Quantzig, a leading analytics advisory firm that offers customized analytics solutions, has announced the completion of their new article on how industry 4.0 is transforming the chemical industry. As the next generation of production technology is starting to unfold, big data analytics, virtual environments, simulation software, broad connectivity, collaborative robots, machine-to-machine communication, and new manufacturing techniques are creating new opportunities for the chemical industry. This wave of innovation is a part of Industry 4.0, a fourth industrial revolution enabled by digital and physical technologies.
Big data analytics can help chemical manufacturing companies to shift from trial and error-based approaches to modeled outcomes to digitize the material-selection process.
“Big data analytics can help chemical manufacturing companies to shift from trial and error-based approaches to modeled outcomes to digitize the material-selection process,” says an analytics expert from Quantzig.
Industry 4.0 has the potential to transform the chemical industry by streamlining operations and promoting strategic growth. Technologies such as the Internet of Things (IoT), additive manufacturing, advanced analytics, artificial intelligence, and robotics can be efficiently integrated with core conversion and marketing processes to digitally transform operations in the chemical industry.
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Role of Industry 4.0 in Transforming the Chemical Industry
Improve business operations
With Industry 4.0, the chemical industry can improve business operations in two ways i.e., by improving productivity and reducing risk. Smart techniques introduced by industry 4.0 such as process control, predictive asset management, and production simulations can help chemical companies in enhancing productivity and aligning manufacturing operations.
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Generate new revenue and drive growth
Chemical industry players can develop new offerings and improve existing ones through research and development (R&D) of advanced materials and specialty products. Digital technologies can help chemical companies to integrate customer data with customers’ operations and customize products, extend their products with information and services in a way that helps them to develop new business models.