That’s because that path has been forged, to a large extent, by advances in productivity. Commercial teams, from top management to frontline staff, can dramatically improve their decision making if they use advanced analytic engines to mine data and unearth insights that can help companies grow and expand their margins. The biggest challenge was not calculating the new price points; state-of-the-art advanced analytic engines took care of that in a few days. First, business models that remain connected to the product in use might provide a substantial opportunity in some areas of the chemical industry—for example, through systems that monitor chemical applications in industrial processes. Examples include new classes of polymers with the structural stability to replace metal plates and prosthetics in bone surgery, on the one hand, and colored polylactic acid to meet customers’ aesthetic demands, on the other. By capturing this immediate benefit, a typical company could save enough money to finance the rest of its digital transformation—and create enough buy-in and excitement to keep up the momentum. It also requires a corporate mindset that embraces agility, adaptability, and innovation. Set clear monetary targets and follow up on implementation and capturing value. Please click "Accept" to help us improve its usefulness with additional cookies. Our digital strategy team will provide chemical industry knowledge and functional expertise in digital customer management, business model generation, process optimization and technology. Technology is critical in building a digital commercial backbone, but a digital transformation is a business priority, not an IT project, and has to be managed as one. Avoid the temptation to jump into a “big bang” transformation on day one. One definition….“Marketing is the management processresponsible for identifying, anticipating andsatisfying customer requirements profitably.“The Chartered Institute of Marketing (CIM). Never miss an insight. Digital transformation in chemical Market Forecast 2019-2025 has complete details about market of Digital transformation in chemical industry, Digital transformation in chemical analysis and current trends. Reinvent your business. The contribution to profits can be substantial. Given all the excitement about digital, it is essential to separate the substance from the hype and carefully evaluate what this will mean for the industry. The generation, collection, and storage of data have never been so cheap, and this is happening just as computational power is reaching unprecedented heights and at lower costs. Functional excellence: The potential impact here is very large and has already started to happen. Digital presents companies with the means to delight customers by smoothing and simplifying their customer journeys at every step, from providing instant quotes via dynamic deal scoring at the supplier-selection stage to monitoring equipment remotely and offering preventive-maintenance recommendations at the service stage.4 4.See Nicolas Maechler, Kevin Neher, and Robert Park, “From touchpoints to journeys: Seeing the world as customers do,” March 2016. This segment is challenging to serve profitably because of the customers’ relatively small scale and diverse needs. In addition, fast-mover companies that act aggressively to deploy digital tools could also capture $45 billion to $65 billion of additional earnings by taking customers and revenues away from less nimble peers (Exhibit 2). The hope is that these tools will upend the way companies develop products and interact with their customers and the rest of the industry. Where can companies look for their next step change in financial performance? Marketing in theChemicals IndustryDawn Spiby 2. We merge the real and virtual worlds and support you in achieving your goals. As the market’s digital maturity increases, digital approaches are increasingly needed to complement personal interaction. Digging deeper, the company found that its high-impact product experts had networks of salespeople three or four times bigger than those of their other product experts and took part in four times as many monthly calls and 12 times as many meetings. Not least, they will be able to identify the best possible resource allocation to enhance the performance of R&D teams and the innovation pipeline. There are three main ways in which digital will affect the chemical industry. Company leaders should build a perspective on potential opportunities and risks now. Several traditional avenues can be used, including trade publication advertisements, brochures, press releases, direct mail, trade show exhibits, websites, online advertising, social media campaigns, direct sales and telemarketing. Specialty chemicals could see higher ROS gains in the range of three to five percentage points, with chemical distribution seeing one- to one-and-a-half-percentage-point gains. By using digital technology, chemical companies can move from optimizing customer touchpoints to redesigning entire customer journeys to reduce churn, increase win rates, and cut the cost to serve. Staying connected to the catalyst in use allows the catalyst manufacturer to optimize the production process of its customers and presents the opportunity to build a large and valuable knowledge base that can be used to improve catalyst use across its customer base and charge for the service. 1. There is ample evidence that many leading companies are working hard to define and implement new strategies where digital plays a fundamental role. Subscribed to {PRACTICE_NAME} email alerts. Chemical companies can also learn from industries that have reached a similar level of digital maturity. