Introduction

Chemical manufacturing is being transformed by Industry 4.0. Today’s chemical companies are quickly adapting to the digital world, recognizing the power of “connection” among products, production equipment and personnel. But with transformation also comes challenges. Some are specific to organizations and depend on where they currently stand regarding technology, operations and resources. Other challenges — such as meeting standards and implementing best practices — are issues that all companies face, and are key to maximizing partnerships and collaborations When components of a chemical manufacturing organization — equipment, products and personnel — are connected, the amount of data produced is enormous. This data overload is the result of Industry 4.0’s reliance on the IoT. Yet it’s useless unless converted into actionable information.

Transforming data into actionable information, however, requires both the right technologies and the right people.

Industry 4.0

Quarterly.ai provides chemical manufacturers with the analytical and visualization capabilities that enable accurate forecasting, predictive sales performance, on-point coaching, and actionable intelligence. Quarterly.ai enables sales people to take on more strategic account management activities that result in greater customer success and predictable renewals. This is because as simple, monotonous processes such as data entry into the CRM becomes automated, sales people with higher-level skills are enabled to do what they do best - manage the interpersonal relationships that lead to long-term success.

Transitioning to Industry 4.0 is both a challenge and an opportunity to grow, connect, streamline and build the chemical manufacturing sales pipeline. Awareness of the limitation of CRM as purely a system of record is the first step to addressing the key issues. Now is the time for chemical manufacturers to upgrade their sales strategies to leverage the actionable intelligence that ‘smart’ tools such as Quarterly.ai can provide.

Relentless Price Competition

In addition,the chemical industry faces a number of challenges setting prices. For example, relentless price competition and significant cost fluctuations challenge many companies to accurately set prices. At the same time, they are trying to align prices to value and sell that value in order to target the right prices to the right customers.

Chemical manufacturers are facing relentless pressure on margins through aggressive price competition fed by volatility in demand. In the midst of this competitive environment, companies must ask themselves several key questions. Do you have the right information to make price decisions? Can you easily see market trends in pricing? Do you have the information and tools you need to estimate the impact of price on volume and mix?

Customers and even sales reps have incentives to be selective with information sharing. Quarterly.ai allows sales reps to monitor industry trends and to spot slippage with key products or segments, and to ensure compliance with contracts. Companies have to be willing to terminate unprofitable customers by establishing a walk-away price before the negotiation begins, which is especially true with customers who are ardent price buyers. The goal should not be to “win at all costs,” but to maximize profitability. Quarterly.ai enables chemicals companies to look at the total time spent with an account, including sales, support, training etc., and then determine if that account is truly providing long-term value. If not, resources can and should be re-allocated to other, higher-performing accounts.

Often the best pricing strategy is to redirect the battle away from price and toward marketing strengths, including stability of supply, innovation, technical assistance and customer service. Quarterly.ai enables sales reps to have a conversation with the customer about the long-term value that your organization can provide.

Real-Time Sales Training and On-Point Coaching

Identify and separate your price buyers from value buyers by taking away services when price reductions are required. Train your sales force to negotiate with well-defined value propositions – and don’t assume your sales force already knows how to properly convey critical value messages. Think about additional training in negotiation skills and value-selling. Also, consider sales incentives that reward price quality and profit generation rather than simply volume.

Quarterly.ai helps with sales training by providing highly-customizable ‘playbooks’ that are context-sensitive depending on the stage and velocity of the deal. Account managers can better understand where accounts get ‘stuck’ and be provided with actionable strategies for overcoming objections. Quarterly’s management analytics enables managers to have specific conversations with their sales reps, pin-pointing challenges and issues, and developing strategies to overcome them. These in turn form the nucleus of a playbook for other accounts fitting the same profile as the target.