Innovation – The key to growth

The global chemicals and petroleum (C&P) industry is facing unprecedented challenges. Falling crude prices, volatile socioeconomic and political environments, new forms of competition, and ever-increasing demands for sustainability and safety are disrupting the industry. As C&P organizations navigate these challenges, they can learn valuable lessons from leading global innovators. C&P companies can apply these learnings to create new structures, functions and cultural environments conducive to innovation, and to establish more efficient processes for converting ideas into outcomes. By embracing these successful innovation strategies, C&P organizations can position themselves not only to overcome current challenges, but also to grow revenue, capture efficiencies and join the ranks of the outperformers.

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Study highlights

55% of chemicals and petroleum executives surveyed say industries are converging and being reshaped

55% of chemicals and petroleum executives plan to pursue strategies exploiting synergies with other organizations

51% of chemicals and petroleum executives tell us traditional business models are not sustainable

About the authors

Anthony Marshall

Anthony Marshall
Research Director and Strategy Leader
IBM Institute for Business Value

Cor van der Struijf

Cor van der Struijf
Senior Cloud Advisor
Global IBM Cloud Unit

David M. Womack

David M. Womack
Global Director of Strategy and Business Development, Chemicals and Petroleum Industry
IBM Sales and Distribution

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