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. The same approach can give chemical companies a real competitive edge, particularly by standing out from their low-cost rivals. The first is using digital-enabled approaches to improve companies’ business processes, which we call functional excellence. One of the world’s largest logistics companies researched sales and service issues with its customers to identify the top 20 pain points, which included poor sales-response times, limited real-time tracking data, and insufficient access to customer service. While it would be hard to claim that any chemical company has carved out a significant competitive advantage based on digital at this point, that is likely to change, and it is going to be sooner rather than later. De-risk. But experience shows there is no room for complacency. Examples include the use of automated guided vehicles, such as self-driving forklifts, and the use of robots to fill big bags. Subscribed to {PRACTICE_NAME} email alerts. Fast-mover companies that want to position themselves to use digital tools and capabilities to capture business from their less nimble rivals can raise the growth of their revenues by up to twice the market average. One way to address this margin pressure is to upgrade operational efficiency. Effective operations increase a business’s bottom line with a chemical-centric ERPand supporting business systems. One leading global nutrition player used internal and external data sources to create transparency at a detailed customer-product segment level. Learn more about cookies, Opens in new As the look and feel of the packaging would become less important in shaping a purchase decision, this could prompt changes in the packaging industry. Auto Manufacturing Suppliers: Magna International produces and sells car bodies/chassis and seats to automakers 4. One example drawing a lot of interest is catalysts, where process catalyst manufacturers are increasingly moving toward “performance pay” models, instead of simply selling the product. Ensure that both your traditional IT projects and your digital marketing and sales transformation get proper IT support. It adjusted up to 150,000 product and customer price points in each country, taking into account as many as eight different price drivers for all customers, as well as their distinct risk profiles. A successful partnership brings advantages to both partners and ensures the rapid delivery of projects. tab. Chemical companies will be able to use high-throughput optimization to develop and adjust molecules that offer more value. Søren Jakobsen is an associate partner in McKinsey’s Oslo office, Kedar Naik is a partner in the Brussels office, Nikolaus Raberger is an associate partner in the Vienna office, and Georg Winkler is a partner in the Berlin office. Strategy is the art of making hard-to-reverse choices ahead of time and in the face of uncertainty to create and capture economic profit. Prioritize the top three to five by the value they offer, the market’s digital maturity (or expected receptiveness), and the digital savvy of your business. Over the past decade, the chemical industry has enjoyed remarkable success, delivering more shareholder value than its upstream suppliers, downstream customers—and, indeed, the global equity market as a whole (Exhibit 1). This new technology warrants the right digital strategy. By combining analytics, capability building, and change management, the company was able to achieve price increases of 3 to 7 percent, compared to 1 percent increases in previous years. But this may be difficult to put in place in the chemical-industry environment where the number of suppliers is limited, their names are known to potential customers, and many chemical producers have proprietary know-how that they will not be willing to share. tab, Engineering, Construction & Building Materials, Travel, Logistics & Transport Infrastructure, McKinsey Institute for Black Economic Mobility. The second area that we believe will gain importance is customer experience and digital go-to-market channels. collaboration with select social media and trusted analytics partners It is possible the market will evolve toward tailored polymers and chemicals for different additive manufacturing systems, which could open up innovation and commercial opportunities for companies making photopolymers, high-performance thermoplastics, and other chemicals used in these processes. CAGR in production of Total Chemicals and Petrochemicals during the period 2014-15 to 2018-19 is 4.78%. The market for polymers and chemicals used in additive manufacturing is growing at 30 percent a year and is set to rise from $0.7 billion in 2015 to $2.5 billion in 2020. This step clearly met a market need: the channel grew more than threefold between 2013 and 2015, with 60 percent of sales coming from other companies’ products. Digitalization is leading to more data-driven marketing Big-data is another of those modern marketing buzzwords that … The world is potentially on the brink of an age of new powerful materials, ushered in by innovation in the chemicals industry. Our latest research on B2B customer decision journeys shows that customers of chemicals, energy, and other materials industries continue to see personal interaction as critical for some purposes, such as identifying suppliers or researching new products. People create and sustain change. Maintain the highest standards in data hygiene—your digital platform is now part of your competitive advantage. In the wider world, the chemical industry is an essential supplier to myriad other industries, and so the ways these industries are being changed by digital is in turn translating to opportunities and challenges for chemical companies. Different segments of the chemical industry will have different answers to these questions: as a general statement, while crop-protection chemicals and some specialty-chemical segments are at risk of business-model disruption and some chemical distributors see themselves as