A JOURNEY TOWARD DIGITAL TRANSFORMATION
for the Chemical Industry
S
O
L
U
T
I
O
N
S
B
R
I
E
F
Chemical companies are having to accelerate digital
transformation in order to grow faster than the market.
At its core, digital transformation is about unlocking
the power of digital technology to make business more
proactive to customer needs and more agile in response to
market changes. Ultimately, it gives companies the ability
to deliver a superior customer experience, increasing
EBITDA and profitability. While many chemical companies
are adopting digital tools, many are not properly leveraging
data and analytics, artificial intelligence, dynamic pricing,
pricing optimization, pricing management, process
redesign, digital selling solutions, or other methods to
improve growth.
Since 2009, chemical companies have struggled to recover
revenue, margin, and earnings. Today, these challenges
are even more difficult. On one end, you have an evolving
landscape with new regulations, fluctuating feedstock and
raw material prices, uncertain trade and tax policies, rapid
commoditization of the industry, and COVID-19's rapid
acceleration of digital B2B selling. On the other, you have
shifting customer preferences and expectations which are
redefining customer loyalty, increasing marketplace pricing
transparency, lowering switching costs, and increasing
pressure toward sustainability.
To grow revenue and improve profitability, chemical
companies must focus on the process of delivering the best
possible omnichannel buying experience to customers by
transforming the end-to-end pricing and selling process.
The digital transformation of this process has the greatest
impact on the business by improving margin and sales
volume. It also provides the flexibility to dynamically change
pricing and selling strategies in the face of unprecedented
market disruption.
For successful digital transformation,
chemical companies need to make the
right digital investments — concentrating
on growth by transforming their end-to-
end pricing and selling process
