Covestro digital program a boost to Chinese industry
Print Edition
POLYMER giant Covestro has launched a dynamic digitalization program in China as the Chinese government advances a strategic plan on the Industrial Internet of Things.
Covestro senior executive Daniel Meyer, revealed the company has pushed forward its initiative, Digital@Covestro, in response to the call of the country as a 鈥淐hinese company.鈥 Meyer believes Covestro sets an example to the chemical and material industry to realize the Industrial Internet of Things鈥 business as they are leading producers of raw materials for polyurethane.
Although the Industrial Internet and digitalization, termed by Covestro, have different signifiers, the signifieds are similar. Both of them stress the combination of the Internet of Things, Big Data, Machine Learning, Smart Factory and artificial intelligence with traditional industry. Data and computing power are becoming increasingly important to them. They herald the advent of Industry 4.0, a new Industrial Revolution. Thus the digitalization led by Covestro will provide references for the chemical and material industry to transform and upgrade.
Covestro regards digitalization as a transforming factor for the polyurethane industry because it opens up many new opportunities for the entire chemical and plastic industry.
鈥淚t enables step changes in enterprise intelligence, agility, automation personalization and customer engagement,鈥 said Marius Wirtz, Senior Vice President of Covestro.
Klaus Schafer, Chief Technology Officer of Covestro added, 鈥淭oday, digital solutions contribute significantly in making life easier and simplifying work. They have become standard in everyday life. Digitalization has a huge impact on chemical and material industry, too. With new digital applications, we at Covestro want to make production process even more efficient and sustainable.鈥
The Accenture consulting firm and the World Economic Forum concluded in a joint study that digitalization鈥檚 economic gains in the global chemical and material industry, from 2016 to 2025, are expected to be US$310 billion to US$550 billion. According to McKinsey Global Institute (MGI), China鈥檚 digital technologies are set to transform and create 10 to 45 percent of industry revenue by 2030.
鈥淐hina is not only our single biggest market, but also at the forefront of digitalization. The Chinese government strongly supports the transformation of its economy towards innovation, and the whole country is progressing rapidly down this path,鈥 said Meyer, who is Head of Polyurethanes at Covestro. 鈥淲e are determined to be part of this transformation, utilizing our experience in this market and applying new learnings on innovation to solve some of the world鈥檚 biggest challenges. We intend to lead the digitalization of the chemical industry with the same speed and skill that China has achieved in digital development over the last few years.鈥
On the occasion of PU China 2018, German materials manufacturer Covestro held an 鈥淚nnovation PLUS鈥 conference to showcase how one of the leading producers of raw materials for polyurethane is seizing the opportunities of digitalization in China and beyond. The company launched the 鈥淒igital@Covestro鈥 initiative and it is working on future-oriented, customer-centric solutions
Focusing on the digitalization of operations, customer experience and new business models, Covestro shared its ideas on how the company will implement its digitalization plan in China, and how the digitalization of the chemical industry can contribute to making the world a brighter place.
The three main focus areas: digital operations, digital customer journey and digital business models.
Digitalization opens up new ways of connecting people and exchanging information faster than ever before. Applying digitalization in business operations allows both Covestro and its customers to optimize safety and efficiency by following digital research and development. One example of this is 鈥渃limate correction,鈥 a high-tech process that uses algorithms to control key foam properties according to varying climate conditions, allowing a more efficient use of raw materials and an improvement in the production process for foam manufactures.
Covestro wants to seize the opportunities of digitalization to develop a customer-centric approach that reflects the needs of customers. By reaching out to customers via all digital touch points, from the first inspiration for a product to after sales support, Covestro wants to support dynamic decision making and individualized offers to bring added value.
One important cornerstone of this for 2018 is the successful re-launch of Order@Covestro, a global online ordering platform that increases transparency and efficiency in the order process.
Covestro has developed an innovative digital marketplace for chemicals, designed in dialogue with customers and based on their demands. In future, they will be able to buy standard products from a range of polymers at current market prices online. Covestro is also planning to broaden the platform to include the distribution of tested basic products and services from third-party providers.
鈥淭his might be fierce competition for PU industry, however we are not afraid of it and we welcome the competition,鈥 said Meyer. Along with its own marketplace, the company also utilizes existing Internet platforms. For example, it launched a flagship store on Alibaba鈥檚 1688.com, China鈥檚 biggest B2B platform, aiming to provide more efficient service for small-sized to medium-sized customers in China. By pursuing a comprehensive digitalization strategy, Covestro endeavors to realize its vision 鈥 whatever can be done digitally will be done digitally.
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