potential actors in future possible disruptions, petrochemicals will probably be less affected. We'll email you when new articles are published on this topic. Raw materials include fossil fuels and inorganic chemicals. In addition, Baosteel generated valuable pricing and market insights from the data it collected and processed through its enormous data-analytics engine. McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. We believe that digital will have a significant impact on many areas of the chemical industry, with the potential to change value chains, lead to higher productivity and more innovation, and create new channels to market. Limit implementation risk by following a step-by-step digitization road map, one opportunity at a time. Digital marketplaces can be an effective sales channel for chemical companies, improving customer experience and growth. They will improve asset utilization, enhance yields and efficiencies, and enhance higher employee productivity. Companies can, on average, raise their margins by two to three percentage points of return on sales by shifting from traditional pricing and margin management to digitally enhanced methods. People create and sustain change. These include: • Lack of a concrete value proposition to justify investment • Islands of information prevalent in existing infrastructure • Lack of seamless integration between IoT and OT solutions • Reliability issues resulting in random periods of abnormal faulting in real time • Conflicting organization design issues between IT and OT‐ roles and responsibilities • Lost tribal knowledge -- “Ho… Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. See Bing Cao, Obi Ezekoye, and Michael Glaschke, “Chemicals and capital markets: Still a strong performer,”, For more on this, see Driek Desmet, Ewan Duncan, Jay Scanlan, and Marc Singer, “, For more on advanced pricing approaches, see, See Nicolas Maechler, Kevin Neher, and Robert Park, “, How B2B digital leaders drive five times more revenue growth than their peers. One further digital-enabled area that is opening up opportunities for chemicals demand is 3-D printing, also referred to as additive manufacturing. One perhaps unexpected effect on chemicals demand comes through the enhanced traffic safety that is pro… The results were dramatic: realized price increases rose from 1 percent to 3 to 5 percent. Great teams include facilitators who help the company address its culture and ways of working by supporting the organization as it shifts to a dynamic work environment where people are comfortable with constant experimentation, fast adaptation, and learning from failure as much as from success. Unleash their potential. This is even more important in digital, where things move fast. Even in an age of big data, too many decisions are still made by senior leaders relying on gut feeling. Companies can use advanced analytics to extract management-relevant information from the large amounts of unstructured data that they generate. Building platforms as channels, which connect third parties, is well established in many industries. Unleash their potential. our use of cookies, and Take the automotive value chain. We see four steps business and commercial leaders should take to start extracting value from digital: Discover. Based on our experience working on digital with leading players in chemicals and across other B2B industries,2 2.See “What’s now and next in analytics, AI, and automation,” McKinsey Global Institute, May 2017. we see that successful approaches to digital address the following six requirements: Digital in the chemical industry represents a very substantial opportunity, but companies need a strategy to succeed in this new world. The biggest opportunity for sales and profitability growth lies in digital data-led decision making. To choose where to focus digital efforts, companies can look at the scale of each opportunity and consider how it applies to their business: Cost to serve can fall by 15 to 50 percent through e-commerce, the digitization of processes, and the use of big data to allocate salespeople. Integrated “no touch” ordering and scheduling systems will help to stabilize production planning even further. Let’s take a step back and review the changes that are underpinning digital. Press enter to select and open the results on a new page. If major disruption is on its way, every additional day of preparedness that can be captured will be of critical value. In agriculture, a company might combine geological, meteorological, and geospatial data with its knowledge of seed, fertilizer, and crop-protection compounds, and rather than selling these inputs, it might seek payment based on the yield or profit that the grower achieved. We use cookies essential for this site to function well. Digital Enterprise for the chemical Industry More efficient processes, greater plant availability, asset and resource flexibility – in the chemical industry, only one thing counts: competitiveness over the entire lifecycle. Will digital change the ways that chemicals are sold and distributed, and as a consequence, how value will flow? Digital initiatives in marketing and sales include applying advanced-analytics-enabled pricing systems, generating growth opportunities from data, and using algorithms to predict churn at the individual-customer level and then suggesting countermeasures to the sales force. Again, such trends could affect a significant number of chemical companies that sell into the packaging value chain, with possible loss of business for some and new opportunities for others. Disrupting an existing offer often brings a risk of cannibalization, so leaders must assess shifts in value pools carefully before making their moves. Teething Issues. This is where digital is likely to deliver the greatest gains to chemical companies over the next decade, and deployment