They seem to have saved the best for last. Pricing strategies are a function of cost containment. Expanding and revamping product portfolios requires R&D investment, or a strong acquisition strategy. Digitization – better said, moving to digital platforms – doesn’t require nearly the time nor the cost, and it enables chemical companies to address new markets and customers.
Three Crucial Growth Strategies for Manufacturers in the Chemicals Industry
Infiniti’s industry research experts highlighted the following three major growth strategies to turn into actionable solutions for companies in the chemical industry:
- Improving pricing strategies can serve as a significant driver of short-term value-capture benefits.
- Expanding and revamping the product portfolio can help manufacturers move into more lucrative areas and enhance overall profitability.
- Digitization has enabled manufacturers to optimize sales and marketing strategies. At the same time, machine learning and AI have enhanced the overall functioning of the chemicals industry.