Where Utilities Should Focus in 2024: Decarbonization and Cost Takeout
Looking ahead to 2024, we see a return to normalcy for utility leadership. One big exception here is the wildcard of generative AI.
Chemical companies are facing a future that calls for a new engineering paradigm. Evolving security needs and the demands of modern operations will force companies to carefully stitch OT and IT together be more agile and build teams that work collaboratively.
The winds of change are a driving force in the chemical industry. With a looming economic downturn and policy driven changes such as decarbonization and energy costs, chemical companies must adjust both short-term and long-term strategies by continuing to refine their value propositions, through transformation, consolidation, product diversification and regionalization. Investments in engineering services, digital transformations, business analytics and artificial intelligence/machine learning continue to be catalysts of change delivering substantial short-term and long-term value.
Chemical companies are leveraging AI and machine learning with big data sets to optimize business operations and product development. Building and maintaining smart plants will require advanced technologies and analytic platforms like AWS, Azure and SAP S/4HANA and edge network computing with 5G. This will be an essential part of bringing together data, analytics, and IoT connected technology on the platform – enabling safe and productive chemical and mining operations.