Chemicals
Chemical Week: Sustainable Cost Out in Chemicals Requires Rethinking How Work Is Done
Move from short-term cost cuts to sustainable cost transformation in chemicals and unlock lasting savings through structural efficiency.
Insight
Protecting Against the Down Cycle
EFESO partnered with Chemical Week to survey global chemical process industry executives to find out how satisfied they are with current business performance, and what measures they are taking to improve their performance during a challenging economy.
A large percentage of respondents answered that implementing a robust Operational Excellence program was a top priority on the management agenda, and those who have incorporated best practices into their operations have been happy with the results.
A large percentage of respondents answered that implementing a robust Operational Excellence program was a top priority on the management agenda, and those who have incorporated best practices into their operations have been happy with the results.
Furthermore, the executives surveyed told Chemical Week that the key is to think smarter, to build business cycles into strategic planning. That is the effective definition of operational excellence: to be both resilient and opportunistic during downturns. That sets the stage for acceleration when the business cycle turns again to recovery.
The best companies think strategically and do more with less. They proactively define a case for change, and engage employees to implement the necessary changes to improve operational and business performance. Down-cycles can be the best time to eliminate non-value activities, examine and optimize your cost structure, and streamline your work processes and organizational model to significantly improve your competitive performance.
Read the full article from the 2 October 2023 issue of Chemical Week to learn more about the survey and to hear what executives from leading companies have to say about the biggest challenges they face today, and how they are preparing for opportunities for improvement and growth.
Read the complete article from Chemical Week to learn more about the survey results and executive insights.
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