The Gulf Petrochemicals and Chemicals Association (GPCA) in collaboration with McKinsey & Company hosted a seminar on 19th of January in Jubail, Saudi Arabia, to discuss the future of the petrochemical industry.
The seminar was attended by 30 senior industry executives from GPCA member companies who were able to benefit from a number of interactive presentations and sessions addressing the latest industry developments and trends, and the way in which they impact regional producers.
One of the key themes highlighted during the event was the importance of maintaining efficiency and resource optimization throughout the manufacturing process.
Attendees were able to hear about the numerous benefits of applying the concept of lean management to drive continuous improvement in day-to-day operations and maintenance, as well as understand how advanced analytics can help to unlock additional potential across predictive maintenance, energy optimization, yield and throughput.
Another key topic that came into focus was efficiency in learning, with experiential learning being praised for its superiority over a theory-based approach. In particular, the seminar focused on the so called ‘model factory’ concept, alerting the audience to its benefits including enabling the understanding of lean manufacturing in a way that is quick and fun. In support of this argument, experts quoted research suggesting that this type of capability building has a six times higher recall rate than traditional class-room teaching sessions.
The seminar also tackled the challenges surrounding resource optimization and driving down cost, recommending a Total Cost of Ownership (TCO) approach to capture savings through commercial, specification, demand and process management interventions across all areas of spending.