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We have recently conducted benchmarking study for leading international petrochemical company with the goal to understand most recent Sales & Marketing operating model trends within the industry and beyond.
One interesting finding I want to share with you relates to innovation approach of global industry leaders. At first glance, petrochemical industry might seem relatively conservative regarding breakthrough product development approach creating new markets by substitution of traditional products. In fact, this is not the case. Historically, limited plastics have been used in car and airplane components, no plastics have been used for water pipe systems, as well as wide range of FMCG and Retail products, etc. Now we see these products as traditional as if they have always been in the market.
What about next generation of innovative products, e.g. cars and aircraft cabin with no metal, polymer thermal insulation in construction, etc.? How to make sure that as petrochemical innovative leader you do not miss and commercialize such big opportunities?
BASF and Evonik for example apply systematic approach to monitor global megatrends to identify breakthrough technological ideas. First, they have dedicated centralised research team that constantly monitor global megatrends in relation to petrochemical and client related industries to identify technological breakthrough opportunities. Second, they make strategic bets on most promising ideas with potential commercialization within the next 3-5 years (materials replacement to plastics, new breakthrough technologies). Third, they do pilot incubation of innovative products often in partnership with clients and/or research institutions.
