Digital Transformation has emerged as a powerful lever to unlock new efficiencies and value for Chemical Businesses. Almost all CXOs we have spoken to have Digital in their top three priorities and over half of them have realized value from their Digital investments. But most of these are from point solutions to solve known business problems and only a small minority have developed a well-defined Digital Strategy and Roadmap for Digital adoption.
Traditionally, the Chemicals segment has lagged adjacent industries such as Refineries in digital adoption, but now many of them are leveraging the learnings from Refinery digitization to accelerate their digital journeys. While 50% – 60% of the gross margins of chemical plants depends on the cost of raw materials, well thought through digital solutions have shown to drive 15% increase in throughput, up to 2% increase in yield and 4% in energy savings.