Sometimes I avoid change. This is only natural; a lot of people do, at least some of the time. I like things that are comfortable and familiar, things that I understand and know my way around. I may steer clear of change because I worry that new can be risky, and that I might result in being worse off in the end–-a tendency known as loss aversion. Beyond loss aversion, however, change can be particularly challenging because it tends to have a ripple effect–one change necessitates another, then another, until you find yourself having to update everything. Anyone who has ever upgraded just one piece of technology in their office, or even updated just one appliance in their kitchen, can understand this phenomenon.
Hype and heightened expectations about how Industry 4.0 can help chemicals companies accelerate business growth and optimize operations is prompting executives to think through the advanced technologies they could implement within their company and with their partners in the value chain.