Technology changingindustry dynamics

Technology is changing the industry dynamics

5:10 AM, 7th August 2018
Sal Spada, Research Director, ARC Advisory.
Sal Spada, Research Director, ARC Advisory.

Sal Spada, Research Director, ARC Advisory has a candid conversation with Chemical Today magazine about the evolving digitization environment in the global market.

By Debarati Das

Changing role of digitization.

It all comes down to creating data, taking data from your operations and people and moving it up to the data store to analyse it much more quickly. The whole evolution behind digitization is the fact that earlier we never had the computing resources available to analyse this type of data magnitude. So, we talked about data collection but we were no where near to the computing resources to analyse. That technology is available today and that is bringing in the transformation in the industry today.

Ways in which digitization is transforming enterprises.

Today the industry is more:

• Customer-centric & demand driven

• Leverages real-time information throughout the value chain

• Embraces open and secure hardware & software platforms

• Agile and Flexible

• Encourages collaboration internally and with partners

Digitization helps you to develop and enhance these attributes and allow you to be more streamlined.

Key digitization trends.

Today, lot of the machine builders that I follow are transforming faster than some of the manufacturers. This is because there is tremendous potential in taking their data from the field andanalysing it to upgrade their maintenance services, improve their maintenance, improve their response to the customer base so that they are there before the machine brakes and they can generate not only additional revenues but better customer satisfaction. That is really going to change the market.

Challenges in digitization.

One of the main challenge is the security of information. Everybody is talking about security and secure connectivity. However, there are areas that still needs to be addressed. For instance, how will a machine builder build a secure connection in their machine in someone else’s plant? Such issues haven’t been resolved yet and that is going to be one of the bigger challenges going forward.

IIoT in next five years.

Right now we are at a relatively stable point of time in terms of the architecture and I think we are going to hold on to that software architectural framework at least for another ten years as moving to new framework will take a considerable amount of time and companies are not going to change them overnight.

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