Digitalization initiatives can quickly and easily increase margins by three percent (3%) or more. This is just one of the many conclusions delivered at the Gulf Petrochemical and Chemical Association’s (GPCA) 11th annual Supply Chain Conference that focused on Getting Ready for the Future: SC 4.0. This special gathering was one of the few industry events that specifically highlighted the exciting changes digitalization is bringing to the industry. Transformations that include artificial intelligence, the “internet of things,” advanced and predictive analytics, among others.
The overwhelming consensus of both speakers and participants alike is that we are living in transformative times; a 4th industrial revolution that will be digitally connected. Participants also expressed little doubt that digital transformation in the petrochemicals industry is an unquestionable growth driver for businesses willing to take the journey. Digitalization, at its core, is about improving connectivity among stakeholders and leveraging the enormous power of data analytics to benefit company and customer alike. Furthermore, digital technology can substantially reduce inconsistent data and irregular reporting in your business processes. The savings captured in reducing or eliminating inefficiencies, along with the near guarantee of increased margins, can add to a substantial improvement to your bottom line.
These are exciting times indeed. The best part is that much of this new technology exists now. There are many businesses, from large established companies to ambitious start-ups, that are offering real solutions. Your business does not have to embark on its digital transformation alone. Your competitors are already taking advantage of this trend. The process starts with the visualization of a different future for your company and the commitment to experiment, fail, learn and repeat.
Contact us today to find out how Polymermarketplace can move your digitalization initiatives forward.