The adoption of IT and related solutions has helped the chemicals industry to keep track of raw material spend, freight, and logistics. Chemical companies today are trying to achieve comprehensive solutions which can bring together data on suppliers, sales marketing, lab information, as well as inputs on the third parties. Infiniti Research notes that, "major players in the chemicals industry strongly believe that people, process, and technology are not the only pillars of modern business rather big data and data analytics too have joined this list." In their latest analysis, Infiniti Research looks at market opportunities in the chemicals industry created by big data adoption.
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Infiniti Research offers a variety of chemical industry market intelligence solutions. (Graphic: Business Wire)
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Market Trends
With the help of platforms like Hadoop, big data can seamlessly integrate multiple data sources to provide real time information on asset utilization, which enhances operational decisions. Distribution optimization has always been a major challenge for manufacturers in the chemicals industry and through real-time tracking, big data enables companies to transfer products from manufacturing facilities at the right time to various destinations, thereby bringing down the inventory holding costs.
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Market opportunities
In the past two decades, the chemicals industry has come a long way in terms of products and supply chain management. To meet the growing demand in the market and gain a competitive edge, manufacturers have started expanding their portfolio and are looking for ways in which big data will open new opportunities for the chemicals industry.
However, Infiniti Research notes that big data has already opened an array of opportunity in the chemicals industry. According to Infiniti Research chemical industry analysts, "improved pricing, smart production, a move towards a greener industry, and better management of the workforce are some of the block-bluster opportunities which big data has brought into the chemicals industry.' Infiniti's latest analysis provides actionable insights on exactly how to take advantage of this large opportunity.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
With 14 years of experience and offices across three continents, Infiniti Research has been instrumental in providing a complete range of competitive intelligence, strategy, and research services for over 550 companies across the globe.
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