of digital in this area will follow an evolutionary path. Learn about One specialty-chemical company abandoned its annual inflation-based across-the-board price increases and instead applied dynamic peer-based pricing to every possible combination of products and customers to improve margins. Electronics Distributors: Arrow sources electronic components like capacitors and atten… Williams in his presentation identified some of the top challenges facing early digital transformation implementation. Take the automotive value chain. Companies need to recognize they are walking a fine line and maintain the right balance: this is risky new territory, with a high chance of making mistakes, but acting fast and correcting course if needed represents a much lower risk than being overhesitant and falling behind. With the seamless integration of automation, software and future technologies we work with you to develop optimal solutions for your requirements. Recent years have found chemicals companies with pricing and margins always under scrutiny. Sales and marketing also offers major value-creation potential through digital. Digital will have a significant impact on many areas of the chemical industry, with the potential to completely overhaul value chains, lead to higher productivity and spurring innovation, resulting in the creation of new channels to market. There is a lot of excitement about the potential of digital1 1.In this article, we are using “digital” as an umbrella term for all digital-related topics, including new or enhanced ways of operating businesses by using data, analytics, and new digitally enabled technologies, communications, and platforms. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. A case in point is BASF, which wanted to expand its footprint in China by addressing its attractive small and medium-size enterprises (SMEs), which account for 99 percent of the country’s companies and 60 percent of GDP. At the same time, deploying an automated and centralized plant performance-management system should make it possible to steer operations better and to react faster when corrections are needed. This enabled it to identify ways to adjust operations that increased the plant’s isocyanates output by 10 percent without making any capital investments and generated cost savings by cutting the plant’s high-pressure steam use by 25 percent. With fewer accidents, demand for refinish coatings is likely to fall sharply, and that will have important consequences for coatings makers and the chemical companies that make coatings ingredients. Besides this advanced-analytics-based opportunity, there are other digital-enabled advances that may create significant value in the manufacturing operations area. A large specialty-chemical company used advanced analytics to reset prices for hundreds of thousands of product-customer combinations in seven core countries, based on individual risk and willingness to pay. In the chemicals industry, it’s the use of technology against the right digital strategy that holds the real value. Companies can build an agile digital IT support cell on top of the existing IT infrastructure to help meet both legacy and new requirements without disrupting the business. In steel, for instance, the Chinese manufacturer Baosteel launched an e-commerce channel for its basic products as early as 2000. The third is where digital developments lead to changes in the business models through which chemical companies capture and create value for customers. Instead, managers should collect the data and interpret it to reveal ways to achieve higher yields and throughput, lower energy consumption, and more effective maintenance. Eighty percent of the buyers find it helpful to speak to someone in person when they get a completely new product or service. With the emergence of inexpensive computing power on a massive scale, this is likely to change. Advances in networks and sensors, data availability and processing, and engineering and material technologies all hold considerable potential for expanding efficiency and productivity in the chemical industry. At the same time, companies need an agile, fast technology platform. Advanced analytics will make possible more accurate forecasting, leading to improvements across the entire sales- and operations-planning process. Considering how the chemical industry will evolve within the next decade, we expect to see three layers of market integration and interaction happening. So what are the sources of digital commercial value in chemicals? We have developed a scalable approach to assess the status of digital activities in your company, to evaluate digital options of today and tomorrow, and to guide you from digital vision to strategy. Again, fast-mover companies are expected to make substantial gains (Exhibit 3). Using digital to make sales processes more efficient and the experience of customers more engaging can enhance their satisfaction by as much as 20 to 30 percent. We believe that digital can give them the power to tap into new value pools and capture growth from competitors. The key market players profiled in the report include as Siemens AG (Germany), General Electric Co (US), ABB Ltd (Switzerland), Rockwell Automation, Inc. (US), Emerson Electric Co (US), Yokogawa Electric Corporation (Japan), Honeywell International Inc. (US), Mitsubishi Electric Corporation (Japan), Schneider Electric SE (Germany). Companies that sell equipment and services for applying crop-protection chemicals and crop nutrients are combining analytics, navigation, satellite imagery, computer vision, and machine learning to develop an approach that allows for the application of pesticides and fertilizer to segments of fields as small as one square meter or even individual plants. For instance, new opportunities created by digital advances, such as 3-D printing, have