SUPPLY CHAIN DISRUPTION IN CHEMICAL INDUSTRY

 The global chemical industry caters to nearly every goods-producing sector and accounts for an estimated USD 5.7 trillion, as per the International Council of Chemical Association (ICCA) report published in March 2019. According to the report, the chemical industry contributes to global Gross Domestic Product (GDP) through indirect, direct, and induced impacts, equivalent to 7% of the overall world's GDP, and supporting around 120 million jobs worldwide. It is offering materials and substances to sectors such as agriculture, automotive, construction, and nutrition.

The chemicals market is currently transforming post-COVID-19 pandemic, so chemical companies need to adopt new technologies in their operating models, businesses, and processes. In the global chemical industry, the supply chain management will face new challenges and new opportunities.

Therefore, it is critical to understand key developments in the chemicals market and the resulting impact on the individual supply chain. Only then will companies have the proper preparation to face these challenges and seize the opportunity to create a long-term competitive advantage.

Read More :- https://www.pukkapartners.com/insight/supply-chain-disruption-in-chemical-industry

Impact of Mega-Trend: Digitalization in chemical industry Supply chain

The chemical industry is expected to be a slow mover compared to many other industries when it comes to digitalization. However, the COVID-19 has started to show digital power through remote operation and remote working of plant control systems worldwide. These chemical giants are aiming for new ways to drive efficiencies, and this expected to raise the chemical digitization agenda, including greater adoption of smart technologies, including artificial intelligence (AI), robotic process automation (RPA), machine learning (ML), and other technologies across the front, middle and back-office operations. Indeed, this growth trend has already witnessed in China as the industry recovers from the earlier shut down due to the pandemic outbreak.

One area with great potential is adopting a hybrid operating model that blends physical operations with more virtual service delivery. Adequately designed and backed by more granular customer data levels, customer interfaces, and online platforms may result in more receptive service, as the products are better suited to customer needs, reduced SKUs, and expand into previously underserved or overlooked markets. Though, balancing technological advancements with the more proactive technical skills act as a differentiator for customers.

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