Digital In Chemicals: From Technology To Impact (McKinsey)

Digital In Chemicals: From Technology To Impact (McKinsey)

Knowde Take:

We love the way this article includes the impact of digital technologies on the markets served by the chemical industry.  Remaining relevant means continually evolving to meet the needs of your evolving customer base.

What are the major opportunities from digital in chemicals, and what must leaders do to capture them?

There is a lot of excitement about the potential of digital1 in chemicals, just as there is about digital across society in general. We believe that digital will have a significant impact on many areas of the chemical industry, with the potential to change value chains, lead to higher productivity and more innovation, and create new channels to market. Given all the excitement about digital, it is essential to separate the substance from the hype and carefully evaluate what this will mean for the industry.

Let’s take a step back and review the changes that are underpinning digital. The generation, collection, and storage of data have never been so cheap, and this is happening just as computational power is reaching unprecedented heights and at lower costs. At the same time, the digital mind-set of society has expanded, spurring a willingness to engage with digital technology as well as much higher expectations for the quality of user interfaces and level of service.

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