Digitization is going to play a major role in making the Indian chemical industry globally competitive. However, the current digitization of the Indian chemical industry is below average. Digital will have a significant impact on many areas of the chemical industry, with the potential to change value chains, lead to higher productivity and more innovation, and create new channels to market.
The generation, collection, and storage of data have never been so cheap, and this is happening just as computational power is reaching unprecedented heights and at lower costs. Companies can use advanced analytics to extract management-relevant information from the large amounts of unstructured data that they generate. This information can then be used to improve how plants are run and to make better-informed and speedier decisions across the full range of a chemical company’s business processes.
According to Mckinsey, there are three main ways in which digital will affect the chemical industry: using digital-enabled approaches to improve companies’ business processes, potential for digital to affect demand patterns in end markets with implications for the chemical industry’s value chains and digital developments leading to changes in the business models through which chemical companies capture and create value for customers.
Given all the excitement about digital, it is essential to separate the substance from the hype and carefully evaluate what this will mean for the industry. Digitization is a big boon during COVID-19 times as it helps in reducing manpower, increasing production and bringing efficiency. Presently, few processes are digitised but there is more to do during corona pandemic. This will also help in lessening the wear and tear of the company thereby achieving 100% production capacity.
The session will discuss role of digitization in :
- India and global scenario with respect to digital adoption in the chemical industry
- Digital roadmap of the company and technology usage in different business units
- Impact of digitization in terms of performance and cost optimization
- New Business Models due to adoption of digital
- Supply chain digitization and automation
- Migration from physical to online platforms
- Regulatory challenges with respect to digitization
- User experience-using customer analytics and demands to gain insights into customer trends
The objective of this e-conference is to:
A] Discuss and strategize the way forward and look at the collaborative means to adopt digital framework for chemical sector.
B] To build a digital roadmap for the chemical industry and rebuild businesses swiftly post the COVID-19 crisis.
C] To facilitate strong dialogue, sharing of insights and navigating future industry terrains.