The Chemical Show: Leadership Conversations on Strategy, Supply Chain, Innovation, Talent and Trends

Effective diversification requires assessing future market trends, identifying parallel markets that align with existing products, and extending reach geographically. In this episode of The Chemical Show, host Victoria Meyer, explores the various reasons why companies choose to diversify, including gaining a competitive edge, growing profits, and navigating industry changes. Victoria also discusses the evolving nature of global and regional supply chains and how diversification strategies need to adapt to these changes. 

This the final episode of host Victoria Meyer’s 3 part series on approaches chemical companies are taking to combat the market weakness in the first half of this year (for more on this, check out Episode 118 of The Chemical Show where Victoria reviews 2Q23 earnings reports, Episode 120 which covers Commercial Discipline, and Episode 122 which covers Customer Centricity.   

Learn more about the following:

• How diversification creates business resilience
• Good business performance in a flat economy = diversification decisions made early on
• How companies diversify
• The importance of market adjacencies in diversification

Considering the power of customer and market diversification in driving business resilience, Victoria Meyer delves into the importance of diversification in creating a strong and adaptable business. Victoria highlights the perspectives of industry leaders and provides insights into how diversification can help chemical companies navigate flat and inflationary markets, beat the competition, and thrive in times of uncertainty.

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*** Engage with other leaders on Customer Centricity at The Chemical Summit www.thechemicalsummit.com

Additional Links:

Igor Ansoff

Successfully navigating a newly-formed company’s first years comes with challenges and opportunities in business systems, workforce development, and sustainable manufacturing.  Listen and learn as Victoria Meyer speaks with John Foley, CEO of Verdant Specialty Solutions about solidifying the business in its first two years, then building a platform for growth.

John discusses leading the acquisition and integration of multiple businesses in the chemical sector. With a focus on building a strong team, implementing sustainable practices, and leveraging technology, John has brought Verdant to new heights of success. Having recently acquired a specialty oxide plant and a range of businesses, John shares his insights on workforce development, strategic acquisitions, and the importance of balancing commercial strategy with team-building efforts.

Learn more about the following topics this week:

• Verdant 1.0 - buying and integrating the 3 businesses, standing up a back office, implementing an ERP system, and safety and compliance
• Introduction of Verdant 2.0 - growth strategy
• Identifying what's really creating value for your customers
• How Verdant is navigating an uncertain economy
• Sustainable Manufacturing
• Maximizing the Potential of a state of the art specialty chemical plant
• Finding Business success in teamwork

Victoria and John chat about the importance of sustainable manufacturing and the potential to strengthen a smaller chemical company’s technology capabilities through external acquisitions. Join them as they uncover the secrets to building a successful chemical company on The Chemical Show.

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Ep 122 Show Notes

Customer Centricity is more than customer satisfaction, it’s about centering on the “right” customers to create Strategic Value. Host Victoria Meyer delves into the concept of customer centricity and its role in creating business resilience. Through insights from leading chemical companies' earnings reports and experts, Victoria unpacks the importance of customer centricity and its impact on strategic value creation.

This is part 2 of host Victoria Meyer’s 3 part series on approaches chemical companies are taking to combat the market weakness in the first half of this year (for more on this, check out Episode 118 of The Chemical Show where Victoria reviews 2Q23 earnings reports and Episode 120 which covers Commercial Discipline.  

Learn more about the following:

• Defining customer centricity in the chemical industry
• Putting the right customers at the center of your business
• Assessing customer lifetime value
• Why strategic alignment matters
• Business segmentation to create a higher level customer experience
• Employee buy-in

Victoria explores the definition and differentiation of customer centricity from customer service, highlighting that not all customers are created equal. Emphasizing the need to focus on the right customers to create strategic value, Victoria shares key elements of customer centricity, including customer lifetime value, strategic alignment, segmentation, and employee buy-in. 

Gain a deeper understanding of the journey towards customer centricity and how it can enhance business resilience in challenging market conditions.

***Don’t miss an episode: Subscribe to The Chemical Show on your favorite podcast player.
***Like what you hear? Leave a rating and review.
***Want more insights? Sign up for our email list at www.thechemicalshow.com.
*** Engage with other leaders on Customer Centricity at The Chemical Summit.   www.thechemicalsummit.com

Have you ever wondered how the future of operational excellence in the chemical industry will be shaped by digital transformation? In this episode of The Chemical Show, Victoria Meyer welcomes guest Stephen Reynolds, Industry Principal for the Chemical Segment at AVEVA, a global leader in industrial software, driving digital transformation and sustainability. Stephen shares his insights into how technology is revolutionizing operational excellence and empowering employees to drive the business forward. 

