Zooming into Cultural Elements

Chemical companies have traditionally focused on R&D, asset utilization and process efficiency. Our survey results show that there is now a greater call for customer focus and business model innovation, which in turn is making end markets increasingly important. Today more than ever, innovation is about providing a competitive edge for customers.

In terms of results orientation, chemical companies have long enjoyed comfortable profitability, outperforming other industries in terms of value creation. Recognizing that the industry has been rather traditional, typically asset-heavy and often weighted down by a strong headquarters’ culture, the industry leaders now want to promote more entrepreneurship, more ownership and greater risk-taking in their companies, as the survey shows.

In fact, greater risk-taking is precisely what’s needed right now to drive forward momentum. Now is the time for a few risk-takers to be bold and courageous, asserts Alfred Stern, CEO, Borealis. “Transformation always requires leaders – a few brave people – to step out and take some risks to initiate change. Some people need to stick their necks out and then others will happily follow.”

Our data displays the spread between the actual and desired states of cultural elements according to the survey results.