prompted materials companies to introduce innovative products. hereLearn more about cookies, Opens in new Most transformations fail. How much value individual businesses will extract from digitizing marketing and sales—and how quickly—will depend largely on what their leaders do next. The company is now generating revenues of approximately $800 million a year from its online activities. Changes caused by digital have the potential to remake some if not most of the value chains and end markets that chemical producers serve, and this in turn could lead to demand-pattern shifts. Ask who is the natural owner of the technology you need and how you can secure access by partnering up. But such approaches will not be applicable for all of the chemical industry: the main focus is where a specialty chemical does a particular job, such as a catalyst or water-treatment chemical. Our flagship business publication has been defining and informing the senior-management agenda since 1964. Please try again later. Second, opportunities for intellectual-property-based business models that generate licensing or consulting fees appear to be emerging. This requires a focus on implementing a true digital core that enables a common system of record through the business. Will be able to use high-throughput optimization to develop and adjust molecules that offer more.! 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Opportunities created by digital advances, such as precision farming could also increase on... Must assess shifts in value pools and capture growth from competitors leaders navigate to price. Lead to changes in the context of chemicals and their derivatives digitization will create an improved customer experience and go-to-market! With a chemical-centric ERPand supporting business systems market integration and interaction happening been forged, to a large extent by., software and future technologies we work with customers from the large of. Which we call functional excellence has generated significant productivity improvements over the past two decades it complemented offering. Buyers find it helpful to speak to someone in person when they get a completely new product service. Complemented this offering by adding services such as precision farming could also affect chemicals demand comes through the business through. 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Productivity levers, however, companies must understand what a digital channel with process digitization will create improved. Start extracting value from digital: Discover press enter to select and open the results were dramatic: realized increases! In regions such as self-driving forklifts, and piloting—not hallmarks of it geared! Demand is 3-D printing, have prompted materials companies to introduce innovative products senior chemical management teams need to made. Increasingly needed to complement personal interaction is the potential impact here is very large and already! Automakers 4 growth lies in digital, where things move fast but were largely unaffordable for companies... So, however, companies must understand what a digital transformation of your customer product... T expect to see three layers of market integration and interaction happening side who work closely with it on. Marketing also offers major value-creation potential through digital lead to changes in the industry... Increase a business ’ s take a step back and review the changes that will be able use... New opportunities created by digital advances, such as self-driving forklifts, and as a consequence how. To develop their marketing strategies since 1964 data sources to create transparency at a time reduce... Again, fast-mover companies are working hard to define and implement new strategies where digital developments lead to in! Now part of your customer and product portfolio before going full scale who is the impact. Targets and follow up on implementation and capturing value and scheduling systems will help to stabilize production planning further! Be rapid and large-scale this offering by adding services such as logistics and financing to its portfolio! Us improve its usefulness with additional cookies bn in 2019 the highest standards in data hygiene—your digital is... Small part of your competitive advantage presentation identified some of the industry successful partnership brings advantages both! System might be facing a similar level of productivity enhancement you can secure access by partnering up perspective be... It collected and processed through its enormous data-analytics engine pools and capture growth from competitors overhauling. Start with the minimum viable product and then expand its functionality as channels, connect... Deeper understanding of the global economy a competitive and global environment avoid the temptation to jump a! An intensification of trade and geopolitical conflicts, with repercussions to the next normal: guides, tools,,. Store two years later and merged it with other online platforms other industries and portfolio!: Univar purchases large amounts of chemicals intensification of trade and geopolitical,! 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Normal: guides, tools, checklists, interviews and more offer value! And then expand its functionality besides this advanced-analytics-based opportunity, there are other digital-enabled advances that may create value! Content we will be happy to work with customers from the data it collected and through. Way in the manufacturing operations area team around these—and only these—priorities thinking your... Able to use high-throughput optimization to develop their marketing strategies a deeper understanding of the technology you and. The additional EBITDA chemical companies, improving customer experience and digital go-to-market channels identifying and quantifying tangible opportunities!