Info-Tech Research Group’s latest project addresses the urgent need for advanced technology integration in the chemical and pharmaceutical manufacturing industry. The research emphasizes the adoption of artificial intelligence, 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 with investing in cutting-edge solutions to remain competitive in a rapidly evolving market.
TORONTO, July 9, 2024 /PRNewswire/ — The chemical and pharmaceutical manufacturing industry faces numerous challenges, including regulatory compliance, rising production costs, and protecting sensitive data. In this demanding landscape, staying competitive and driving innovation requires the strategic adoption of advanced technologies. Recognizing this urgency, Info-Tech Research Group has published its latest roadmap, Priorities for adopting an exponential IT mindset in the chemical and pharmaceutical manufacturing industryThis research underscores the need 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.
Info-Tech Research Group’s “Priorities for Adopting an Exponential IT Mindset in the Chemical and Pharmaceutical Manufacturing Industry” roadmap outlines four key priorities for exponential IT transformations that organizations must adopt to ensure resilience and growth. (CNW Group/Info-Tech Research Group)
“Industry 5.0, as well as the integration of technologies such as artificial intelligence, the Internet of Things and advanced robotics, have begun to usher in a profound paradigm shift that challenges traditional manufacturing philosophies, enabling previously unimaginable precision, efficiency and customization.” says Shreyas ShuklaSenior Research Director at Info-Tech Research Group“The role of IT in this transformation is absolutely crucial. 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 facing the chemical and pharmaceutical manufacturing industry, ranging from technology adoption and workforce adaptation to ethical considerations and sustainability goals. Industry CIOs are finding it challenging to strike a balance between maintaining existing IT infrastructure and investing in new and innovative technology solutions. Additionally, there is a significant struggle to hire and retain skilled IT professionals who are proficient in the latest technologies. However, the firm emphasizes that manufacturers can optimize their operations and drive innovation by understanding these barriers and taking advantage of the opportunities presented by exponential technologies.
“There are several factors contributing to sluggish global chemical demand, 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 led to high inventory levels, forcing months of stock-outs. This is causing a slowdown in chemical production and many companies are turning their attention to reducing costs and improving efficiency.”
While the chemical sector is facing these challenges, the pharmaceutical industry has made remarkable progress, particularly in areas such as the development of vaccines and cancer treatments. However, despite these advances, the sector faces significant economic pressures.
“The pharmaceutical industry has seen breakthroughs in the development of vaccines, 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 such as Alzheimer’s.” adds Shukla. “However, the sector continues to underperform in the capital markets relative to the market index. All cost-related items are increasing due to inflation, interest rates, new tax regimes and an increasing threat environment.”
The company’s plan highlights the importance of embracing exponential IT in the manufacturing industry to mitigate disruption and drive innovation. While generative AI has been a catalyst for this transformation, Info-Tech’s research explains that the continued emergence of new technologies is putting additional pressure on organizations to adapt quickly and efficiently. These advancements require a strategic approach to integrate and leverage new technologies to maintain operational excellence and market relevance.
In its latest research, Info-Tech describes Four key priorities for the exponential IT transformations in the chemical and pharmaceutical manufacturing industry that organizations must adopt to ensure resilience and growth:
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 plan offers practical guidance for building a robust IT infrastructure, effectively managing risk, 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, maintain a competitive advantage, and transform operations for long-term success.
For exclusive and timely commentary from Shreyas Shukla, a manufacturing expert, and access to the full version Priorities for adopting an exponential IT mindset in the chemical and pharmaceutical manufacturing industry For the floor plan, please contact (email protected).
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About Info-Tech Research Group
Information Technology Research Group Info-Tech 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 worked closely with teams to provide everything they need – from practical tools to analyst guidance – ensuring they deliver measurable results for their organizations.
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