Navigating innovation in the chemical industry

Unlocking value: Innovation in the chemical industry

The traditional methodology for innovation in the chemical industry has created value, but significant work may be required in our increasingly agile and digital world that’s being disrupted. The digital revolution could move the chemical industry toward new business models, driven by digital ecosystems that combine products and services, enabled by technology.

Chemical companies that seek to survive the recent challenges ahead should reevaluate their traditional approaches to innovation. It could entail capitalizing on innovation by leveraging the advances in digital and materials science technology, collaborating with ecosystem partners, and focusing on business model acuity.

While innovation can be a strategic necessity, we do understand that it may not be a priority as you begin recovery in the current business environment. For now, focus on smaller, achievable near-term goals to generate new growth.

Discover a winning formula for innovation in the chemical industry

Our infographic examines how the chemical industry can drive efficiencies, balance the collaboration formula, and implement artificial intelligence and machine learning to unlock valuable opportunities:

• Drive efficiencies by leveraging advanced digital technologies like material informatics, analytics and machine learning, and distilled capabilities like Deloitte’s Advanced Materials Systems (AMS).
• Accelerate innovation by collaborating in partnerships across the chemicals’ ecosystem
• Learn how AMS can compound innovation opportunities to reduce overall costs and create new products

Explore the full infographic to dig deeper into the role of advanced digital technologies and innovation in the chemical industry.