In the face of challenges presented by increased competition, changing customer needs, an evolving regulatory environment and dynamic cost equations, many chemical companies are focused on reinventing their business and operating models. Yet, according to a new report by Deloitte Global’s Consumer & Industrial Products Industry group, 52% of chemical enterprises surveyed lack a digital strategy and transformation roadmap. The report analysis is based on survey responses from 102 executives from more than 50 chemical enterprises across North America, Western Europe and North Asia.
The survey uncovers that organizational agility (55%) and flexibility (39%) are challenges experienced by chemical enterprises that may limit a digitally-led business transformation. “While most of the responsibility to execute digital initiatives currently resides with the information technology or the newly created digital department, many executives believe that individual business units or functions should take full ownership,” says Wolfgang Falter, Chemicals & Specialty Materials sector leader, Deloitte Global.
According to the report, there are five enablers chemical enterprises can consider to augment their existing digital agendas:
- Develop a robust business transformation process starting with a clear digital enterprise strategy.
- Build a sustainable insight-driven advantage in the entire organization.
- Identify and mitigate cyber risks in complex and dynamic ecosystems.
- Establish agile operating models internally and externally.
- Embed total innovation to encourage corporate collaboration, learning, and a cultural behavioral shift.
For more information, visit: www.deloitte.com/digitalchemistry