A digital strategy will not only keep lubricant companies one step ahead, it will also make them more efficient, a clear necessity in the industry. The white paper mentions how digital stakeholder management will grow efficiencies across the value chain. A few examples show how big names like Chevron, ExxonMobil, and others are turning to digital solutions for online procurement and supply chain, introducing systems that help with sales, invoicing, tracking, and more. Instead of making the value-chain more complex and less efficient, digitisation brings all interactions and campaigns along the value chain to a single platform, where they can be further prioritised, organised, and monitored in real time. The result is an improved stakeholder management across the value chain, as well as improved interdepartmental communication and reduced IT costs in the long-run.
Being smarter
The same principle allows for a more agile reaction to a rapidly changing global business environment. Businesses will want to deepen the engagement with end-users through increased marketing channels in both B2B and B2C sense.
The process consists of multiple stages, ranging from building brand reputation and raising brand awareness to SEO (search engine optimisation) and creating micro consumer websites and Apps. Perhaps above anything else, a digital strategy will turn companies into smart(er) entities that utilise the actionable data to its full extent. Gathering readily-available information generates a valuable data pool that serves as a foundation in the decision- making process.
Apart from adding inventory and invoice management software to their roster, lubricant companies can also benefit from BI (business intelligence) software that collects data through their online properties (websites, apps) and offers extensive analytical support. That way, businesses can enjoy a more accurate targeting of customers and potential business partners, as well as better forecasting and more efficient and effective management of resources. Indeed, better distributor handling, revising marketing and product strategies based on tactical insights, basing pricing on real-time market information, are repeat issues in the lubricant industry in emerging and emerged markets.
The truth is that the majority of lubricant brands use separate platforms (a.k.a “localised digital initiatives”...) to cater to each segment of their business and customer base. Opting for an integrated digital platform that puts all business functions under one roof will build stronger relationships along the value chain, not to mention a stronger and more loyal community around your products. In today’s lubricants market, optimising BI usage grants a much needed competitive advantage. A concrete digital strategy is a way of life for businesses these days and the lubricant industry is no exception.
You can download the full “Digitisation in the Lubricant Industry” report here.
LINK
www.solidiance.com
28 LUBE MAGAZINE NO.142 DECEMBER 2017
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