The Chemical Industry Is Innovating (PwC)

The Chemical Industry Is Innovating (PwC)

Knowde Take:

We’re excited to see that chemical producers are looking to adopt a long-time trademark of successful B2C companies: Innovating to optimize customer experience.  We agree it is critical to maintaining a competitive edge in the highly fragmented and increasingly commoditized chemical industry.

In our work with chemical companies, we see the critical impact of innovation close up every day. Why is innovation so important? It helps chemical companies address their customers’ challenges.

Chemicals innovation is helping the industry’s customers get more productive and more sustainable. Ultimately, it’s having a profound impact on the daily life of consumers. Nearly every good manufactured—96%—is touched in some way by chemistry.

It creates competitive advantage. By constantly improving products, technology and processes, and working closely with customers and suppliers across the value chain, chemical companies can stay ahead of the competition. For most of our clients, innovation is already a core part of their internal culture and their company mission. And there’s no denying that the sector has made some amazing advances over the past decade. While innovation is one of the top priorities for chemical executives, it may not yet be delivering all the value it could be. But innovation can, and should, help improve the bottom line. This report takes a look at some of the ways how. A solid strategy for innovation is the essential starting point—and more than a third of chemical executives say they don’t yet have a well-defined strategy. That needs to become a priority. And strategy work doesn’t stop once you’ve articulated a vision. If you haven’t revisited your innovation strategy recently, it may be time to take another look. We’ve identified the following as key ways to improve your innovation efforts.

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