Book chapter
Aligning Data Analytics and Strategy in the Chemical Industry
ALIGNING BUSINESS STRATEGIES AND ANALYTICS: BRIDGING BETWEEN THEORY AND PRACTICE, pp 195-208
01 Jan 2019
Featured in Collection : UN Sustainable Development Goals @ Drexel
Abstract
Data and analytics are playing a revolutionary role in the chemical industry. This paper provides an overview of the challenges confronting the chemical industry and the opportunities to transform the industry by aligning data analytics and strategy. We look at various facets of the chemical industry and outline the role of data analytics in production and research strategies, as well as in marketing and customer service strategies. Using the case study of DuPont, we provide an example of how applying data and analytics to its precision agricultural technology increased yields and improved productivity. The chemical industry is also successfully implementing analytical techniques used by a variety of other industries such as retailing and finance to create value through differentiation and rethinking customer offerings. We also describe the opportunities that big data and analytics offer the industrial Internet of Things (IoT) strategy to drive performance and growth. Finally, we outline the limitations of data analytics and opportunities for future research in this area and discuss the importance of industry and academia working together to leverage the power of data and analytics in the chemical industry.
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Details
- Title
- Aligning Data Analytics and Strategy in the Chemical Industry
- Creators
- Suresh Chandran - Drexel UniversityRahul Kasat - DuPont
- Contributors
- M Anandarajan (Editor)T D Harrison (Editor)
- Publication Details
- ALIGNING BUSINESS STRATEGIES AND ANALYTICS: BRIDGING BETWEEN THEORY AND PRACTICE, pp 195-208
- Series
- Advances in Analytics and Data Science
- Publisher
- Springer Nature
- Resource Type
- Book chapter
- Language
- English
- Academic Unit
- Economics (School of Economics); Decision Sciences (and Management Information Systems); Management
- Web of Science ID
- WOS:000455875500012
- Scopus ID
- 2-s2.0-105027215669
- Other Identifier
- 991019167343804721
UN Sustainable Development Goals (SDGs)
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- Collaboration types
- Industry collaboration
- Domestic collaboration
- Web of Science research areas
- Business
- Social Sciences, Mathematical Methods