Discover how Artificial Intelligence and Machine Learning are transforming the Petrochemical industry
Digital transformation is emerging as a driver of sweeping change around the world. The chemical industry is currently undergoing a profound change linked to an increasingly competitive and unpredictable economic context. Technology in general and AI in particular, are playing an increasing role in this new normal. A survey conducted by the World Economic Forum revealed that around 94% of chemical companies’ executives expect digitalization to revolutionize the industry, and 87% of them say that firms that don’t embrace innovation will lose their competitive edge.
Chemical companies are undergoing major changes
The chemical sector has played a leading role in previous industrial revolutions. It has supported innovations - pharmaceuticals, plastics, and consumer electronics, to name just a few - that have transformed our society over the past 150 years. Today, the industry is again at the heart of an industrial revolution - in this case, a digital one. Artificial Intelligence is a key component of Industry 4.0, and helps chemical and petrochemical companies remain competitive and grow by cutting their operational costs, improving their service, and generating new sources of value.
AI helps increase productivity and safety across companies’ value chain, and impacts core operational functions, including R&D, manufacturing, and supply chain management. AI can also open new opportunities for companies to launch new offerings, create outcome-based business models, and improve customer interaction.
How Kantify can answer to chemical companies’ major operational challenges
The biggest priorities for chemical companies are dealing with the costs of commodities, material processing, and maintaining growth.
The cost of commodities typically equates to 50-60% of a company’s revenue. Kantify helps in tackling volatility in the supply chain and in commodity prices.
Chemical data is easy to collect but not that easy to transform into analysis or decision making. Kantify helps turn data and insights into decision-making.
The chemical industry supplies its products and services to almost every other sector in the global economy. Squeezed margins and commoditization are real challenges for the companies operating in this industry. In this context, Kantify helps companies push innovation and increase their market share and margins, as well as reduce current production costs.
How Kantify can boost the way chemical companies generate value
AI is also opening new doors to chemical companies, in the area of early product and process development. AI can allow a quicker response to market and customers’ demands. For the European chemical industry, AI can make industrial processes safer and cleaner, and help invent new molecules for specific customer needs while increasing the circularity of materials.
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