For over a decade, the chemical industry has adopted IT and related solutions to keep track of raw materials, freight, and logistics. But, big data’s introduction in the chemical industry has enhanced business activities and marketing strategies. Furthermore, it has led to better execution of operations. Today, significant players in the chemical industry firmly believe that people, processes, and technology are not the only pillars of modern business. Now, data analytics has also joined the list. In this article at MyTechMag, Elizabeth Cole explains the role of data analytics in chemical production.
Chemical Production: Data Analytics Presents Opportunities
Improves Chemical Production Process
“By leveraging big data, organizations can make superior real-time scheduling and asset usage decisions. That, in turn, results in an increased yield, either due to improved production or reduced waste,” says Cole. Furthermore, analysis helps you create variants of existing products. These variants can produce a higher quality substitute with higher profit margins. Chemical production is a complex process. Therefore, it becomes challenging to customize products. However, big data and data analytics allows companies to make these types of decisions based on customer analysis.
Boosts Sustainability
Like other industries, the chemical industry is moving toward sustainability, too—using raw materials from renewable sources for manufacturing products. The industry is also developing products that require less energy for manufacturing. Industry leaders are now using big data to analyze which components cause the most pollution and are replacing them with new products.
Advances in Research and Development
By integrating data analytics techniques, companies can raise the quality of their chemical production and improve efficiency. As big data forecasts trends and provides accurate market analysis, organizations can create customer and product segmentations to tailor products and services to meet those needs. Additionally, chemical companies can use big data to deliver more significant innovations in products and services.
To read the original article, click on https://www.mytechmag.com/the-role-of-big-data-in-the-chemical-industry/.
