Smooth processes are the key to successful digitization
Investing in digitization is now a must for any chemical company – but where does change take place to successfully execute important business goals? One thing is clear: The enormous competitive pressure in the chemical and pharmaceutical industry, volatile prices and changing customer relationships are pushing decision-makers to action. And so many market participants have already launched numerous digitization initiatives – and have not always received the desired result. To avoid such disappointments, it is worth taking a look at the processes. Based on generate huge amounts of data, which – properly analyzed – can help to successfully master the digital transformation. The technology needed to make the most of this data delivers Colonists with the Intelligent Business Cloud. This platform analyzes real-time processes, identifies inefficiencies, and intelligently and proactively intervenes with action recommendations as processes falter. The result is smooth operations, savings in the millions, happier employees and a modern customer experience, where customers can easily and quickly receive their products and services. This potential can also be used meaningfully by the chemical industry. happier employees and a modern customer experience where customers can easily and quickly receive their products and services. This potential can also be used meaningfully by the chemical industry. happier employees and a modern customer experience where customers can easily and quickly receive their products and services. This potential can also be used meaningfully by the chemical industry.
Digitization transforms the entire value chain
The highly fragmented sector of the chemical industry, like many others, is undergoing an immense transformation through digitization that affects the entire value chain. Innovations are no longer based on individual components or modules, but on integrated and systemic solutions. Customers put a stronger focus on service and increasingly demand individualization of products. As a result, providers are increasingly having to deal with models such as demand-driven business planning. In addition, digitization is changing business sectors such as the supply chain, logistics, distribution and production. If you are not up to date, you will quickly fall behind in this competitive environment – and in an increasingly global market with more and more participants.
In order to meet these new challenges, companies need to strategically approach their digitization.
Process Mining supports digital transformation
Colonists‘ innovative process mining technology helps identify the most meaningful strategic approach. It can be used wherever larger amounts of data are being generated – in virtually every business sector today – and illuminated to identify savings potential and more efficient ways. At the same time, Process Mining goes far beyond the analysis of the past: With the Intelligent Business Cloud and its heart, the Action Engine, the software becomes an intelligent consultant. It constantly analyzes all data from systems and processes and automatically sends personalized recommendations for action to employees or machines in order to solve tasks faster or better.
But what about in practice? At the chemical giant Kazoo Nobel, the Purchase-to-Pay team wanted to streamline its processes, implementing Colonists’ process mining technology – and was able to improve 75% of its processes. For example, those responsible in Order Management today receive an overview of the order volumes and the order value and can thus bundle small orders and send them together. Responsible employees in the purchase-to-pay process can see whether the checking of incoming invoices remains within the time frame or takes too long, whether cash discounts or customer discounts are sufficiently taken into account or where bottlenecks in working capital prevent smooth payment flows.
Companies that understand and master their current processes also understand where to start for successful digital transformation.