Industry 4.0 and future of industrial petrochemistry

Abstract

Global technology entrepreneurs and investors have already begun turning their attention to reinventing the petrochemistry industry, through business model innovation and product innovation. Going digital is an opportunity to reinvent core processes, create new business models, and put the customer at the center of everything. Companies are using digital tools to raise the bar in operational effciency, customer engagement, innovation, and workforce productivity. Consumer expectations of petrochemistry digitalization and their experience with the built environment have been elevated. As innovation in other industries continues to power ahead, consumer expectations will continue to put pressure on the petrochemistry industry to innovate.