The Chemical Industry & IOT: Transforming Operations, Gaining Insights & Shareholder Value
Chemical businesses are rapidly adopting new technologies for digital transformation. The integration of IoT will supercharge the ROI by enhancing operational efficiency and yielding bested outcomes. Like JIT, LEAN and SIGNMA, IOT MUST be an integrated part of the value chain or, COGS and many other measures will fall short of target. I n plants, IoT monitors availability safety equipment, tools, inventory, capacity and performance in real-time. By utilizing sensors to gather data on ALL equipment such as leak detectors, fans, and pumps. In this frame, companies can proactively and PREDICTIVELY identify potential issues before they occur. This proactive approach reduces costs, minimizes downtime, and increases productivity. According to Allied Market Research , t he global IoT industry is expected to reach $193.9B by 2031, at a CAGR of 13.3%. Use Cases of IoT in Chemical Industry The core applications are diverse and encompass various aspects of operations, safety, and efficie