Digital Transformation In Chemical Industry Is Here (World Economic Forum, Accenture)

Digital Transformation In Chemical Industry Is Here (World Economic Forum, Accenture)

Knowde Take:

The World Economic Forum and Accenture collaborated on this truly comprehensive paper on the many ways that digital technology will impact, improve and challenge the chemical industry as well as the frequent disconnect between the understanding and acceptance of the benefits of digital vs. the execution of effective digital initiatives.

Digital transformation is emerging as a driver of sweeping change around the world. Connectivity has shown the potential to empower millions of people, while providing businesses with unparalleled opportunities for value creation and capture. The Chemistry and Advanced Materials industry played a leading role in previous industrial revolutions, through its products and innovations, in areas such as pharmaceuticals, plastics and consumer electronics.

Today, the Chemistry and Advanced Materials sector is an important enabler of the Fourth Industrial Revolution. Its contributions allow other sectors to turn ideas and innovations into sophisticated products supporting digitalization. But the industry itself is also being transformed through digitalization. Digitalization helps increase productivity and safety across the industry’s value chain and supports the design of new offerings.

Further, the industry needs to closely monitor pockets of digital disruption. While it is clear that digitalization will be a source of transformational change across industries, a number of challenges must be overcome. In many cases, the gains from digitalization have been inequitable, with the benefits not reaching those who need them most. At the same time, the exponential increase in global information flows has created new risks around data privacy and security, and businesses across sectors are grappling with challenges related to changing customer expectations, cultural transformation, outdated regulation and skill shortages. The World Economic Forum is committed to helping leaders understand these implications and supporting them on the journey to shape better opportunities for business and society.

Read the White Paper