The fact that big data is “big” does not mean we should be scared of it. In fact, harnessing its
power is both easier than you might think and, for the chemical industry, essential. Whatever the business, chances are that the amount of raw data created is increasing all the time.
When we say “big data”, we are talking about being able to deal with it effectively, to process it efficiently in real time, to understand it and to use it for impactful decision support.
Other industries have already developed best-practice models, but we can see some key ways it would benefit chemicals:
- Handling shrinking product life cycles, mass customization and expanding regulatory frameworks in product innovation and R&D
- Analyzing the valuable data spawned by manufacturing and asset management to predictively model performance
- Taking care of complex shipment and logistics transactions in supply chain management, tracking and tracing goods – and being able to respond to any potential issues in real time
- Understanding the pipeline, customer and product profitability at any level of granularity in sales and marketing. With the right tools, you can carry out simulations to focus on or commit to the most profitable deals and respond to customer needs on the fly
Overall properly managing big data does not only allow faster and more efficient decision making, it even enables business transformation or innovative business models via processes which have not been possible before.. That’s what drives the need.
Harder to quantify, and yet perhaps most important of all is the way that big data empowers people by removing the need for endless chains of approval. With real-time cloud-based relevant data in their hands, people can make decisions on the plant floor or at the customer site without having to wait to talk to their boss at the end of the shift or when they get back to the office.
Ultimately, it’s about total cost of ownership. The end game is that we have a convergence between online analytical processing and online transactional processing, obviating the need for middleware and reducing layers so we need less hardware, software and IT operational support. The result? Sustainable innovation via smarter, faster and simpler business processes.
To learn more about we can help you with your business challenges please have a look at Solution Explorer for the Chemical Industry and find out more about our cloud solutions.
Dr. Stefan Guertzgen works for 6 years as Global Director for Industry Solution Marketing Chemicals at SAP. Prior to this assignment he has worked for 11 years in the chemical Industry (Chemtura) in various positions comprising R&D, Global Business Development, Sales and Business Process Management, and Sales & Operations Planning. In addition, he has 7 years experience in Presales and Management Consulting for the process industry (AspenTech, AT Kearney, and SAP Business Consulting) with focus on business operations.