Marketing And Sales In The Chemical Industry – Vision of the chemical industry market and business development. Enjoy competitive mountain climbing. He likes golf.
Investing or not investing in digital growth and success is now a clear question for chemical operators. Digital technology has become an integral part of the value chain, from R&D to the customer interface. As the global industry copes with the effects of the COVID-19 pandemic, operators in the chemical industry have increased their investments in the digitalization of their operations.
Marketing And Sales In The Chemical Industry
According to Executive Outlook Surv 2022, digital transformation is the second most popular issue for chemical operators worldwide.
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Recent uncertainty stemming from the CCIDID-19 outbreak and geopolitical issues has caused supply chain constraints and material and labor cost inflation, limiting the growth and profitability of chemical players. It has also made chemical operators speed up digitalization across the board, as more than 40 percent of chemical operators have reported an error or change in a digital error in the last three years.
This speed of digitization is expected to continue, as more than 65% of chemical operators expect digitization to affect their business in some form of change or disruption.
As the need for an online model has increased – for business operations and customer interaction – chemical operators have seen significant progress in the digitalization of management functions and customer interfaces from 2020. In addition, with technologies such as automated chemical synthesis, digital tools are expected to grow, with 80% of chemical industry players dependent on this pathway.
With recent geopolitical disturbances and oil price fluctuations, trade barriers have become a challenge for the global chemical industry. To be sure, it remains the application area that benefits the most from digital – almost 60% of respondents said that digital has had a significant impact on their marketing planning in the past three years, and more than two-thirds of respondents believe the same. it would continue for the next three years. As the need to strengthen the supply chain network has increased, chemical operators see the importance of developing digital tools for demand forecasting, sourcing raw materials for resources, real-time tracking of orders, automation of warehouses and gates for planning and storage. and distribution network optimization.
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As companies digitize their operations, the threat of cybercrime against companies becomes a natural concern. As a result, digital or cyber security is one of the topics that has the greatest impact on all chemical players, especially primary and petrochemical companies with large production facilities.
A wide range of technologies enhances the operation of chemicals, from product development to the end of the value chain in customer service and support. In this dynamic environment, the needs and capabilities of any technology depend on the needs, pressures and priorities of organizations. In 2020, the estimates made by chemical operators mainly focus on the development and integration of data analysis (42%), while it has spread widely according to the 2022 survey – it has decreased to 35% of data analysis and increased to 30% of digital. security (from 26 percent in 2020). Despite this decline, improved data analysis (35%) and integration (30%) are the highest areas for chemical operators to achieve, followed by digital security (30%) as chemical operators face increasing issues such as data theft. and malware. it can not only damage confidential data, but also stop operations.
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At the beginning of Industry 4.0, cost savings were seen as one of the advantages of digitization. However, chemical operators have moved on from this and benefited from digitization not only through cost savings but also through electronic networking (53%) and customer orientation (51%) – important qualities in creating a sustainable business in difficult times.
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When chemical players explore the length and breadth of digital solutions for their business, new challenges emerge. Lack of qualified workers was a problem in 2020 for 47% of respondents; however, in modern life, more than a third mentioned this as a problem. Currently, the challenge for companies is to create a strong technical infrastructure (40%), meet investment requirements (38%) and create secure systems (38%).
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Only 37 percent of operators in the chemical industry have a shortage of employees capable of digitization, while in 2020 the corresponding figure was 47 percent.
With the changing needs of consumers and stricter regulations, the transition to a sustainable business is important for chemical operators. According to CEO Outlook Survi, more than 80% of chemical operators pay as much attention to the environment, society and governance (ESG) and sustainability as to economic growth. During this time, digitalization can be a great blessing and help speed up the development of searches.
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Chemicals and other manufacturing players are already leveraging technologies such as digital twins, the Internet of Things (IoT) and automation to reduce resource and energy consumption. This, in turn, must be supported by data collection systems and production and emissions management systems.
Digitization and sustainable development are undoubtedly the company’s priorities, and that is why the CEO is pushing digitalization to accelerate development goals.
Chemical operators in all regions and industries must clearly consider the end customer, the existing infrastructure and the talent pool in their digital strategy among the further needs.
Supply chain constraints and rising costs have increased the digital adoption of chemical industry companies. Digitization not only helps the chemical industry gain benefits such as cost savings, electronic networking and customer orientation, but it can also prove to be important in achieving long-term goals.
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You can withdraw your consent to cookies at any time by accessing the website via the link in the privacy policy, which can be found at the bottom of each page of the website. Customer focus is a proven mantra in the chemical industry. . Concepts such as “close to the customer”, “understanding the customer’s needs” or “providing value propositions” have dominated the industry’s marketing and sales discussions for decades. However, looking at the go-to-market strategies of many chemical companies reveals that the most important channels are key account managers, sales representatives and third-party distributors. Digital collaboration and execution models, e-commerce and digital value propositions exist only as proof-of-concept, pilot or niche strategies.
COVID-19 has put the digital customer interaction ability of the chemical industry to the first test. It disrupted traditional methods that focused on physical interactions between salespeople and key account managers and forced companies to go digital. Many companies in the chemical industry have been able to use digital tools such as Microsoft Teams, Skype, Google Meet or Zoom to interact with customers, and online sales have started.
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So, have companies passed the test, and can the chemical industry continue to improve its customer experience over time? It depends on whether they get some digitization.
New entrants, not incumbents, often cause real market disruption. In the chemical industry, the number of digital markets has increased significantly over the past decade (see Figure 1). This term covers different models that often change over time, for example: sell-side platforms, buy-side aggregators, retailers, bookstores, comparison sites, product search experts and even online distributors who pick up products. Most of these markets were originally focused on the Chinese chemical market, but in recent years, more and more digital markets have begun to focus on the European and American chemical markets.
It is reasonable to ask if this market is a real mistake or the other way around. Admittedly, their vocals are mixed. Most third-party digital marketplaces were short-lived, unable to scale beyond a small customer segment or create a differentiated value proposition. In addition, the market for asset-backed chemical companies has struggled with many problems, from managing and streamlining operations to financing.
This can be seen as a failure of the market’s business model, but that misses the point: these initiatives are pushing the boundaries of the chemical industry, required tests and customer adoption of different research and collaboration models, and are setting new standards for transportation. standard. for both buyers and sellers.
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Finally, the €3.35 billion global chemical industry¹ offers its customers a huge opportunity for digital markets due to unmet needs and high transaction costs.
The 2020 Global Buyer Values study showed that it is important for customers in the chemical industry to have digital contacts and experiences that make interaction easy and efficient – but chemical companies do not appreciate the importance of these values.² Furthermore,
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