Uncertainty, complexity, and regulatory oversight are increasing in today’s market. To help ensure sustainable growth and performance, chemical companies must constantly innovate and adapt their products, processes, and business models.
Volatile prices of raw material and energy and the trend to adopt global and sustainable sourcing policies have increased complexity and risks. Understanding spend across multiple business units, collaborating with and tracking supplier’s performance, and measuring critical KPIs to mitigate supplier-related risk becomes essential.
Globalization and shift of demand to emerging countries have significantly increased the level of complexity and uncertainty within supply networks. Hence, proactively managing risks and responding in real time to supply network events is crucial.
Growing competition and rapid commoditization have shrunk product lifecycles. In response to this, an accelerated, streamlined innovation process, an active management of a sustainable product portfolio, and best possible leverage of intellectual property are indispensable.
Further, a constantly growing number of regulations need to be monitored and managed to minimize costs of compliance, risks of supply chain disruption, and damage to brand.
In response, driving excellence across all operations is pivotal. Find out how leading chemical companies can achieve all these goals with SAP solutions and technology.