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Asset Management Best Practices In The Chemicals Industry

Posted by Harriet Schneider on Jan 27, 2022 7:31:25 AM

The average lifespan of assets in the chemicals industry has increased over time, and as a result, the associated maintenance work has significantly increased along with it. As per some estimates, 50% of fixed costs for a typical chemicals plant are the result of continuous maintenance work. This maintenance work can be classified into three categories: reactive, preventive, and predictive.

Reactive maintenance

As the name suggests, reactive maintenance is performed after something breaks down. When a company dedicates a significant amount of its time, money, and resources to conducting reactive maintenance, the company typically “pays for it” in the form of schedule interruptions, rescheduling, lost volume/sales, lost customers, lower pricing power to attract new customers, fines and charges, etc. While cutting maintenance costs may look profitable, a complete assessment of all side effects would likely prove otherwise. In fact, the total cost of reactive maintenance can turn out to be two to three times higher than a preventive maintenance approach.

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Topics: Manufacturing, Chemical, Supply Chain, Chemical & Life Sciences, Enterprise Asset Management, CloudSuite

Biggest Supply Chain Challenges Chemical Manufacturers Face – Part 2

Posted by Harriet Schneider on Feb 25, 2020 8:00:00 AM

In part one of this post we explored how to manage supply chain complexities and unpredictability. In this second part, we’ll help ensure chemical manufacturers don’t fall into a pattern of bad planning and skillfully anticipate seasonality.

To operate at its peak an enterprise needs to face and recognize the top trends that are reshaping manufacturing. Understanding these trends is the first step toward initiating a digital transformation. You can then take the additional steps designed to solve your business’ current problems, start showing value immediately, and help evolve a stronger business strategy.

Supplier seasonality and promotions

Thankfully, not everything about supply and demand is unpredictable—materials in the supply chain in various parts of the world follow their own, reasonably predictable seasonal patterns. For instance, cotton prices from India (the largest producer of cotton in the world, according to Statista) plunge when the harvesting begins in November, and stay low though when harvesting ends in March of the following year. This, obviously, has a significant impact on the fiber-garment industry.

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Topics: Manufacturing, Chemical, Supply Chain, CloudSuite

Biggest Supply Chain Challenges Chemical Manufacturers Face – Part 1

Posted by Harriet Schneider on Jan 28, 2020 8:00:00 AM

To stay competitive in today’s chemical industry, manufacturers must sustain a high level of operational productivity. Moreover, current issues like rapid commoditization, complex supply chains, aging assets, and increased need for dynamic operations planning make it more demanding than ever before to achieve the level of productivity that drives differentiation and innovation. Manufacturers often become locked into patterns where they’re implementing shortsighted cost-cutting measures that can adversely affect operational productivity and decrease overall market responsiveness.

To ensure you don’t fall into these traps, it’s vital that you not only understand the industrial challenges you face, but also recognize the top trends that are reshaping manufacturing. Gaining this knowledge is the first step toward building a foundation of digital transformation.

This blog post is a helpful summary of the top challenges a supply chain faces today. If you’d like to learn more about how to turn these obstacles into opportunities, please read Infor's recent executive brief for an even deeper dive into the topic.

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Topics: Manufacturing, Chemical, Supply Chain, CloudSuite

ICCG Launches 532nd Go-Live M3 Implementation.

Posted by Harriet Schneider on Apr 30, 2019 8:00:00 AM

Interested in 30%+ process gains? 11%+ EBITDA improvements? 98%+ same day shipping? 100% automated order to ship? See Why CloudSuite M3 is right for you. We just launched our 532 Go-Live for a leading fashion/apparel customer. 

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Topics: Distribution, Infor M3, Chemical, M3, Cloudsuite Fashion & Apparel

4 Ways To Prepare For Microvertical Success

Posted by Harriet Schneider on Mar 14, 2019 8:00:00 AM

The top US food and beverage companies have lost billions in market share since 2009 with shoppers heading towards specialized, fresher products instead of well-known big brands.

To stand out, you need to go niche and move into microvertical markets to keep up.

Continue reading to learn about the 4 things you can do to prepare your business to take on microvertical challenges.

