Digitalization for sustainability — the way forward
With changing customer preferences and increasingly stringent regulations, the move to a more sustainable business is crucial for chemical players. According to the EY CEO Outlook Survey, more than 80% of chemical players are placing as much importance on environmental, social and governance (ESG) and sustainability as on revenue growth. At such a time, digitalization can be a huge boon and help expedite the pursuit of sustainability.
According to the EY DigiChem SurvEY 2022, more than60%
of respondents anticipate moderate to high savings from their move to sustainability.
Chemical and other manufacturing players are already leveraging technologies such as digital twin, Internet of Things (IoT) and automation to reduce resource and energy consumption. This, in turn, needs to be supported by an infrastructure for data collection and machinery for production and emission control.
Without a doubt, digitalization and sustainability are key priorities for companies, and hence, the CEO is driving digitalization for faster implementation of sustainability goals.
Chemical players across regions and segments need to be more explicit in their digitalization strategies considering the end-customer, available infrastructure and talent pool amid the evolving sustainability needs.
Supply chain constraints and rising inflation have accelerated the adoption of digitalization by chemical businesses. Digitalization is not only helping the chemical industry avail benefits, such as cost reduction, e-networking and customer-centricity, but it can also prove instrumental in achieving long-term sustainability goals.