12. Aligning Data Analytics and Strategy in the Chemical Industry

Data and analytics are playing a revolutionary role in the chemical industry. This paper provides an overview of the challenges confronting the chemical industry and the opportunities to transform the industry by aligning data analytics and strategy. We look at various facets of the chemical industry and outline the role of data analytics in production and research strategies, as well as in marketing and customer service strategies. Using the case study of DuPont, we provide an example of how applying data and analytics to its precision agricultural technology increased yields and improved productivity. The chemical industry is also successfully implementing analytical techniques used by a variety of other industries such as retailing and finance to create value through differentiation and rethinking customer offerings. We also describe the opportunities that big data and analytics offer the industrial Internet of Things (IoT) strategy to drive performance and growth. Finally, we outline the limitations of data analytics and opportunities for future research in this area and discuss the importance of industry and academia working together to leverage the power of data and analytics in the chemical industry.