In this episode, Stephen, brings a wealth of knowledge and experience in the chemical industry. With 25 years of working as a chemical engineer, Stephen has witnessed the evolution of operational excellence firsthand. Victoria and Stephen discuss the changing landscape of the industry and how companies are becoming leaner, relying on advancements in technology to empower their employees. Stephen delves into the concept of the Connected Worker and how augmented reality and virtual reality tools are transforming how operators on the shop floor access and utilize information. This episode is a must-listen for professionals looking to understand the future of operational excellence in the digital age.

Learn more about the following topics this week:

• Using operational excellence to achieve a higher level of performance
• How the chemical and plastics industry's approach to operations and operational excellence has evolved
• Bridging the gap of the information through Connected Worker
• What is a digital twin and how do you harness its power?
• The value in digital transformation for small to mid-sized chemical companies.
• Digital assets aiding in sustainability and ESG transparency and accountability

Join us in this insightful episode as we explore the future of operational excellence in the chemical industry. Stephen shares his expertise on how companies are leveraging technology to build a more sustainable and efficient future. From the power of the digital twin concept to the implementation of advanced analytics and AI tools, Stephen provides valuable insights into how technology is revolutionizing the chemical industry.

Please subscribe to The Chemical Show on your favorite podcast player. And, visit www.thechemicalshow.com to subscribe to our email list and get additional insights.

Exercising good commercial discipline is critical to business resilience and navigating the challenges of today's economy.

Over the next 3 episodes, host Victoria Meyer will be diving deep into approaches that chemical companies are taking to combat the market weakness we've seen in the first half of this year (for more on this, check out Episode 118 where I review 2Q23 earnings reports).   Victoria’s topic this week: Commercial Discipline

Victoria dives into the concept of commercial discipline and how it can help companies optimize resources, control costs, and maintain strong market positions. Unpacking various approaches that companies are taking, touches on the following strategies for commercial discipline:

• Cost optimization as a key component of commercial discipline
• Controlling the right costs and understanding value through cost clarity
• Cashflow management
• Business efficiency and optimization through automating and streamlining processes
• Prioritizing & optimizing products and solutions

Exploring the concept of control and clarity as essential components of commercial discipline, Victoria emphasizes the need to focus on the right costs and gain a deep understanding of actual costs rather than relying on assumptions. Discussing the role of cash flow management in improving financial stability, Victoria explores strategies for optimizing business efficiency and supply chains. Additionally, Victoria highlights the significance of prioritizing and optimizing products to drive growth and profitability. Don't miss this episode packed with actionable strategies to enhance your company's commercial discipline.

Please subscribe to The Chemical Show on your favorite podcast player. And, visit www.thechemicalshow.com to subscribe to our email list and get additional insights.

Trillium is making waves with their green technology, replacing petroleum  feedstocks with renewable feedstocks to make acrylonitrile. In this episode of The Chemical Show, host Victoria Meyer chats with Corey Tyree, the co-founder and CEO of Trillium Renewable Chemicals about building successful partnerships, the power of experience, and driving sustainability in the chemical industry. 

Learn more about the following topics this week:

• Creating partnerships to support product development in a startup 
• Hallmarks of a great partnership
• The diverse end-uses of acrylonitrile
• The importance of customer development and consumer demand
• The challenge of talent development and acquisition in a startup
• Feasibility of Net zero and carbon neutrality by 2050

Victoria and Corey dive into the importance of partnerships with corporations, transparency, and trust in achieving successful collaborations, as well as the challenges and opportunities in scaling up their manufacturing plant. Corey also shares insights into the growing demand for green chemistry chemistry and the need for more industry experience within the startup space. Join Victoria and Corey as they explore the exciting world of renewable chemicals and the quest for a more sustainable future.

Please subscribe to The Chemical Show on your favorite podcast player. And, visit www.thechemicalshow.com to subscribe to our email list and get additional insights.

While most chemical industry companies and business leaders were anticipating improvements by 2H23, it has proved to be a challenging quarter for most companies, leading into a challenging year. In this episode of The Chemical Show, host Victoria Meyer explores why many companies are lowering full-year earnings outlooks and what’s driving current market conditions. 

