We live in an age where competitive advantage is comprised of speed and adaptability. The chemical industry is no different, with companies fundamentally transforming their internal workings maintain market position. This ensuing disruption also creates opportunities to get ahead: the field is ripe for innovation everywhere from commodity to specialty chemicals and intermediates, all rippling into, as well as collectively serving, other industries—such as consumer products, pharmaceuticals, agriculture and automotive. In short, it’s not enough to embrace change. Staying ahead is also about causing change. But keeping up in an industry that had a total revenue of some $5.2 trillion in 2016 and has continued growing ever since is challenging at best.1 For current evolutions to be sustainable and profitable at the rate set by the market, it’s clear that organizations must adapt and at once reinvent their business models. Some are doing just that, but they’re not the majority. This change in perspective is driven by global forces, among which technological advances, feedstock and product supply, demand volatility, and sustainability factors. While these all bring their own unique strategic imperatives, it’s vital for chemical enterprises to understand and take action. These companies must: – quickly adapt by investing in operational resilience and flexibility. – improve customer and employee experience. – manage costs by increasing asset reliability and optimizing supply chains.
Supply chain excellence in chemical industry
