Date: July 30, 2021 | 3:00 PM - 4:30 PM IST
The disruption caused by the COVID -19 has accelerated the pace of digitization in the global chemical industry including India. Hence, the industry is going through a metamorphosis. Digitization is having a significant impact on the chemical industry with the potential to completely overhaul value chains, lead to higher productivity and spur innovation, resulting in the creation of new channels to market.
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.
Organizational complexity, integration and process reengineering are the most prevalent challenges for executing smart manufacturing initiatives even in chemical industries. Combined, these challenges reflect the largest change management obstacles. Companies are recognizing the value and opportunity for smart manufacturing. However, just introducing new technologies is not enough and the factory workers must evolve alongside the technology and be on board for the changes to come.
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.
Key Discussion Points:
- Accelerating digital business initiatives during and after COVID-19
- Value and opportunities for Smart Manufacturing
- Leveraging Digital Tools and Data Management techniques
- Demand of Big Data and Analytics to revolutionize smart manufacturing in chemical sector
- How Artificial Intelligence and Machine Learning will bring enhanced capabilities in smart manufacturing
- Converging Digitalization and Sustainability goals
- Increasing efficiency and productivity in Smart Manufacturing
- Increased usage of Digital Twins and IoT
- Deploying Digital Twins for new manufacturing plants
- Training factory workers with new digital skill sets