chemical companies digital transformation changes customer needs

In recent years, the increasingly fierce competition, evolving regulatory environment, harsh customer demand and dynamic cost equation have had a huge impact on chemical companies, creating a gradually challenging environment. Therefore, many chemical companies focus on reshaping their business and operation mode through the transformation trend from other industries.

A major coatings manufacturer is facing a huge challenge because their customers want to be more involved in the selection of coatings and are also considering the consulting model of the organization. In this case, commercialization has to be ignored. Now is the time to develop a new strategy. The organization also felt the need to digitize its business and provide a complete experience for its customers.

The organization implements a B2B portal. Suppliers and subcontractors are linked through this portal. In addition, an intuitive dashboard is built on the ERP platform to help customers place orders and provide answers for their queries. This unified and efficient digital strategy releases the resources of the organization and adds more value by providing consulting services to customers.

Changing customer needs and expectations

In the above case study, the industry selling commoditized products is facing challenges from organizations willing to innovate and use digital transformation to meet customer needs. These new age organizations sell customer experience, not products. Delivering a superior customer experience is critical to success in multiple industries – and increasingly important for B2B companies. But customer expectations continue to rise, and today many companies are looking for ways to go to the next level and provide iconic customer experience. A better experience can always turn loyal customers into evangelists of their products.

The chemical industry is such an industry, and it is also facing the challenge of niche players who pay close attention to the needs of consumers. The chemical industry is not just a single industry, but a group of products that are widely manufactured by industry, such as basic chemical industry, paint, beauty products, perfume, food seasonings, etc., and are faced with pressure in many unique market segments, because of the rapid changes in digital technology, consumption demand and global competition. Many existing enterprises in chemical industry have good legacy systems. But their functions need to be magnified with the help of good digital technology.

Changing channels: right technology and right method

Digital technology and the data it brings bring great potential to the chemical industry, which can play an important role in promoting business value. But digital transformation itself is not the answer. In the chemical industry, the right strategy is to use digital technology. It needs to focus on realizing a real digital core, realizing a common record system through business, and embracing agility, adaptability and innovation driven by customer first and design thinking perspective.

Here are some details of this strategy

The Internet of things (IOT) can connect multiple data points to provide a deeper understanding of many factors that please customers. Internet of things (IOT) can use sensors to obtain data from many sources, such as raw material supply, production details and customer order fulfillment, etc. As an organization, you can transform data from different sources into actionable insights to enhance the customer experience and discover new opportunities.

With the help of cloud based storage systems, design ideas can be shared with different teams, organizations, agents, and even customers. When ideas are shared and discussed, this strategy helps build a customizable and extensible design.

Analysis can correlate and help gain valuable data insights from the organization. With better analysis, chemical companies can carry out preventive maintenance of assets and reduce machine downtime.

Wireless protocols and sensors can track device functionality in response to customers. The use of innovative technologies such as mobile technology can enhance teamwork and connect departments in real time. When all departments work together, the products can reach the market faster and meet the expectations of customers.

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