Chemical companies say they expect to achieve the highest return on investment (ROI) for every penny they spend on big data analytics and cloud computing within the next three years, according to research.
A survey of more than 150 C-level and top management executives across global chemical firms found that 94% planned to increase their digital spend, while 87% said that those who don’t spend money on digital will lose their competitive edge.
Out of this, the research, conducted by consulting firm Accenture, found that 72% expect to derive the best ROI from investments in big data and analytics, while 80% said cloud computing will have the most impact.
David Abood, Accenture’s managing director of chemicals and natural resources industry group, said: "We’ve entered the age of a different kind of internet – the industrial internet of things – where sensor-driven technology and intelligent machine applications enable communications between a company’s assets, products and systems that were never possible before.
"But to drive business value, companies need the data and advanced analytics capabilities that allow them to make better, faster and more-informed decisions, while using cloud computing to improve the efficiency of this data and systems management."
The research also revealed that 25% of respondents expect the biggest benefits from digital to include improved productivity, while 24% cited redefined product development and 22% improved customer relationships.