The Chemical Show: Where Leaders Talk Business

Ep 122 Show NotesCustomer 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 industryPutting the right customers at the center of your businessAssessing customer lifetime valueWhy strategic alignment mattersBusiness segmentation to create a higher level customer experienceEmployee buy-inVictoria 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 performanceHow the chemical and plastics industry's approach to operations and operational excellence has evolvedBridging the gap of the information through Connected WorkerWhat 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 accountabilityJoin 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 DisciplineVictoria 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 disciplineControlling the right costs and understanding value through cost clarityCashflow managementBusiness efficiency and optimization through automating and streamlining processesPrioritizing & optimizing products and solutionsExploring 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 partnershipThe diverse end-uses of acrylonitrileThe importance of customer development and consumer demandThe challenge of talent development and acquisition in a startupFeasibility of Net zero and carbon neutrality by 2050Victoria 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 reportsWorst period of chemical inventory destocking since 2008-9Effect of sluggish economies in Europe and ChinaInflationary effects - slowing demand for consumer goodsStrategies companies are using to respond to challenging market conditionsJoin 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 StepanEastmanShellBASFLanxessChemoursPhillips 66ExxonMobil

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 workSoft skills in chemical industry job candidatesHow global events are affecting executive searchTools for finding talent in today's job marketMost active sectors within the industry for talent development and movementWar on chemical industry talent in Europe and AsiaHiring outlook for 2023 and 2024Victoria 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-packaging2. Commercializing Sustainable Products 3. Identifying Partnerships at different points in the value chain4. Establishing internal processes in a startup business 5. Bioplastics vs. cost6. Finding customer and Consumer value in sustainable productsVictoria 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 companiesHow business system connectivity supports the supply chainWhy companies are mix-and-matching digital and automation solutions Digitization in smaller companiesElemica’s Multichannel StrategyThe 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.

Wondering how to get better results from your strategy?In this episode of The Chemical Show, host Victoria Meyer explores the topic of strategy execution and the common pitfalls organizations face. Victoria discusses the necessity of involving the entire organization in the strategy process to ensure understanding and alignment. Citing a recent study conducted by Harvard Business Review, Victoria highlights the significant gap between executives' perception of strategic alignment and employees' actual understanding. Learn more about the following in this episode:Challenges in Vision and Strategy Development Risks of Top Down StrategyGap in Executive and Employee Strategic Alignment Understanding4 Approaches to Overcoming the Strategy DisconnectWhy Employee Engagement is Critical to Strategy DevelopmentVictoria emphasizes the importance of engaging employees in the strategy setting process in order to drive buy-in and shared context. Discussing the risks of not getting the vision and strategy right, especially in the ever-changing post-pandemic world, Victoria offers compelling approaches to engaging employees and overcoming strategy disconnect. 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:Harvard Business Review: Is Your Company as Strategically Aligned as You Think It Is?

In this episode of The Chemical Show, host Victoria Meyer invites George L. Vann, president of EcoServices, which is a part of Ecovyst to chat about his unique career path - from graduating with a mechanical engineering degree, to serving in the military, to various roles in the chemical industry. George emphasizes the importance of long-term relationships with customers and the need for long-term contracts to establish trust and dependability. He also shares insights into fundamental factors across businesses, including growth, providing value to customers, and attracting and retaining talent.Learn more about the following in this episode:1. Applying Leadership skills US Army to Business2. Business mindset: big vs. small companies3. Weathering economic storms in business4. Impact of electrification on sulfur business5. Circularity and sustainability in mature industries   6. The importance of talent and skilled tradesDrawing upon his military background, George discusses the leadership skills he acquired, emphasizing the importance of working with people, considering different viewpoints, making informed decisions, and taking accountability. Victoria and George also explore how creating partnerships with educational institutions help to develop internship and trainee programs, which can help create a pipeline of qualified individuals for vocational technical positions. Lastly, George highlights the need for smaller companies like Ecovyst to create unique value propositions to attract talent.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.