How the chemical industry can improve operational performance through better execution
Chemical companies are beginning to recognize the value of data created within their plants, but for many the use of that data does not extend past manufacturing operations; that is, the data is not visible to roles outside the four walls and can’t be combined with corporate or financial data for value-added analysis and superior execution. However, some companies are beginning to provide this visibility and integrate that data into wide-ranging business and operational analytics, with the expectation that combining manufacturing, supply chain, and financial data, and even data external to the company, can drive higher profitability by uncovering “hidden” opportunities and previously unrecognized synergies for improvement.
Join GE Digital and LNS for a webcast on June 18th, at 11 a.m. ET, to explore these trends in more detail.
What You’ll Learn in the webcast:
• State of adoption of operational performance analytics across three chemical industry segments: petrochemical, bulk/basic and specialty
• While most firms across all three sub-segments have established metrics for their plant operations, fewer than half have implemented timely access to operations data and even less use advanced analytics
• Most data is still accessed and consumed at the plant level
• Petrochemicals and the larger basic/bulk producers are more likely to have OT architectures featuring corporate -wide access to historian data and use one or more analytic tools, compared to the specialty chemicals segment or smaller firms, such as toll manufacturers
• IIoT platforms as a data source are still in their infancy across all three segments
• Top performers are also more likely to have implemented predictive analytics in asset performance management and in supply chain forecasting, planning and scheduling These leading companies show tangible differences in numerous KPIs, including financial
• Best practices, insights and recommendations for improvement for operating companies as well as for suppliers of operational performance analytics
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