ChemAnalyst is a leading innovator in chemical and petrochemical market intelligence, and has been at the heart of transforming how organisations work through the complexities of the modern market. By providing its users with real-time insights into demand, supply and pricing, ChemAnalyst empowers businesses to take more-informed decisions.
Karan Chechi, CEO at ChemAnalyst, sat down with Procurement Magazine and spoke on its innovative subscription-based model that ensures that clients receive accurate and up-to-date market insights. With a focus on predictive analytics and real-time data processing, ChemAnalyst is not just a provider of information but a strategic ally in navigating the complexities of the global chemical market.
What market need did ChemAnalyst identify that led to its creation?
ChemAnalyst identified a pressing problem in the chemical industry: the lack of reliable, timely, and exhaustive market information. In the past, organisations relied on reports from specific time periods, using outdated information to make strategies. This led to lost opportunities, mismanaged supply chains, and poor risk understanding. ChemAnalyst was created to address these issues by providing up-to-date, real-time information about the current market price, demand, and supply situation. The need for a more flexible and adaptive data solution emerged as the chemical industry is vulnerable to global economic changes and industry innovations. ChemAnalyst provides timely information and the ability to foresee market trends, helping organisations make informed decisions and achieve better business outcomes.
How can ChemAnalyst's data analytics improve supplier risk assessment and management for your subscribers?
ChemAnalyst's data analytics capabilities significantly enhance supplier risk assessment and management for its subscribers. By leveraging vast amounts of market data and sophisticated analytical tools, ChemAnalyst can identify potential risks and disruptions in the supply chain. The platform can detect early warning signs of supplier financial instability, geopolitical risks, or supply shortages. Subscribers can use this information to assess the reliability and stability of their suppliers, enabling them to make proactive decisions to mitigate risks. ChemAnalyst provides detailed insights into supplier performance, historical reliability and market positioning, helping businesses to evaluate and compare potential suppliers more effectively. Allowing companies to diversify their supplier base, negotiate better terms and develop contingency plans to ensure uninterrupted operations.
Why is real-time data crucial for supply decision-making in the chemical industry and what tools does ChemAnalyst provide to facilitate its analysis?
Another factor that makes real time data relevant to the supply decisions in the chemical industry is that the sector is very fluid and ideas are changing frequently. Market forces, for instance, changes in costs of raw materials, shift in government policies and political instabilities can greatly affect the supply chain within the shortest time possible. These changes can be responded to promptly and the necessary decisions made while a business remains competitive if real-time data is used. ChemAnalyst offers many features for the real-time data analysis: live data visualisation with the help of real-time dashboards, setting up alerts and use of a predictive model. ChemAnalyst therefore ensures that firms have a complete view of the market in real-time, they are able to manage their supply chain costs effectively and hence boost efficiency.
How does ChemAnalyst utilise predictive analytics to transform market forecasting for chemical prices? Can you provide specific examples related to key chemical products?
ChemAnalyst uses the power of big data to transform how suppliers and customers might think of future prices of chemicals through the use of predictive analytics and facts gathered from the market era. ChemAnalyst uses artificial intelligence methods such as machine learning and statistical analysis, which can help to foresee the chemical price fluctuation with a considerable degree of precision. When it comes to petrochemical products like ethylene and propylene prices, ChemAnalyst uses statistical models that consider aspects like the crude oil price, the production facilities in the coming years and the demand and supply chain analogy of the prices.
It enables the subscribers to be in a position to make the right decisions in procurement, order and inventory and the right pricing strategies in anticipation of the change in the market.
What role do AI and machine learning play in enhancing market trend analysis for chemicals on your platform?
ChemAnalyst makes use of Artificial intelligence and machine learning to improve the market trend analysis of chemicals on its platforms. They are computation tools used in the platform that enhance seeking, parsing, sorting and analysis of large volumes of data as compared to manual methods. Machine learning techniques can build a predictive model for certain features using the data from the previous cases, which is sometimes more effective than analysis by a human being. This makes it possible for ChemAnalyst to discover more about the market trends and also the prices of the chemicals and also the demand and supply of the chemicals in the market. AI also makes use of new data sets to learn from and thus the tools are better in terms of predictive capability as time progresses. ChemAnalyst uses Artificial intelligence and machine learning to improve its market analysis and provide more accurate and analytical patterns to its users to innovate in this sector.
How do you see the role of data analytics evolving in the chemical industry over the next five to ten years, particularly for B2B SAAS platforms like ChemAnalyst?
Over the next five to ten years the role of data analytics in the chemical industry is set to rise even more. More and more companies are focusing on analytical decision making, there will be an increasing need for improved analytical tools. The emergence of new tools altogether will follow a B2B SaaS model such as ChemAnalyst and will offer better and more extensive analytical tools. There will be more adoption of AI and machine learning to enhance the value of the platform by offering more real-time useful data. Also, it will transition to focus on the streaming of data to provide constant updates to businesses’ reactions to market activity. ChemAnalyst is well placed to drive this adjustment, with its database being constantly developed to meet the users’ demands of its subscribers.
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