderated by Ajay Deshmukh, Executive Director, PwC India. 

The future of the industry lies in providing sustainable, secure, hyper-personalised interactions and experiences across the chemical value chain, enabled by technology and the integration of processes, systems, and talent. Competitive differentiation is moving beyond the traditional “economies of scale” to “economies of value”. With post-pandemic recovery of demand, digitalization will play a central and indispensable role in realising these economies of value.

“The ABI Research suggests that chemical manufacturer's investment into digital transformation will grow at a CAGR of 6% between 2022 and 2031, reaching US$7.4 billion,” Pravin Prashant, Editor, Indian Chemical News, said.

The adoption of digital technologies in the chemical industry has increased over the last three years. This can be seen in the growing use of robotics, remote operations centres, Industry 4.0/ smart plant twins, autonomous operations in warehouses and logistics, data-driven agribusiness platforms and digital supply chains—to name a few examples.

“The holistic adoption of digitization by the chemical industry will support the transformation of the existing business to absorb newer capabilities, platforms, gain insights using data analytics and make timely changes in business decisions to optimize the existing operating model and maximize efficiency and profits. New development processes, including rapid prototyping and parallel experimentation supported by data analytics, can help companies respond,” Prashant added.

However, it is not going to be an easy task for the chemical companies to adopt digitization. These companies need to have a clear roadmap to establish an accommodating culture that promotes flexibility and learning. There is a need to develop a complete ecosystem for the adoption of digitization.

The key discussion points for Digitalization session are: Leveraging digital tools across all divisions; Using Big Data and Analytics to revolutionize Smart Manufacturing; Artificial Intelligence (AI) and Machine Learning (ML) enabling smart manufacturing; and Deploying Digital Twins for manufacturing plants.