Indian Chemical News (ICN) is organising a Session on “Digitalization: Driving cost optimization & Operational Excellence” during its 3^rd Edition of the NextGen Chemicals & Petrochemicals Summit on July 13-14, 2023 at Hotel Novotel, Mumbai International Airport, Mumbai. The main theme of the Summit is "Innovation, Self-reliance & Sustainability”.

The panel discussion, to be held on July 13, 2023, is moderated by Pravin Prashant, Editor, Indian Chemical News and the panelists are: Manish Grover, Executive Director (Strategic IS & IS), Indian Oil; Ritwik Rath, Executive Director (I/C) – ERP, HPCL; Dr. Pratap Nair, Founder, President & CEO, Ingenero Technologies; Deepak Keni, EVP - Digital Strategy & Transformation, DFPCL; Tanuj Mittal, Senior Director – Customer Process Experience, Dassault Systèmes; and Sanjeev T. Kulkarni, Engineering manager – IMEA, Energy Industries, ABB India.

Digitalization is having a significant impact on the chemical industry with the potential to completely overhaul value chains, lead to higher productivity & spur innovation, and resulting in creation of new channels to market. With the advent of new technologies, chemical companies can leverage data to optimize various processes across the value chain thereby driving cost optimization & operational excellence.

Digitalization is driving cost optimization and operational excellence through predictive maintenance and asset optimization, process optimization and efficiency, inventory management, real-time visibility and decision-making, and quality control.

With the advent of the Internet of Things (IoT), sensors, and analytics, chemical companies can collect and analyze vast amounts of data in real-time to detect potential equipment failures. This enables chemical companies to optimize processes by collecting and analyzing data on factors such as temperature, pressure, and chemical composition. This data can be used to identify bottlenecks and inefficiencies, enabling process optimization and reducing costs. It can also help in real-time inventory management by integrating data from across the organization, spotting trends in raw material usage, tracking key performance indicators, and monitoring supply chain performance.

Digitalization provides real-time visibility into production processes, supply chain operations, and financial performance, allowing chemical companies to make more informed decisions and respond quickly to market changes. It also enables automated quality control processes that ensure products meet required specifications.

Key discussion points during panel discussion are: Accelerating digital initiatives; Value and opportunities for smart manufacturing; Leveraging digital tools and data management techniques; Converging digitalization and sustainability goals; Increasing efficiency and productivity; Digital twins for new manufacturing plants; Measuring digital maturity models; and upskilling/reskilling employees with new digital skill set.

The two-day summit will see a galaxy of thought leaders brainstorming on innovation, self-reliance & sustainability in chemicals, petrochemicals, and energy sectors so that India can move ahead by taking quantum jumps in years to come.