According to a study by European Economic Research (ZEW) and the Center for Economic Policy Studies (CWS) 80% of German chemical companies are already using digital application in production and sales. But it can work with more flexibility if there will be more adoption of modular equipment, digital plant management systems etc. These days many companies are investing in R&D, campaigns etc. so that they can expand the path of digitalization in chemical industry.
Recently, At Hello Tomorrow Conference in Paris Noble AI which is a SF-based AI company announced that they got funding from Solvay Ventures the VC arm of Solvay SA. The reason behind the funding is that Solvays research arm generates huge amount of data and Noble AI’s “Universal Ingestion Engine” and “Intelligent Recommendation Engine” have the ability to convert this large data into something useful that can be used for the decision making. The Noble AI has the ability to utilize data with their new AI tools. In 2017, BASF at Research Press Conference the company discussed about the application and tools of the digitization in chemical research. The main aim was to strengthen the position of the company and make them one of the strongest companies in the chemical industry.
Many organizations are also launching many new projects so that they can start digitalization in different industries. European trade union industrial and European Chemical Employers Group announced the launch of their new project “The impact of innovation and digital transformation in the workplace: a sector-specific study of the European chemical, pharmaceutical, rubber and plastics industry”. The main aim of the project is to add innovation and digital transformation in the workplace. The project will be executed by 16 experts and 8EU Member States.
Sumitomo Chemical also announced that to increase the company competitiveness in activities like R&D and manufacturing they will launch a new department so that they can utilize big data. This will help the engineers to get trained in new technologies such as artificial intelligence (AI) including material informatics (MI) and will also help them to work better on future digital transformational projects. The main aim is to create a platform where all engineers can work efficiently and can use the data for the benefits and decision making.
In a white paper launch in 2018, ABB said that Chinese chemical industry is at an important stage of transition and launched a paper on ‘Transforming chemical operations through technology in China’. This paper tells that what are the challenges that the chemical industry faces and how companies can use digital platforms so that they can reduce cost and minimize the risks. In recent years, many merger and acquisition had taken place in the chemical sectors so that they can expand their business. The digital transformation had plays very important role in the chemical industry as it reduces the cost, enables less mistakes and trials. Significant value can be added to the supply chain process if we use the digitalization process correct. They can also improve the productivity and efficiency. The companies can also boost their R&D productivity with faster innovation and as per that they can provide new solutions and offerings. Somewhere, chemical industry is not fully adapting the digital transformation process that is the major factor due to which they lag transparency and efficiency.
