The petrochemical industry informatization should be an important weapon against market fluctuations

The petrochemical industry is one of the earliest industries in China for informatization construction. After years of industrial informatization, investment has increased year by year, and the overall level of informatization application of the industry has been continuously improved. According to a survey conducted by the China Petroleum and Chemical Industry Association, production automation, finance, and office automation systems have now been applied and played an important role in most enterprises. Informatization of large enterprises has entered the integration and deepening application phase. Under the impact of the current international financial crisis, informationization has become an “important weapon” for companies to deal with the financial crisis.
The global financial crisis has injected more "rationality" into the informationization of the petrochemical industry. The informationization of the petrochemical industry has been showing rapid development in the past few years. The financial crisis has provided enterprises with the opportunity to break through the routine and re-examine information construction. Depending on the information system to enhance the competitiveness of enterprises and reduce the risk of enterprises, it has become one of the focuses of the current informationization construction of petrochemical enterprises.
The current international financial crisis has undoubtedly brought great impact on China's petrochemical industry. Under the impact of the international financial crisis, companies are faced with a series of issues such as the market, prices, and capital chain, but because information systems help companies reduce their operating costs. The best weapon for cost and competitiveness is the economic globalization, global information, and fierce market competition. Even if there is no financial crisis, companies must rely on IT systems and information applications to enhance international competitiveness and resist risks. The ability to integrate business processes through vertically integrated applications; horizontally integrate applications to support group management and collaborative operations; and deep integration of information and industrialization to support corporate innovation. Domestic petrochemical enterprises, especially large-scale petrochemical companies, will not be hindered by the financial crisis and will further deepen and optimize the application of information technology to promote business integration, strengthen group management, support cooperation and innovation, etc. On the other hand, it will play a greater role and reflect greater benefits.
Under the background of the financial crisis, China’s petrochemical enterprises have experienced many pressures and challenges such as slowing demand growth, rapid price declines, and declines in corporate profits. However, the domestic economic situation is in the long term and the petrochemical market is still in a development phase. Therefore, petrochemical enterprises Must establish confidence, adhere to sustainable development strategies, change the mode of development, rely on technological progress to improve comprehensive competitiveness and anti-risk capabilities. Information application is an important means for petrochemical companies to adapt to economic globalization and respond to financial crisis. In recent years, corporate decision makers have increasingly recognized the importance of information technology. Under the financial crisis, companies need to more accurately grasp the direction and strategy of informatization applications, seize the opportunity to break through certain unfinished technical and management obstacles in the conventional living environment, and build a multinational enterprise group with international competitiveness. China has completed a historic leap in structural adjustment and industrial upgrading.

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