Globally, the chemical industry employs approximately more than 10 million people and enables indirect employment for over 50 million people.
The global chemical industry is highly reliant on new technologies to gain a competitive advantage and improve its cost margins. Moreover, with the growing demand for chemical engineering among the end-user segments, prominent businesses are planning to invest heavily in research and development. Also, leading organizations are planning to refine their existing architecture to improve their production capabilities and reach out to the target audience in an agile and seamless manner. The growth of the chemical engineering space can be attributed to factors such as the extensive use of the application in the fields such as climate change and environmental systems.
Here are some of the factors that may curtail the growth of the chemical engineering space:
- Relentless competition: In this relatively competitive environment, staying ahead of the competitors becomes a challenging task. Especially, when the competitors are from the non-traditional sectors such as the energy, utilities, and mining. Prominent businesses should focus on effective ways to stay relevant and on top of the competition. In the chemical engineering space, businesses should consider streamlining their business processes to increase agility while controlling the overall costs.
- Keep pace with the regulatory changes: The chemical industry is witnessing the implementation of regulations pertaining to labeling, handling, and manufacturing to the shopping and storage of the products. Since the extensive usage of chemicals has an adverse effect on the health, governments are implementing stringent control measures to curtail the use of chemicals and its impact on the environment.
[spacer height=”20px”]To counter such challenges, businesses are utilizing risk assessment solutions. Industry risk assessment solution helps businesses identify the potential risks in the industry and devise effective strategies to improve the business decisions.
The Business Challenge
- The client- A renowned chemical engineering equipment manufacturer
The client, a renowned chemical engineering equipment manufacturer, wanted to understand the current market performance and identify hazards to devise an effective risk management plan. With the help of Infiniti’s risk assessment solution, the client wanted to understand the risks in the industry and identify the potential opportunities to enhance their position in the chemical engineering market space.
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To identify and assess the risks based on priorities, the risk assessment experts at Infiniti followed an extensive research methodology comprising interviews and discussions with leading stakeholders in the chemical engineering equipment space. Additionally, to devise a robust risk management plan, the experts also compiled information from reliable sources such as trade shows, paid industry databases, and company presentations.
The Solution Benefits and the Business Impact
The risk assessment solution offered by Infiniti assisted the chemical engineering client in evaluating risks to enter the most profitable region. The client was able to gain deep dive insights into the preferences of the customers and accurately position their products to meet the business requirements. The engagement also helped the chemical engineering client develop alternative risk assessment plans to curtail any disruptions and improve product performance.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the chemicals industry.