With over 20+ years’ experience in chemical and material sciences, Albert’s VP of Growth and Strategic Partnerships, Bob Olsen shares insights about the R&D digital transformation of labs for better outcomes.
Challenges Facing Chemical & Materials Science Industry
Chemical companies are under unprecedented pressure to bring new and more sustainable materials to market faster, while containing costs to be competitive. Yet many chemical companies are still relying on outdated analog tools and processes to manage R&D, which is creating needless barriers in expediting innovation. As a result, the cost to chemical companies of not leveraging a modern, data-driven approach to innovation continues to grow exponentially.
Barriers in the Lab Slowing Down Innovation
Companies that have not yet migrated to a centralized, data-driven approach to innovation leave scientists grappling with inefficiency barriers.
For instance, questions that could be answered within just a few seconds or keystrokes with a modern, R&D platform—such as: Has anyone run this experiment before? Do we already have a product that meets the customer’s requirements? What is the sustainability or safety profile of this new material?—often takes hours if not days to address in an analog and fragmented R&D environment.
Without a data-driven system that makes for easily accessible, shareable, relevant, and clean data, chemical companies will continue to face challenges in stepping up their innovation efforts.
Data-driven companies are 19 times more likely to be profitable, six times more likely to retain customers, and 23 times more likely to acquire them compared to their counterparts.
McKinsey Global Institute, link to source
The Shift from Chemicals First to Data First
In Albert’s eBrief: R&D Digital Transformation | The Shift from Chemicals First to Data First – Bob Olsen, Albert’s VP of Growth and Strategic Partnerships, explores:
- Overall benefits of a data-driven approach to R&D in the chemical industry
- Specific use-cases of what can be achieved with modernizing R&D processes and tools
- Key success factors in ensuring digital transformation in the lab delivers on its promise of expediting innovation
Modernizing the lab for better outcomes is key to meeting rising customer demands and staying competitive in today’s market. However, understanding why it’s important and the right approach is important in ensuring the successful shift from a chemicals first to a data first R&D strategy. Download a copy of this eBrief today.
Every day 1000s of scientists across 30+ countries rely on Albert—an end-to-end R&D platform—to accelerate innovation. Built for chemistry and materials science, Albert’s cloud-based, API-forward platform enables our customers to be more competitive and delivers hard-dollar ROI.