Today's chemical industry is one of the most global and heavily regulated businesses in the world. Manufacturers of basic commodity and specialty chemicals as well as life sciences products typically operate in more than 35 countries, and international sales average at least 50 percent of total revenue. Volatile macroeconomic and foreign exchange trends can quickly shift the balance of profitability to those chemical producers benefiting from strong local currencies or proximity to regional growth markets. Further complicating the outlook for global chemical companies is the significant impact of regulatory requirements - federal, European Union, state, and local - both at home and abroad.

To succeed, chemical manufacturers must continually focus on enhancing research and development (R & D) productivity to ensure an adequate return on invested capital and growth in profitability. They also need the tools to effectively handle their spend so they can reduce costs and maximize the value of every transaction.