With emerging technologies, all businesses have the same goal: to be the best and perform optimally. All they want is to provide the best employee and customer experience, as well as provide better products and services. They also want to manage their spending by working efficiently, making confident decisions, keeping innovative and running everything smoothly. But have you ever wondered how these needs can be accomplished? If you’re curious to know about the answer, keep reading the blog until the end.
Chemical companies have recently undergone a significant cultural shift, which includes re-examining end-to-end business processes. These changes have been brought on by the fourth industrial revolution, which has resulted in the development of innovative, results-oriented and purpose-driven business models. The chemical industry is known to face significant business challenges due to its volatile nature. To stay ahead of the competition, adopting SAP S/4HANA enables you to have a digital transformation across the supply chain and promote profitable growth by adapting to how your customers like to buy, consume, and pay for goods and services. It also offers a complete transformation of your existing system into an intelligent enterprise on your terms.
To begin the transformation, chemical industries should prioritise examining their entire business model and be prepared for it. Thus, Chemical Industries concentrate on achieving this customer-centric intelligent digital transformation by implementing the four key strategic priorities listed below:
- To Assist sell business outcomes instead of just products
- Simplify to shrink cycle times
- Compete as an ecosystem
- Adopt strategic agility in response to market dynamics
In order to achieve the above-mentioned priorities, it’s time for the chemical industries to reinvent by integrating an intelligent ERP system called RISE with SAP, which enables you to innovate products as well as redesign entire business models and processes.
Let’s begin with the challenges faced by the chemical industry before undergoing a digital transformation!
Challenges faced before transformation
Chemical Industries face numerous challenges that limit their ability to fully realise the value of the Intelligent Enterprise. A few of the challenges faced by them are:
- Due to the Covid-19 pandemic, there was a significant loss of customers as well as revenue, which lowered or led to the shutdown of operations in the current market.
- With varying grades and quality of material supplied, managing and monitoring the quality of raw materials, intermediates, and finished products is a complex task.
- The overall complexity has increased as a result of tailor-made products and customer-specific service arrangements.
- System consolidations are frequently hampered by a large number of errors and conflicts within the custom code base that necessitate remediation with a degree of precision that is both costly and difficult to achieve in a timely manner.
Is your chemical company prepared to use the correct technologies to power smart factories and enable a smart enterprise? If your answer is “NO” then “Digital Transformation” is the key to achieving this goal. Now, let’s look at how SAP S/4HANA, an intelligent ERP system can be used to overcome the above-mentioned challenges.
Why RISE with SAP?
Every enterprise must create new business models to avoid disruption, gain efficiencies to fund innovation, and transform mission-critical systems without putting the company at risk. Generally, organizations start digital transformations for three main reasons: Changing End-Customer Behaviour, Automated Intelligent Supply Chain and Digitalization of Construction. Thus, RISE with SAP supports your business and digital transformation ambitions to unlock two sources of value:
- Enable value creation with differentiating business capabilities — Industry best and next practises for improving employee engagement, generating new revenue streams and maximising existing ones, increasing asset efficiency, increasing productivity and ensuring long-term viability.
- Mitigate risk, reduce cost and accelerate time to value with cloud delivery capabilities — Capabilities that improve transformation readiness, simplify consumption, increase operational resilience and lower overall TCO helps business to move to the next step.
You might be wondering how RISE with SAP will help you in your transformation journey? So, let’s have a look at the advantages gained as a result of digital transformation.
Benefits of using RISE with SAP
- Increase in revenue by introducing new products and services.
- Efficiency and digitalization are increased.
- Reduce environmental impact while increasing compliance.
- Enhance customer satisfaction and decision-making.
To summarise, SAP S/4HANA is a one-stop solution that can provide intelligent and industry-specific benefits to the chemical industries through a digital core ERP system that helps them innovate markets and sell products, operate manufacturing plants, maintain assets and build a responsive supply chain.
To know more about how SAP S/4HANA or about other solutions that can help enterprises in chemical industries, do get in touch with us!