What Are the Biggest Challenges Faced by Chemical Manufacturers? Infiniti’s Latest Blog Explains
This makes it vital for chemical companies to have a robust ERP system that will help them respond to fluctuations in energy prices quickly.
A well-known market intelligence company, Infiniti Research, has announced the completion of its latest article on the chemical industry. This blog covers:
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Key challenges faced by chemical manufacturers. (Graphic: Business Wire)
- How the chemical manufacturing sector is evolving
- Key challenges faced by chemical manufacturers
“A company’s lack of agility will significantly affect their ability to be competitive. The chemical industry being highly volatile, requires the players in this sector to evolve and adapt themselves to the changing market conditions constantly,” says a chemical industry expert at Infiniti Research.
With the rising competition on one side and mounting challenges on the other, the only option left with the chemical manufacturers to survive in the market is to convert these challenges into opportunities. Request a free proposal to know how we can help your business achieve this.
You may also like to read some of our recent articles on the chemical industry:
- The Chemical Formula for Innovation: Technology Trends in the Chemical Industry
- Essential Marketing Strategy to Sustain Yourself in the Chemical Industry
- Watch Out for These Chemical Industry Trends in The Upcoming Year
Key challenges faced by chemical manufacturers
Unanticipated variations in commodity prices
A decade ago, the energy costs appeared to be on an upward climb. However, recent years have witnessed the emergence of cheaper forms of energy. This would have been a sigh of relief for energy manufacturers if only the benefits of lower energy prices were distributed evenly on a country-by-country basis. This makes it vital for chemical companies to have a robust ERP system that will help them respond to fluctuations in energy prices quickly.
Increased number of recalls and quality audits
A variety of government and other regulatory compliance are often imposed on chemical manufacturers. This makes it essential for them to maintain strict quality management and detailed product information. Chemical manufacturers are also required to capture data from operational processes accurately so that they can be prepared in case of any product recalls. To equip themselves for quality audit, the chemical companies must integrate traceability data across the business and should be made accessible to various stakeholders such as suppliers and customers during the quality audit process.
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Managing manufacturing and operational data
The needs and demands of different stakeholders to chemical companies may be different. By managing their operational and manufacturing data efficiently, chemical manufacturers can ensure success in responding to the requirement of various stakeholders in their value-chain.
Cutting down formula costs to create new efficiencies
Factors including seasonality, cost of purchase, and maintenance constraints greatly affect the availability of raw materials for chemical companies. Chemical manufacturers must also ensure that they procure the right materials with the required specifications to comply with the standards of the formulations.
Read more about this and much more on Infiniti’s latest blog: Trouble in Paradise for Chemical Manufacturers? 4 Key Challenges in The Industry
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
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