The Chemical industry has always played an essential role in the manufacture of almost every product. The global chemical industry is a huge industry with annual sales of $5 trillion and more than 20 million people employed. Industry 4.0 offers advanced technologies relevant to the chemical industry such as the Internet of Things (IoT), artificial intelligence, robotics, additive manufacturing, and advanced materials which will be primarily used to improve business operations and for achieving high business growth.
Improving business operations
With Industry 4.0, business operations can be improved drastically by bringing about changes in productivity and work towards reducing the risks involved in the work.
Technologies such as process control, production simulations, and predictive asset management will work in improving productivity by streamlining the manufacturing processes.
The risk will be minimized by efficiently managing supply chain and in-house operations. With advanced data analytics, changing customer demands can be monitored while improving quality and safety. Chemical industry adopting Industry 4.0 results in reliance on data integration leading to better-planned logistics and efficient processes.
Imagine a chemical plant where if something goes wrong, a maintenance worker receives an alert on his mobile device informing him/her of the problem with almost perfect precision while also providing the exact remedy to rectify it. According to analysts, the usage of this flexible access to information would increase employee productivity by nearly 40 %.
In a chemical plant integrated with Industry 4.0, sensors would be able to automate tasks, report relevant data like load and performance levels to the engineer, flag problems as they arise instantaneously, and alert the relevant personnel leading to the generation of new insights into the process and lead to more efficient and economical handling of work in the future.
The data of every aspect of the supply chains, including the chemicals in transit and the transport operators would be analyzed. Thus, Chemical companies would have a better set of forecasted data and will implement it to increase or decrease their production accordingly, leading to the inventory being used masterfully.
Achieving higher business growth
Chemical industry players can achieve high business growth by using Industry 4.0 technologies in the research and development and developing smart products and smart services for their customers.
R&D is perhaps the most significant stage in the value chain of the industry. It moulds not only how the commodities will be getting manufactured but also informs subsequent improvements in the value chain. Because R&D demands heavy investment in the industry, chemical companies are looking at big data analytics and other tools to predict the overall outcome of an investment and the revenue generated. For example, in the particular field of material genomics, advanced big data analytics helps the researchers to use the available data to understand chemical properties of available chemicals and genomes, and consider possible combinations to manifest new materials with aspired properties for specific customers.
Smart products are those with “intellect” embedded in them. Typically, this means embedded sensors that monitor the usage of the machine, product state, or operational performance while also providing interconnectivity that enables this information to be transferred back to the manufacturer. The data captured will be used for improvements in the existing products and developing new products which will boost the revenue.
With Industry 4.0 connectivity, monitoring and advanced analytics, chemicals corporations can have uninterrupted visibility into and intercommunication with their customers’ orders. They can provide smart services like real-time recommendations to optimize the operations.
Industry 4.0 will revolutionize the way chemical companies operate and grow their businesses, marked with a shift away from the pay-by-the-ton revenue model to provide value-added products and services to the customers.
Digital transformation through industrialization 4.0 and the data are crucial to addressing the challenges businesses face in both the short and the long term goals of the company. Improving the operational standards on the plant floor will yield immediate savings and effectiveness as well as reducing the risk, and restructuring the operations with the help of technology behind the scenes will help to create efficiencies and savings that deliver year after year into the future.Although some industry members are concerned due to the high initial cost of adopting this technological prowess and the worry of data privacy due to usage of IoT, the benefits will far outweigh the cost. Industry 4.0 is no longer a subject of tomorrow, the chemical industry must act quickly, or it will miss the bus.