The chemicals industry faces several challenges today, including high costs of raw materials and energy, asset reliability, and increased incidences of production disruptions. For example, ARC Advisory Group estimates that up to 5% of production is lost to unplanned downtime.
What’s more, the cost of just three days of unplanned downtime can cost a plant more than $5 Million. Beyond their plant floor, the chemicals industry is also facing a sustainability challenge. According to the U.S. Energy Information Administration, the chemical industry accounts for about 10% of global total final energy consumption and 7% of greenhouse gas emissions.
Thankfully, advancements in AI mean that chemical companies can now address these challenges.
Our field-proven AI solution is helping the chemical industry reduce energy costs, increase yield, reduce raw material spend, improve quality of products, and for asset monitoring and optimization. We are enabling the industry leaders to make proactive, predictive decisions to impact the outcome throughout the process.
Learn how Canvass AI provides a much-needed catalyst for transformation in the chemical industry.