Will Industry 4.0 Change the Face of the Chemical Industry?
Industry 4.0 has been proven to be a huge success in the manufacturing scenario, and it is gradually making its way to the chemical industry. But will chemical companies be ready to experiment with this technology in their operations? How far is it going to prove beneficial for them? Let us find out. Industry 4.0 […]
Industry 4.0 has been proven to be a huge success in the manufacturing scenario, and it is gradually making its way to the chemical industry. But will chemical companies be ready to experiment with this technology in their operations? How far is it going to prove beneficial for them? Let us find out. Industry 4.0 incorporates a number of advanced digital and physical technologies that form a greater physical-to-digital-to-physical connection and has the potential to transform the chemical industry by streamlining operations and promoting strategic growth. Businesses focused on business operations can use industry 4.0 to improve productivity and reduce risks, and the companies that are emphasizing on growth can apply industry 4.0 to build incremental revenue and generate new income streams.
What can industry 4.0 do for the chemical industry?
There are several benefits that chemical companies can leverage from industry 4.0. Let us examine a few of them:
- Various smart manufacturing techniques such as predictive asset management, process control, and production stimulations, etc. can help players in the chemical industry to improve their business operations.
- Incorporating industrial 4.0 into business will help chemical companies to optimize their maintenance spends and improve asset efficiency with the help of digital maintenance.
- Industry 4.0 techniques such as automated control actions and real-time analytics help in supporting predictions, alerts, and prescriptive responses.
- Companies in the chemical industry can leverage industry 4.0 technologies to control the non-standard processes and ensure energy efficiency.
What should companies in the chemical industry do to incorporate industry 4.0 successfully?
Chemical companies seeking to incorporate industry 4.0 solutions into their business must carry out the following actions:
- Use historical data of mature products and processes to uncover new business insights and identify new sources of revenue growth
- Create a cross-functional team to focus on the industry’s opportunities. This way, they can pool in the competencies from different departments for decision making on business operations or growth.
- Partner with analytics providers, technology vendors, and universities to manage operations at different layers. This will make it easier for them to devise new revenue models by utilizing various data to draw insights on developing chemical products and services
- Focus on risk management technology and policies. Efficient risk management policies will help companies in the chemical industry to keep themselves safe from risks associated with automated systems and loosely coupled assets.