Current situation of chemical suppliers

Big data is an attractive term to describe the exponential growth of new data formats, including images, sensors, earthquakes, maps and social communication, which can provide keen insight. From improving business efficiency and reducing costs to improving business flexibility and increasing revenue, big data is the prospect of it transformation. Organizations from all walks of life that rapidly embrace “big data” to innovate their business will distance themselves from competition.

It is worth mentioning that the exponential growth of big data: according to EMC IDC’s digital universe research, India’s digital universe almost doubles every two years, and will double nine times from 2013 to 2020 – from 326 Exabyte to 2.8 zeta bytes. India’s digital information is losing much faster than the IT budget or skilled manpower driving the adoption of cloud computing. Although two thirds of the digital universe bits are shaped or acquired by consumers and workers, chemical suppliers have obligations or responsibilities for 85% of the digital universe.

In addition, big data is a game changer and cannot be ignored by chemical industry and other industries. The supply chain of chemical industry is one of the most diversified and high-risk supply chains in the world. Its characteristics are: the industrial market is unstable, the products are dangerous as a whole and subject to strict supervision; raw materials often come from unstable conflict areas; interdependent logistics networks such as railways, highways, oceans and pipelines must safely transport a large number of raw materials and finished products to manufacturers and markets. These factors all increase the risk of chemical production, transportation and marketing, and increase the unpredictability. In this case, we have to find out why the big data roadmap is necessary for organizations that plan to remain competitive, and how to do it.

Chemical industry: current situation

Due to the oil and gas boom, the chemical industry has been faced with significant logistics and supply chain challenges, not to mention the pressure on enterprises and governments to reduce carbon emissions. Therefore, the comprehensive application of digital technology can help enterprises cope with these market changes by changing their operation technology, and become digital enterprises. At the same time, it can improve the security of operation, improve efficiency and reduce costs.

Big data analysis (BDA) is part of the SMAC (social, mobile, analytics and cloud) trend, which is defining today’s industry landscape. Not surprisingly, a study by Accenture, which has more than 150 C level and management executives in global chemical suppliers, found that 94% plan to climax digital consumption, while 87% say those who don’t spend money on Digital will lose their competitive advantage.

Research shows that in the next three years, global chemical suppliers are expected to get the highest return on investment (ROI) for every penny in big data analysis and cloud computing. This could eventually drive growth and improve restrictions.

This trend is changing as the industry realizes that these solutions not only help them rationalize their operations, but also are critical to improving profits. Today, chemical suppliers need a comprehensive content value chain, because effective management of information can achieve safe, low-cost operations, rationalized compliance and value-added products and services, thereby increasing profits. Chemical companies use analysis to classify valuable opportunities. In this case, people often talk about the promise of big data to solve a lot of business problems and create a lot of business opportunities.

Digital technology: game changer in chemical industry

The Internet of things (IOT) enables the chemical industry to generate new standards while increasing the value of surrounding connected devices

Artificial intelligence and machine learning enable chemical manufacturers to use automated devices with the help of data, paving the way for smarter processes and faster transactions.

The use of augmented reality may have a profound impact on chemical companies. Chemical suppliers are increasingly using this technology to promote innovation through applications in the IT field, such as computational chemistry research, X-ray diffraction data, three-dimensional structure optimization, conformational analysis and transition state search

Comments are closed