Insights from Day 2 of The Chemical Summit: Economics, Supply Chain, Digitization, Customer Value
Discover key insights and discussions on topics such as global economics, supply chain, digitization, and customer value. Sharing insights from Day 2 of The Chemical Summit 2023 in this special edition of The Chemical Show, Victoria Meyer dives into topics that matter. We explore the expectation of a mild recession and its impact on different industries within the chemical sector, the long-term labor shortage and its resolution through immigration and automation, the critical role of data in business transformation, and the importance of upskilling existing talent.
Some key points in today’s episode:
- Understand the projected economic landscape and how it may impact the chemical industry.
- Gain insights into the labor shortage and explore potential solutions through immigration, automation, and upskilling.
- Recognize the significance of data in supporting supply chain, collaboration, and business differentiation.
- Explore strategies to upskill existing resources within the chemical industry to fill the demand for data analysis and digitization.
- Reflect on the importance of customer-centric approaches in creating value and driving sustainable growth in the chemical industry.
Killer quote/insight:
“Data is a differentiating factor in business transformation and is key to differentiate businesses to their customers and suppliers.” – Pam Walker, UL Solutions
Insights from Day 2 of The Chemical Summit: Economics, Supply Chain, Digitization, Customer Value
The Chemical Show recently aired a special edition podcast featuring highlights from the first-ever The Chemical Summit. The Summit, held on October 24th & 25th, focused on thought leadership, building connections, and gaining insights within the chemical industry.
Day 2 of the Summit delved into critical themes such as global economics and geopolitics, supply chain, digitization, AI, and customer value. Host Victoria Meyer shared insights gleaned from the conference and highlighted key takeaways from the various discussions.
Expect a mild recession, particularly in North America, with different variations of recession expected globally. Despite this, speakers emphasized that opportunities still exist, especially for those focusing on creating customer value. Jeremy Bess of ITR Economics provided analysis, shedding light on the expected mild recession and its potential impact on different sectors of the chemical industry.
Labor shortages also emerged as a significant talking point, with an anticipated long-term shortage that would need to be addressed through immigration, automation, and digitization. The necessity for skilled data scientists within the chemical industry also became apparent, prompting discussions on upskilling existing resources to meet this demand.
Data played a pivotal role in many discussions, illustrating its critical importance in business transformation, supply chain efficiency, collaboration, and innovation. Speakers emphasized the need for greater transparency and collaboration in sharing data to create more efficient supply chains.
Finally, the Summit underlined the importance of customer value and customer centricity. Understanding and aligning with the needs of not only direct customers but also their customers’ customers is paramount. The significance of this customer-centric approach was highlighted as a cultural change that should permeate throughout the entire organization.
The Chemical Summit 2023 proved to be a rich source of insights and connections within the chemical industry, encompassing various critical topics pertinent to the present and future of the sector. Listeners can look forward to the next The Chemical Summit scheduled for October 8th and 9th in The Woodlands, Texas, in 2024.
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