Info-Tech Research Group's latest blueprint addresses the
pressing need for advanced technology integration in the chemical
and pharmaceutical manufacturing industry. The research emphasizes
adopting AI, cloud computing, and data analytics to overcome
regulatory challenges, optimize operations, and drive sustainable
growth and innovation. This strategic approach aims to balance
maintaining existing IT infrastructure while investing in
cutting-edge solutions to remain competitive in a rapidly evolving
marketplace.
TORONTO, July 9, 2024
/PRNewswire/ - The chemical and pharmaceutical manufacturing
industry faces numerous challenges, including regulatory
compliance, escalating production costs, and protecting proprietary
data. In this demanding landscape, sustaining competitiveness and
driving innovation requires strategically adopting advanced
technologies. Recognizing this urgency, Info-Tech Research Group
has published its latest blueprint, Priorities for Adopting an
Exponential IT Mindset in the Chemical & Pharmaceutical
Manufacturing Industry. This research underscores the necessity
for industry IT leaders to integrate AI, cloud computing, and data
analytics to overcome current obstacles, optimize operations, and
pave the way for sustainable growth and innovation.
"Industry 5.0, as well as the integration of technologies
like artificial intelligence, the Internet of Things, and advanced
robotics, have begun to usher in a profound paradigm shift that
challenges traditional manufacturing philosophies, enabling
precision, efficiency, and customization previously
unimaginable," says Shreyas
Shukla, principal research director at Info-Tech Research
Group. "The role of IT in this transformation is nothing short
of critical. Advanced IT maturity will be essential in the effort
to integrate new technologies into existing manufacturing
ecosystems and enable seamless connectivity, data integrity, and
system security."
Info-Tech's research highlights the unique challenges faced by
the chemical and pharmaceutical manufacturing industry, ranging
from technological adoption and workforce adaptation to ethical
considerations and sustainability goals. CIOs in the industry are
finding it challenging to strike a balance between maintaining
existing IT infrastructure and investing in new, innovative
technology solutions. Furthermore, there is a significant struggle
to recruit and retain skilled IT professionals proficient in the
latest technologies. However, the firm emphasizes that
manufacturers can optimize their operations and drive innovation by
understanding these barriers and embracing the opportunities
presented by exponential technologies.
"Multiple factors are contributing to sluggish demand for
chemicals globally, including a recession in Europe, inflation in the United States, and a smaller-than-expected
rebound in demand from China,"
explains Shukla. "In addition, over-ordering during the pandemic
has resulted in high inventory levels, leading to months of
destocking. This is causing a slowdown in chemical output with many
companies turning their focus toward reducing costs and improving
efficiencies."
While the chemical sector grapples with these challenges, the
pharmaceutical industry has made notable advancements, particularly
in areas such as vaccine development and cancer treatments.
However, despite these breakthroughs, the sector faces significant
economic pressures.
"The pharma industry has seen breakthroughs in vaccine
development, cancer treatments, GLP-1 drugs that are
revolutionizing weight management, gene therapy and gene editing
technology for rare diseases, and new treatments for complex
diseases like Alzheimer's," adds Shukla. "Yet, the sector
continues to experience underperformance in capital markets
relative to the market index. Every cost-related line item is going
up due to inflation, interest rates, new tax regimes, and an
increasing threat environment."
The firm's blueprint stresses the importance of adopting
Exponential IT within the manufacturing industry to mitigate
disruptions and drive innovation. While generative AI has been a
catalyst for this transformation, Info-Tech's research explains
that the continuous emergence of new technologies is exerting
additional pressure on organizations to adapt swiftly and
efficiently. These advancements require a strategic approach to
integrating and leveraging new technologies to maintain operational
excellence and market relevance.
In its latest research, Info-Tech outlines four key
priorities for Exponential IT transformations in the chemical
and pharmaceutical manufacturing industry that organizations must
embrace to ensure resilience and growth:
- Transform Infrastructure & Apps to Utilities:
Shifting from a focus on individual IT applications to leveraging
innovative technologies like cloud services and low-code/no-code
platforms is imperative for achieving agility and competitive
advantage. This approach enables organizations to be more adaptive
and responsive to market changes by facilitating rapid deployment
and iteration of solutions.
- Mitigate Rampant Privacy Risks: Effective
cybersecurity measures are essential to protect against potential
data breaches and prevent unintended uses of AI platforms. These
measures safeguard confidential data, research findings, and
proprietary methodologies, thereby protecting corporate reputation
and financial stability.
- Deliver Organizational Outcomes via Natural
Language: Embracing the "platform as a product" approach
democratizes technology across operations. This strategy leverages
AI and ML-driven solutions more effectively, enabling employees who
may not have traditional coding expertise to develop, customize,
and manage applications independently.
- Build Outcome Measurement: Aligning IT with broader
organizational goals is crucial for driving business value and
innovation. By taking ownership of organizational targets, IT can
better understand and address the strategic needs of the business,
proactively identifying opportunities for technology to drive
growth, efficiency, and competitive advantage.
By strategically aligning IT initiatives with organizational
goals and fostering a culture of innovation, the chemical and
pharmaceutical manufacturing industry can overcome barriers to
digital transformation. Info-Tech's comprehensive blueprint offers
practical guidance on building a robust IT infrastructure, managing
risks effectively, and creating a data-driven environment that
supports continuous improvement. Adopting these priorities will
help manufacturers navigate the complexities of the digital age,
improve operational efficiency, sustain a competitive edge, and
transform operations for long-term success.
For exclusive and timely commentary from Shreyas Shukla, an expert in the manufacturing
sector, and access to the complete Priorities for Adopting
an Exponential IT Mindset in the Chemical & Pharmaceutical
Manufacturing Industry blueprint, please contact
pr@infotech.com.
Info-Tech LIVE 2024
Registration is now open for Info-Tech Research Group's annual
IT conference, Info-Tech LIVE 2024, taking place September 17 to 19, 2024, at the iconic Bellagio
in Las Vegas. This premier event
offers journalists, podcasters, and media influencers access to
exclusive content, the latest IT research and trends, and the
opportunity to interview industry experts, analysts, and speakers.
To apply for media passes to attend the event or gain access to
research and expert insights on trending topics, please contact
pr@infotech.com.
About Info-Tech Research Group
Info-Tech Research Group is one of the world's leading
research and advisory firms, proudly serving over 30,000 IT and HR
professionals. The company produces unbiased, highly relevant
research and provides advisory services to help leaders make
strategic, timely, and well-informed decisions. For nearly 30
years, Info-Tech has partnered closely with teams to provide them
with everything they need, from actionable tools to analyst
guidance, ensuring they deliver measurable results for their
organizations.
To learn more about Info-Tech's divisions, visit McLean &
Company for HR research and advisory
services and SoftwareReviews for software buying
insights.
Media professionals can register for unrestricted access to
research across IT, HR, and software and hundreds of industry
analysts through the firm's Media Insiders program. To gain access,
contact pr@infotech.com.
For information about Info-Tech Research Group or to access the
latest research, visit infotech.com and connect via
LinkedIn and X.
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SOURCE Info-Tech Research Group