Chemical manufacturer is increasingly turning to data-driven innovation

By | January 29, 2021

The innovation of chemical industry should not be limited to the development of new products. Chemical manufacturer needs to use the entire chemical ecosystem to develop new business models and discovery methods, explore new markets, and improve innovation efficiency. Chemical manufacturers can innovate in products and new discovery methods, as well as in several other areas.

While chemical manufacturers are increasingly turning to data-driven innovation, they also need to focus on new applications and processes to maintain strong innovation channels. For example, cross category innovation can include:

Application: new products with wider application range, such as repairing human tissue, energy storage, aerospace, mobile future, etc

Business model: close cooperation with customers, cross selling, channel integration; multiple participants to join the platform business

Products and discovery methods: recyclability, green new chemistry, quantum chemistry, multi-scale nano materials, 4D printing materials, AI / ml in material design and discovery

Process: process simulation; 3-D printing; process for reducing carbon emissions; conversion of carbon dioxide, coal and waste into chemicals; and use of biological materials

Chemical manufacturer should also consider their investment allocation. They can’t miss the current trend, but at the same time, they need to be prepared for the coming big trend and innovate faster than their competitors. Internally, the management should promote an open and innovative culture and environment through a fast test, fast failure and repeated mode.

Externally, they need the flexibility to work with a variety of members of the ecosystem, from suppliers and technology partners to customer organizations and consumers. They should also seek new crowdfunding ideas and work with creative providers from concept to product scale.

Here are some questions you should consider.

Now?

Multi pronged Innovation: product, process, operation mode and Application

Increasing R & D expenditures in growth areas (such as electric / automatic driving cars, nutrition, 5G, microbial health, 3D printing, renewable energy).

Develop chemicals and processes with minimal ecological impact

Next (one to three years)

Embedding innovation strategy into enterprise strategy

Design operations to manage the requirements of the new business model

Ensure new products and processes meet UN sustainable development goals

except

Using data to generate new sources of income

Provide a combination of products and services to support the circulation and circular economy of the whole value chain

Using cognitive search and analysis to enhance R & D expertise

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