New opportunities for data-driven research for chemical companies

For the chemical industry, R & D is a big business – more than $51 billion is invested in R & D every year, and two-thirds of CEOs pursue new products and services to drive revenue. Considering the high cost of development, company leaders need to make strategic planning for new product development, because the chemical industry itself is a high-risk environment. Recently, data driven research has ushered in new opportunities – lower cost, higher availability support technology, and digital analysis capabilities.

Industry specific challenges include: with the aging of highly skilled labor force, the risk of knowledge loss; The need to keep costs low by developing more efficient processes; And the sustainable development trend driven by customer demand. Given its role in the production, storage and marketing of potentially hazardous chemicals, the chemical industry also faces additional challenges in managing the growing and changing regulatory world.

Although other industries have overcome similar challenges through digital transformation, compared with other industries, the chemical industry continues to lag behind; Less than half of chemical companies have developed specific digital strategy or digital transformation roadmap. Although many companies have implemented some digital tools, this approach is piecemeal, with different departments using different solutions. Although it is understandable considering the complexity of the work undertaken, many solutions are not interoperable, making each department have its own unique software and data trapped in the shaft, limiting the value it can provide for the whole business.

The value of data driven approach

Facing the challenges of the chemical industry, investing in digital transformation will bring great benefits. Data driven R & D methods can help support more secure processes and products by reducing risk, and ensure that the products are appropriate and thus more likely to succeed. Chemical companies can also improve their performance by finding more valuable suppliers or increasing output – providing up to 5% return on investment through digital transformation – to help them stay competitive.

This not only saves time and money, but also helps ensure that the company is more sustainable – meeting customer expectations. Instant access to the right information can also help chemical companies comply with changing regulations, including new guidelines to address climate change or the environmental impact of R & D processes.

Sustainable development

To find ways to produce more sustainable products and bring them to market, chemical companies need scientific and business data to support their decisions. This means understanding previous research and applying knowledge of use cases and materials to highlight the needs of new products and processes.

In the area of chemicals and sustainability, we have seen a steady increase in publications containing both “chemicals” and “sustainability” in the abstract and Citation Database Scopus. At the beginning of the 21st century, the publishing industry has made a significant leap, and so has the mid-2010. At the same time, sustainability has become a more important interest of the industry. Although this is a general example, chemical companies can use such data to determine trends; To ensure demand-oriented, promote R & D more efficient.

Support data driven R & D

In order to really benefit from the potential that data-driven approaches offer, chemical companies need to be able to collect data – from existing internal and external research, to business and scientific information, to regulatory data and everything in between – and ensure that every employee has access to the information they need, which is the most accurate, relevant and up-to-date data.

In order to organize and analyze data effectively, enterprises need to carefully consider the tools they use; Although there are many products, the choice of tools is crucial when it comes to specific chemical industries and changing regulations. Using unprofessional products means that companies may lose necessary or important data.

Once they invest in the right tools, chemical companies can ensure that they have the right data to overcome the challenges facing the industry, from commercial viability and compliance to environmental, health and safety issues. These data can facilitate the development of new chemical products, focusing on sustainability, welfare and regulation. If chemical enterprises want to succeed in today’s competitive global chemical environment, they will not be able to continue without digital, data-driven tools and processes.

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