The executives agreed that effective digital transformation should start with immediate value but also build a foundation for long-term results. They also discussed the role of generative AI in driving business innovation, with AI and machine learning technologies helping chemical companies anticipate potential disruptions in material requirements planning. However, they cautioned that the value of these tools is dependent on the accuracy of the data they are based on.
Key takeaways:
- Sustainable supply chains are more profitable and digital transformation is critical to managing these chains, generating efficiencies that reduce operating costs.
- Transformation is about people and driving value, not just about improving processes. It requires a strong change management organization and understanding the needs of all stakeholders.
- Effective digital transformation is a two-pronged strategy; start with low-hanging fruit for immediate value, but also build a foundation for longer term results.
- Generative AI is top of mind among leaders in many industries, including chemicals. However, the value of AI comes back to people and data. If the data isn’t right, AI won’t work.