Some of the key challenges faced by Manufacturing function in chemical companies are ensuring quality and maintaining cost. Regularly updated procedures with the new requirements and implementing them in the field is a key for a safe and efficient process. Predictive maintenance is the new buzzword, companies in the chemical industry have historical data sets related to products and processes, which can be used to uncover patterns. These patterns can give better insights into the company’s capabilities.
Money saved is money earned. In a chemical plant where multiple dynamic operations are performed simultaneously, it becomes challenging to select optimal operating conditions. Advanced analytics and smart manufacturing techniques make use of technologies like soft sensors, which can aid in processing a number of data points, which becomes a key driver at a chemical plant. This also enables control of the non-standard process to improve energy efficiency. This way, companies in the chemical industry can not only ensure energy efficiency but it will also reduce their costs.
Supply Chain Optimization
SCM visibility in context of sales can be a big competitive advantage for a chemical industry by optimizing costs while managing fill rates.
Demand forecasting is a complex process involving analysis of data and requires a strong relation with inventory management. Demand forecasting uses the data of the supply chain for optimizing the business. Benefits of demand forecasting are: It gives the opportunity to control inventory better and reduce the need to store significant amounts of useless products.
The online inventory management software helps to collect data that may be of great use for further analysis.
One more critical factor is that the data input for the demand forecasting may be continually updated. Thus, relevant forecasts can be made.
Additional benefits lie in the improvement of the supplier-manufacturer relation, as both can efficiently regulate their stocks and supply process.
Demand forecasting and inventory management take into account numerous factors, among which are external factors like the economy or markets, raw material availability, etc. In this way, you can get a more complex view of your manufacturing business performance.
Expenditure Analysis & Maximizing Profit
Load forecasting: Accurate forecasting allows companies in the chemical industry to save large amounts of capital. However, this process is highly risky. With the help of analytics, companies in the chemical industry can accurately forecast the load of raw materials like the oil, natural gas, air, water, metals, minerals, etc. to help them meet the demand and supply requirements of power and energy.
Safety management: Traditional safety methods in the chemical industry were concerned with the collection and testing of samples. Whereas, Industry 4.0 and other advanced analytics technologies make use of techniques that monitor real-time data. For instance, mechanical vibrations or cracks in a chemical tank can be sensed by piezoelectric composite paints, which help reduce production risks.
Waste Reduction: Industry 4.0 allows us to use Advance Analytics technologies for reduction in waste and reducing regulatory cost of compliance.