The chemicals sector is one of the strongest performers in the global value chain. Yet, industry experts are quite cautious when it comes to predicting the future of this industry. Several surveys reveal that the names which figured as the ‘big players’ in chemicals industry a decade back no longer exist in the list. Following the traditional ways of reaching out to the client base is one major reason behind this development. Therefore, it becomes more important for chemicals companies to make drastic changes in their sales and marketing strategies, to remain relevant in the competition.
How can going digital improve the chemicals industry?
Going digital is not about just setting up an IT team and getting a couple of infrastructure requirements in place. Rather, digital transformation is a process which involves the adoption of mindsets, skills, and tools, which are driven by technology and touch every aspect of the business. By going digital, be it in terms of marketing or sales, chemicals companies gain:
- Better market access
- Improved growth prospects
- Ability to execute data-driven decisions
- Ability to offer better customer service
Though traditional marketing and sales strategy do help in capturing new markets, digital marketing has opened avenues of growth in markets which were inaccessible till date. By overcoming the geographical barriers, digital marketing enables manufacturers to connect with new prospects and turn them into long-term clients.
Along with providing market access, digitization also boosts the chances of organic growth throughout the chemical’s value chain. Right from raw materials to end-consumers, digitization makes cross-functional integration of the R&D, marketing, and the sales team quite easy. And, as most of the decisions can now be data driven rather than based on the rule of the thumb method, what the businesses achieve is a clear-cut vision and direction.
Infiniti examines the effect of digital disruption on the chemicals industry
Well, to begin with, it’s not that the entire chemicals industry will be revamped once companies go digital. Right from huge amounts of investment, and navigating barriers like government regulations, digital transformation will certainly not be a cake walk for manufacturers in this sector. At the same time, as governments are coming up with new policies, digitizing the commercial operations and backing them up with advanced analytics and machine learning tools, conversion to a digital platform is sure to enhance the overall performance of the global chemicals industry.