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Chemical suppliers investing in Industry 4.0 technologies may pay off

In the post coronavirus era, investment in industry 4.0 technology may pay off

The external impact of coronavirus on chemical suppliers will bring a unique impetus, which may push you to innovate. Usually, economic recession will force enterprises to innovate new business models. Maybe it’s time to focus on digital transformation and technology in the form of industry 4.0 to improve the state of the supply chain.

After coronavirus infection, your enterprise needs to be competitive and achieve greater success with less resources. If you’re not already on this path, you need to think deeply about what your business can gain from digital transformation.

For example, digital transformation can support the reliability and efficiency of the supply chain. It encourages systems that are easy to integrate, operate and audit, improve availability, production, efficiency and quality, thereby saving you money.

You may need to view systems that can plan, forecast, and process inventory, as well as financial information related to the supply chain. You will need platforms that can help you make influential decisions, making complex processes (such as expanding into new markets) less complex. With systems that control data, you can take advantage of emerging technologies like artificial intelligence, automation, and machine learning,

As a chemical supplier, your business may need to focus on technologies in the post coronavirus era, which can help you:

Demand planning – the ability to predict the demand for chemicals so that you can deliver them to customers in an effective way. You can use analysis to examine information such as sales data and customer orders to make informed decisions about inventory and production levels.

Real time decision making – with data support from the Internet of things (IOT) connected to devices, you can combine historical and real-time sensor data for analysis. By combining these data with machine learning algorithm, we can create prediction model and pattern, so as to accurately point out the possible fault points.

Purchasing – when it comes to supply, you want the right technology that can help you analyze what you buy, from whom, at what price, in what quantity. With the cost soaring, you need to meet your needs at the same time, let your money get the maximum return. Having the right technology can help you find reliable, affordable and high-quality suppliers who can find a balance between the quality of materials and affordable prices.

Production technology can help you plan, develop, manufacture and deliver goods or services effectively. The right system can help you understand the production process deeply and make wise business decisions

Inventory management – chemical suppliers can make detailed and real-time records of their products, including information used in sales, procurement, warehousing and production, so as to achieve comprehensive quality control.

Logistics – the right system can help you transport your products effectively and help you package, transport, distribute and deliver through multiple channels.

Big data and artificial intelligence

Like other industries, chemical suppliers generate a lot of data, which enables them to better understand the business and improve operational efficiency. You can collect data through computers and manufacturing systems, as well as IOT sensors in the factory floor.

You can also use the Internet of things technology to maintain the equipment, which can continuously update the mechanical status in real time and provide notification when a component may fail. IOT device data helps optimize performance and reduce waste.

The R & D and quality control team can screen the data of each stage of the manufacturing process from the starting raw materials to the final stage of product packaging and distribution. Throughout the manufacturing life cycle, you can store a large amount of useful data, and technology can manage it in a practical, efficient and effective way.

Today, we have computing technology, interconnected systems, automation and artificial intelligence (AI), which can analyze a large amount of factory data generated by the environment and the Internet of things. All of these enable you to build optimized and integrated end-to-end production processes, enabling you to create better products and bring high-quality chemicals to market faster.

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