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Topics: Food & Beverage, Chemical, Process Manufacturing, Agricultural

Driving Digital Transformation With Data Science

Posted by Harriet Schneider on Nov 13, 2018 11:28:48 AM

Immense amounts of data are flowing into and out of today’s businesses, but it's often difficult to know how to turn this data into actionable insights. Data science has incredible potential for businesses of all types to create models that find patterns in this data and use them as the basis for transformative software. From location sensor data and customer loyalty programs to predictive analytics that improve the customer experience, employee engagement, and operational efficiency, a world of possibility awaits organizations that can crack the data science code.

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Topics: Digital Transformation, Manufacturing, Fashion & Retail, Food & Beverage, Distribution, Chemical, Equipment, Digital Strategy, digital disruption

Building A Digital Transformation Strategy

Posted by Harriet Schneider on Nov 8, 2018 8:00:00 AM

In the current hypercompetitive business environment, it’s not enough to automate processes and increase efficiency. To succeed, companies need to differentiate themselves from their competitors. But with the growth of digitally savvy customers who expect more from every transaction, it’s becoming increasingly difficult to differentiate on product alone. Customers are demanding a more personal, service-oriented approach from the companies with which they do business, and the bar continues to be reset at higher and higher levels. To meet this demand, and stay competitive, companies need to move from a transaction-based model to more value-based interactions. This means putting the experience first.

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Topics: Digital Transformation, Manufacturing, Fashion & Retail, Food & Beverage, Distribution, Chemical, Equipment, Digital Strategy, digital disruption

Making Digital Transformation Part Of Your DNA

Posted by Harriet Schneider on Nov 6, 2018 1:10:56 PM

Digital transformation is on the tip of many tongues in the technology industry of late; but like many potentially seismic shifts, this concept’s meaning and the impact it will have on how day-to-day business gets done are taking some time to develop. CIO defines digital transformation as “the acceleration of business activities, processes, competencies, and models to fully leverage the changes and opportunities of digital technologies and their impact in a strategic and prioritized way.” But more than just acceleration, digital transformation is about the need for businesses to outpace digital disruption and stay competitive in a rapidly evolving business environment.

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Topics: Digital Transformation, Manufacturing, Fashion & Retail, Food & Beverage, Distribution, Chemical, Equipment, Digital Strategy, digital disruption

Prioritizing Digital Transformation Opportunities

Posted by Harriet Schneider on Nov 1, 2018 8:00:00 AM

Regardless of industry, market, and geography, nearly every business on the globe has been touched by technological change. And these ongoing, and often unexpected, disruptions are impacting how business is conducted. For example, the World Economic Forum states, “It used to take Fortune 500 companies an average of 20 years to reach a billion dollar valuation; today’s digital start-ups are getting there in four.”

While increased competition is a powerful motivator for embracing digital transformation, so are the potential revenue opportunities. The World Economic Forum estimates that “the combined value—to society and industry—of digital transformation across industries is upwards of $100 trillion over the next 10 years.”

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Topics: Manufacturing, Fashion & Retail, Food & Beverage, Distribution, Chemical, Equipment

Global Outlook For Manufacturing Is Optimistic

Posted by Harriet Schneider on Feb 1, 2018 8:00:00 AM

According to a recent blog post by our partner, Infor, manufacturers are expressing optimism for growth in 2018.

A report published by the Leading Edge Alliance paints a rosy picture of the global outlook for manufacturing. Manufacturers’ optimism for the world economy in 2018 is now 59.4%  — almost a 15-point increase over the 2017 outlook. Manufacturers are also optimistic about their national economies (69.3%) and their regional economies (69.3%)

 

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Topics: Manufacturing, Fashion & Retail, Food & Beverage, Distribution, Infor M3, Chemical, Equipment

About ICCG

Welcome to our Blog - ICCG Insights!

Embracing thought leadership as a pathway for growth, represents the true spirit of progressive change that will make a difference in technology-driven industries. As a consulting company, ICCG customers look to us as their value-added resource. They expect us to be proactive about solving their immediate challenges and we don’t take that responsibility lightly. It is this that drives us to share our best practices, knowledge-base, years of experience, and tried and true methodologies. These have been the hallmarks of our corporate brand.

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