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How Chemical Companies Can Adapt to Industry 4.0

Posted on November 21st, 2017 by in Chemical Manufacturing Excellence

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Industry 4.0 has been referred to as “the fourth industrial revolution.” Underpinned by the Internet of Things (IoT), this new era is all about connections: connected people and products within a company, connections among departments within a company and global connections among producers, suppliers and customers. To maximize the power and potential of these connections, all stakeholders must be able to communicate effectively and agree on best practices to ensure both smooth daily operations and rapid resolutions should problems arise.

The new white paper “Industry 4.0: How Chemical Manufacturers Can Rise to the Challenges” presents ways to help chemical manufacturers rise to Industry 4.0 challenges. Now is the time to evolve their current situation by learning about and adapting new strategies that have already been shown to be effective in pilot projects and literature.

The process of transitioning to Industry 4.0 involves steps such as getting connected, maximizing data, and implementing standards and best practices. One example of how these steps have benefited a company involves a chemical manufacturer who became aware of a spike in the purchase of a raw material. Because all departments in the organization were connected, the operations team was able to discover a leak. Since the increase in procurement flagged it, the company was able to check along the production chain to find the problem — one that was uniquely identified through Industry 4.0 technology.

The chemical manufacturing industry is currently undergoing a seismic shift. The question is no longer whether to adopt Industry 4.0 connectivity and “smart” manufacturing technologies but when — and where to start. By 2020, advanced implementation of Industry 4.0 will become necessary just to compete. It’s also likely to be seen by investors as a prerequisite for funding. Therefore, any companies that have not kept up will find themselves struggling to maintain market share as well as facing higher capital funding costs. That’s why now is the time for manufacturers to set a strategy, create pilot projects, define their capabilities and become well-versed in data analytics as they move towards becoming a full-fledged digital enterprise.

Read the white paper to find out more about how transitioning to Industry 4.0 can make a real difference in staying competitive and achieving success.


 

All opinions shared in this post are the author’s own.

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