3 Technology Trends That Would Impact Chemical Industry

The rapid advancement in industry 4.0 technologies like IoT, ML, etc has forced most industries to give technology adoption a top priority in the present and future business roadmap. The chemical industry in India is not an exception. It is witnessing a strong wave of digitization which will bring radical changes in the way industry has been traditionally functioning. In this article, we share three technology trends that would have a major impact on the global chemical industry in the upcoming decades.

1. IoT:


IoT is an abbreviation for the Internet of Things. It is a network of devices that can communicate with each other using the internet. IoT is viewed as a true game-changer for the chemical industry. IoT will enable chemical players to collect valuable data from multiple components of the supply chain. By analyzing these data, chemical businesses would be able to introduce greater operational and functional efficiencies across the supply chain.

2. Blockchain:


Blockchain is a decentralized system for ledger keeping. It promises accountability and transparency across different sub-domains of the chemical industry. Its use cases in the chemical industry are expected to only grow with time. One of the early impacts of blockchain adoption will be seen in chemical export-importprocedures. It will help create a level playing field for chemical buyers and suppliers by ensuring transparency and consistency in export-import procedures. Other key areas of the chemical industry expected to adopt blockchain benefits include:


●       Research and Development (For anonymity and security)
●       Record-keeping  and management of chemical assets.
●       Ensuring product integrity and checking to counterfeit.

3. Cloud Computing:

Legacy IT infrastructure lacks mobility as well as the accuracy to meet the needs of modern business. Particularly, if we consider the amount of data each business generates daily, legacy IT infrastructure cannot make the most of this data. Cloud computing not only offers businesses an ideal and cost-effective alternative to managing business IT needs but also offers 24*7 access to business IT resources. With cloud computing not only can business say goodbye to all forms of traditional IT headaches but also leverage it for business growth and productivity.

While the above are some of the primary technology trends that are set to change the chemical industry for better, the industry must also be prepared to implement and adopt structural operational and functional changes. Unlike other industries, the chemical industry has been a little late in waking up to the benefits of digitization. Considering this, it is pivotal that industry players follow a strategic plan for technology adoption and do not adopt technology on face value alone. A strategic approach will ensure easy adoption and consistent value creations for incremental ROI. 


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