By 2025, chemical company revenue will depend on innovative products and services that derive from new business models. These new models range from relatively simple after-sales service offerings to complex outcome-as-a-service models and will also include programs to monetize corporate knowledge, intellectual property, and data assets. Increasingly, these new ways of doing business will rely on real-time data sharing and collaboration with customers on new platforms, supported by extended partner ecosystems.
Customer-centric R&D will anticipate customer and consumer demand, collaborate with extended ecosystems, simulate product and formulation performance, and design products that minimize environmental impact.
Applying digital technologies in operations will help chemical companies analyze production process variables in real-time and simulate their impact on product quality, costs, and yield. Predictive analysis will enable chemical companies to anticipate downstream supply chain disruptions and take corrective actions in real-time.
Enabling digital twins and IoT connectivity of assets will allow chemical companies to continuously monitor asset health, process quality, through-put, waste, and emissions. By combining asset information with predictive analytics, companies can predict the likelihood of asset failures, plan maintenance, and adjust production plans accordingly.
Digital technologies such as blockchain, the IoT, 3D printing, and machine learning provide opportunities to optimize, extend, and even disrupt supply chain processes and models. Digitalization benefits supply chain processes ‒ from authentication of raw materials and fair labour practices to automated tank replenishment and fleet management. It helps optimize trading and shipping, additive manufacturing, and product integrity management while minimizing supply chain risk.