Chemical manufacturer uses business intelligence

For the chemical industry or any enterprise, business intelligence (BI) provides a way to turn millions of data points in operation into insight to help leaders manage and grow their business. The whole Bi field contains a wide range of applications, tools and methods. They enable organizations to collect data from internal and external sources; organize analysis; develop and run questions and answers about data; then write reports, build data visualization and dashboards to make analysis results relevant and available. In this way, decision makers and employees can make highly informed decisions instead of following traditional wisdom and practice.

The key difference between analysis and Bi is that the former is predictive, while the latter is traditionally based on analysis that provides historical data.

“Advanced analysis can greatly improve people’s understanding of the manufacturing business of chemical plants; it can help chemical manufacturer solve problems that could not be solved before, and reveal problems that they never knew existed, such as hidden bottlenecks or unprofitable production lines,” McKinsey said

If it all sounds great, but a little overwhelming, you’re not alone. It is difficult for companies in many industries, including chemical manufacturing and distribution, to clearly understand their operations and use this information to promote decision-making. So let’s focus on the first step, the foundation of data-driven decision-making – data.

Integrated data is very important in the life of chemical manufacturer

Bi and analysis are based on great data management. Every company, including one in the chemical industry, needs a core to monitor and maintain true knowledge and insights about customers, suppliers, and solutions. These insights support “smart” decisions. In a common data set and an integrated workplace, the plant will run smoothly, make decisions faster, and better understand the scope of the chemical manufacturer’s entire business process.

In order to make decisions in real time, a short decision cycle means that business leaders must constantly access comprehensive data. This allows business leaders to quickly translate these decisions into action. With a powerful ERP system, the overall operation view of an enterprise is available. With business intelligence tools, decision making will be faster and more efficient.

The types of insight and decision-making include:

Identify first class products and customers

Forecast demand and demand cycle

Guide pricing decisions

Maximize profits

Bring forth new ideas

Reduce financing cost

Cash flow estimation

Turn operational data into useful insights

Expectations for physical plant and other capital investment

Expectations and plans for it needs arising from technological advances and regulatory changes

Identify customer payment trends, set alerts for increased accounts receivable balances, and correct minor issues as they arise

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