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Digital transformation to chemical companies may seem a colossal task requiring millions of dollars of investment with years to see results. Yet it doesn't have to be.
In an executive round-up hosted by a global chemical producer in September 2023, rapid experimentation was presented as a key trend in digitalization. Rapid experimentation involves launching small-scale digital experiments and testing them within a short period, upwards of 12 months instead of years. Using this approach, companies of all sizes learned more with less investment and achieved better results in less time.
Today, we explain what that means to a chemical company, why it's a trend with global chemical players, and how you, too, will benefit from it.
Rapid experimentation refers to quickly testing ideas or solutions through small-scale experiments with minimal resources. This approach has gained popularity in the chemical industry due to its numerous advantages.
As chemical companies quickly deploy technologies, test, and learn from small experiments, they make quick, informed decisions based on real-time data. This agile approach to decision-making enables chemical companies to go to market with tested strategies much faster than their traditional counterparts, leading to faster progress in their digital transformation journey.
With smaller experiments, companies test and learn at a fraction of the cost compared to large-scale projects. This allows for more flexibility in budget allocation and reduces the risk of investing significant resources into one project that may yield a different result.
In traditional product development methods, chemical companies face significant risks as they invest years and resources into a product before realizing its potential success. Building your own solution or leveraging a technology that needs to be re-oriented for the chemical space is expensive and takes years.
Chemical companies are experts at chemicals, not software, so the risks of developing a new technology are high. Full-time engineers, consultants, and other expenses associated with a long-term project are daunting, and in today's market, there is minimal wiggle room for error.
"We recognized the significance of rapid deployment to market and customer feedback at an early stage to avoid investing heavily in a subpar customer experience. By adopting a scalable approach, we were able to roll out and receive feedback from customers and then adapt accordingly. This enabled us to discover our ideal online customer experience within a few months without bearing the financial burden of a large-scale digital transformation,” said Marc Block, Vice President of global sales and marketing for the Wanhua Performance Chemicals Business Unit.
By leveraging ready-to-deploy solutions, chemical companies quickly experiment with new ideas and technologies, minimizing the risk of investing time and resources into a project that may not be successful.
Chemical companies gather real-time feedback from customers and internal teams by continuously testing and learning from small experiments. It creates a more customer-centric approach to product development and ensures that the final product meets the needs and expectations of the target market. Real-time customer feedback will enable adjustments and improvements to be made quickly, leading to a higher success rate for new systems.
Incorporating rapid experimentation also encourages collaboration and communication within a company. With cross-functional teams working together on experiments, there is increased communication and understanding of each department's role in the project's overall success. This leads to more effective problem-solving and decision-making processes.
Adopting rapid experimentation in the chemical industry is a strategic lever for innovation, fostering agility, reducing risks, and promoting collaborative dynamics. By implementing ready-to-deploy solutions and utilizing real-time feedback, chemical companies minimize the chances of project failure and enhance the overall product quality. Furthermore, the heightened interdepartmental communication fosters a holistic understanding of project goals, leading to more effective problem-solving and decision-making. Hence, rapid experimentation is a pivotal approach for chemical companies willing to stay competitive in the digital age.
At Agilis, we empower chemical companies to swiftly transition into the digital world. Our chemical industry-focused digital platform facilitates launching within weeks, not months or years, eliminating the expensive barriers of traditional digital transformation experiments.
The Agilis way underscores the importance of speed in today's digital age, offering a competitive edge to chemical companies ready to embrace rapid digital transformation. We believe that time is of the essence when it comes to successful digital transformation for chemical companies.
With Agilis, our crawl, walk, run process starts by digitizing product data and seamlessly deploying it to the market through a PIM system. Then, using our modular platform, you can effortlessly launch, test, and expand a range of tools, including sample management, channel partner workflows, and eCommerce solutions, to gather immediate customer feedback and iterate accordingly.
Whether you aim to engage online with a single business unit or your entire organization, Agilis has got covered!
Interested in a free consultation to see where you can start? Reach out today: https://agiliscommerce.com/consultation.
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