Chemical enterprises need to look up: mining data and analyzing the future

wallpapers Industry 2020-12-09

Before the invention of X-ray, doctors could only rely on their feelings and information provided by patients.

Although modern detection technology can not cure related diseases, it can make diagnosis easier and help doctors make the most effective diagnosis.

That's how smart companies use advanced analytics.

With the increasingly severe market environment and increasing challenges, chemical enterprises can no longer rely on traditional means such as cost cutting and balance sheet cleaning to improve performance.

In order to survive in the current environment, enterprises must explore unknown areas and foresee unknown results.

Deloitte's latest research report points out that chemical enterprises need to apply advanced analysis methods to identify growth opportunities, save costs and optimize asset portfolio.

The report, entitled raw material prism: revealing value in a turbulent and complex petrochemical industry, explains how chemical companies can benefit from advanced analysis, focusing on new trends in the chemical subsector and in different regions.

The report points out that most chemical enterprises are still stuck in inertial thinking and believe that only traditional strategies can make achievements.

The fact is that the strategies they have adopted over the past 25 years have resulted in continued lacklustre performance.

In order to go further on the road of development, enterprises must learn to think in multiple dimensions, carry out active strategic structural reform, and pay full attention to the general trend.

Guan Yang, the managing partner of Deloitte in China's chemical industry, believes: "to move forward in an increasingly volatile and complex market environment, global chemical enterprises must consider transformation.

The success of the transformation, to a large extent, depends on how to respond to changes in various aspects, including information technology, digital design and discovery, commercialization of material systems, biotechnology, manufacturing technology and cross ecosystem collaboration.

" He also mentioned that a strong and comprehensive multi-level data sharing platform is the basis for the transformation.

With the support of database, enterprises can not only measure investment, related cost status, raw material price difference and transportation cost, but also monitor and understand some complex multi-dimensional variables.

"Driven by weak demand in Europe and Asia and increased production in North America, the recent decline in oil prices has had an impact on the global economy," he said.

The unpredictability of oil price fluctuation leads to more uncertain factors for global chemical enterprises.

Through the use of advanced analysis methods, enterprises can foresee and understand the new trends that may appear, as well as the wider complexity and interdependence behind these trends.

" The report points out that if chemical enterprises plan to achieve performance improvement in the next few decades, they need to continue to pay attention to and re evaluate the cost situation, fuel mix and raw material strategy.

In order to reproduce the past glory, we must create extraordinary strength.

Enterprises can start from the comprehensive use of data mining and advanced analysis, aiming at the market volatility, uncertainty and the rapidly changing competitive environment to seek practical and effective solutions.

"Over the past 20 years, companies have invested heavily in the initial construction and maintenance of their systems in order to simplify their processes," said Li Jiaming, director of strategy and operations at Deloitte in China.

The number of systematic data available for in-depth analysis is greatly increased, which makes it possible to conduct in-depth data analysis today.

Now the focus is shifting from "what to do" to "what to know.

" So, in terms of data, how do companies know where to start and how to conduct extensive and in-depth analysis? Exploring global trends and emerging technology developments, and using new insights to test scenarios and hypotheses, may find key intersections in multiple data layers.

These intersections can be used to identify unmet customer and market demand growth, or imminent risks.

Integrating multiple disparate datasets, historical and enterprise resource planning (ERP) data into one, using powerful algorithms to identify relationships between datasets can provide strategies for companies to achieve impressive results.

The report points out that the realization of enterprise excellent operation also depends on "digital application" -- data capture and management, analysis and data science, technology and process optimization through machine learning, and the development of Internet of things.

At the most basic level, it can conduct extensive and in-depth analysis of complex data through digital applications.

Li Jiaming added: "the function of digital application is not limited to this.

Continuous digital lines will redefine all aspects of chemical production, from product development to manufacturing.

With the application of new tools and technologies in the whole value chain, digitalization has begun to take root.

Enterprises are moving forward to the well-known "industry 4.

0" era, and will use more technologies such as big data analysis to optimize product design, production and distribution, and improve the formulation and implementation of workflow.

" "Disruptive (exponential)" change refers to an order of magnitude change in the impact, scope, and rhythm of a manufacturing process.

With the integration of molecular biology, chemical engineering, materials science and digital applications, disruptive technologies can shorten the development time from decades to years, making previous theoretical products and process solutions possible.

In the 21st century, material progress through disruptive technology may become the most destructive technological innovation in the end market of manufacturing industry.

Disruptive advanced materials (such as biomimetic nanocomposites, hierarchical assembly materials) and process technologies (such as 3D printing) are expected to create huge benefits.

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