Learn more about the following in this episode:

• Insights from 2Q23 chemical industry earnings reports
• Worst period of chemical inventory destocking since 2008-9
• Effect of sluggish economies in Europe and China
• Inflationary effects - slowing demand for consumer goods
• Strategies companies are using to respond to challenging market conditions

Join Victoria as she digs into the second quarter 2023 earnings reports, analyzing the challenges faced by chemical companies and searching for valuable insights. Victoria shares indicators for improvement on the horizon, the possibilities of a period of flat demand before a significant increase, as well as the expected inventory restocking.

Please subscribe to The Chemical Show on your favorite podcast player. And, visit www.thechemicalshow.com to subscribe to our email list and get additional insights.

Additional links:

2Q23 Earnings Reports:

Huntsman 

Stepan

Eastman

Shell

BASF

Lanxess

Chemours

Phillips 66

ExxonMobil

The global chemical industry job market continues to feel the ripple effects from the pandemic and work-life balance values have shifted. Sharing his insights on the state of the chemical industry, Stephen Mothersole, CEO of Chemical Search International, joins host Victoria Meyer on The Chemical Show to discuss the challenges in diversity and inclusion, the impact of remote work on talent acquisition, and the changing hiring criteria post-COVID.

Learn more about the following topics this week:

• Current trends in chemical industry talent search: DE&I, AI, shift to remote work
• Soft skills in chemical industry job candidates
• How global events are affecting executive search
• Tools for finding talent in today's job market
• Most active sectors within the industry for talent development and movement
• War on chemical industry talent in Europe and Asia
• Hiring outlook for 2023 and 2024

Victoria and Stephen acknowledge that the talent pool in the chemical industry, especially in petrochemicals, is not as diverse and that diversity and inclusion within the industry has a long way to go. Victoria and Stephen discuss the importance of human interaction, AI’s impact on executive search, and the age of remote work.

Please subscribe to The Chemical Show on your favorite podcast player. And, visit www.thechemicalshow.com to subscribe to our email list and get additional insights.

From collaborating with major brands to navigating the challenges of sustainable product development and end-of-life solutions, Scott Bober, Senior VP of Global Sales at CJ Biomaterials joins host Victoria Meyer on The Chemical Show to provide valuable insights into the ever-evolving world of sustainable chemicals and materials. CJ Biomaterials is a startup within CJ CheilJedang, the 7th largest conglomerate in Korea. Victoria and Scott discuss CJ’s recent acquisition of Metabolics, giving them an advantage in commercializing their product. 

Learn more about the following topics this week:

1. Helping companies meet ESG and Sustainability Standards through bio-packaging

2. Commercializing Sustainable Products 

3. Identifying Partnerships at different points in the value chain

4. Establishing internal processes in a startup business 

5. Bioplastics vs. cost

6. Finding customer and Consumer value in sustainable products

Victoria and Scott also discuss the challenges associated with consumer demand for sustainable products, lack of infrastructure for composting, and the cost of replacing widely used plastics. Sharing how CJ navigates challenges with specialty industrial marketing, Scott discusses their work in sustainability, involving government affairs, collaboration with internal food brands, and attending trade shows. Join us on this episode of The Chemical Show as we explore CJ's exciting journey in the chemical industry, their commitment to sustainability, and their vision for a more environmentally-friendly future.

Please subscribe to The Chemical Show on your favorite podcast player. And, visit www.thechemicalshow.com to subscribe to our email list and get additional insights.

Digitization and supply chain go hand-in-hand.  In this episode of The Chemical Show, host Victoria Meyer welcomes Arun Samuga, Chief Innovation Officer at Elemica to expand on the development of new digital products and solutions in the area of supply chain innovation. Arun emphasizes the importance of educating potential clients about the advantages of embarking on a digital journey while exploring the various benefits of digitization, including reducing working capital, increasing cash on hand, investing in customer experience and sustainability, and expanding sales channels. 

Learn more about the following in this episode:

• Evolution of chemical process companies
• How business system connectivity supports the supply chain
• Why companies are mix-and-matching digital and automation solutions 
• Digitization in smaller companies
• Elemica’s Multichannel Strategy
• The democratization of AI

 Victoria and Arun discuss Elemica’s digital solutions, which impact various business functions from fulfillment to procurement to customer service. Arun discusses Elemica’s move towards providing customized services to cater to the unique needs of different enterprises.

Please subscribe to The Chemical Show on your favorite podcast player. And, visit www.thechemicalshow.com to subscribe to our email list and get additional insights.