Digitization makes huge amounts of data available for technologies like artificial intelligence to flourish; it also makes such data available to hostile forces.
Using advancements afforded by digital technology can be wide-ranging in the chemical industry. Artificial intelligence, including machine learning and concepts of neural networks, can help formulators in their development efforts. From a wider perspective, digital tools can help when analyzing and managing broader priorities, including the creation of a more transparent supply chain, optimizing manufacturing and customer interface, tracking and managing use, and ideally, creating a more circular life for chemical products. The increasing availability of data is what makes this possible.
I recently read an article from Ernst & Young that points out how important the move to digitalization has become to leaders in the chemical sector. The article reports that digitalization is “the second-most prominent capital issue for chemical businesses — with 65% expecting it to impact their businesses significantly.” This trend is increasing post-pandemic, due, in part, to disruptions in supply chains and inflation in material and labor costs. Leaders see digital technology as a way to manage these challenges.