Top Companies Driving Digital Transformation in Process Industry
Published on : Wednesday 04-09-2024
Top global companies in the process industry are driving digital transformation to redefine their operations.
Digital transformation is a critical strategy for companies, regardless of the type of business and industry. It helps organisations to stay relevant and competitive in an increasingly dynamic global market.
In the process industry, several companies are already leveraging advanced and cutting-edge technologies such as artificial intelligence (AI), IoT, big data analytics, and cloud computing to optimise their operations. These technologies also reshape their business models, boosting productivity, and driving sustainable growth.
These companies are not just early adopters of digital transformation. But they are trailblazers changing the face of the industry by combining cutting-edge digital capabilities with industrial practices.
When we look at the market scenario, the global digital transformation market is estimated to reach $3,144.9 billion by 2030, according to MarketsAndMarkets. The market is growing from $695.5 billion in 2023, at a CAGR of 24.1% during the forecast period.
Through this article, you as an industry leader will explore the top companies leading the digital revolution within the process industry. You will get to know how these companies are harnessing the power of digital technologies to create new opportunities and drive the next wave of industrial growth.
So, let’s get started!
Top companies leading digital transformation in process industry
Here are some of the top companies driving digital transformation in the process industry.
1. BASF
Headquartered in Ludwigshafen, Germany, BASF is one of the biggest chemical producers worldwide. The company deals in several segments, including care, chemicals, materials, surface technology, industrial solutions, and nutrition.
In order to innovate its product lines and optimise its operations, BASF has embraced digital transformation. The company has made significant investments in digital technologies like machine learning, big data analytics, and IoT to optimise its production processes.
2. Dow Inc
Based in Midland, Michigan, USA, Dow Inc., is well-known for its material science business. The company’s portfolio involves chemicals, polymers, and agricultural goods. The flagship digitisation initiative of Dow Polyurethanes (PU) aims to transform how it creates products for its clients.
With the help of AI and machine learning, Predictive Intelligence combines Dow's experience in materials science to significantly enhance product formulation and shorten the time it takes to market for unique solutions.
3. ExxonMobil
With its headquarters located in Texas, USA, ExxonMobil is a multinational oil and gas corporation. The company has leveraged the power of new technologies to better provide energy for the world. That effort continues with a growing focus on digital technology.
ExxonMobil is utilising high-performance computing, advanced data analytics, and enhanced connectivity to transform how it works at every level of its operations and improve the way it interacts with customers.
4. Honeywell International Inc
With its global headquarters located in Charlotte, North Carolina, USA, Honeywell International Inc., is a multinational conglomerate that operates in performance materials and technologies, aerospace, building automation, and safety and productivity solutions. Honeywell's digital transformation initiative is a twofold strategy. Internally, the company transforms the way it operates and externally, it taps into the software market.
In 2020, Honeywell partnered with Microsoft to integrate its Forge technology with the Microsoft Dynamics 365 Field Service ERP system. Honeywell Forge, an IoT-based analytics tool, aims to help enterprises manage their performance for the digital transformation of manufacturing and financial operations.
5. Shell
Headquartered in London, United Kingdom, Shell is a multinational oil and gas company. The company has been actively harnessing digital technologies to advance its operations and sustainability efforts.
Shell leverages various emerging technologies such as artificial intelligence (AI), 3D printing, data analytics, augmented and virtual reality, EV and others to enhance its operational and service capabilities.
6. ABB Ltd
Known for electrification, automation, and digitalisation, ABB Ltd is a Zurich, Switzerland-based multinational company. The company aims to build safer, smarter, and more sustainable operations by integrating generative AI capabilities into industrial digital solutions. In order to improve user interaction with ABB Ability Genix Industrial Analytics and AI Suite and make data more useful for efficiency and sustainability improvements, ABB implemented ‘Copilot’ features.
Last month, ABB launched a global campaign, ‘Do More With Digital’, highlighting the opportunities for the process industries to realise their full potential through digital transformation.
7. Schneider Electric
Headquartered in Rueil-Malmaison, France, Schneider Electric is a Fortune Global 500 company specialising in energy management and automation solutions. The company promotes digital transformation through its EcoStruxure™ platform, an IoT-enabled, open, and interoperable system architecture. The platform provides advanced analytics, machine learning, and IoT capabilities, helping in optimising energy management and automation processes.
In 2023, Schneider Electric launched an industrial digital transformation consulting and deployment service. This specialised global service aims to help industrial enterprises accomplish future-ready, innovative, sustainable, and effective end-to-end digital transformation.
8. Johnson Matthey
Known as a leading sustainable technology solutions provider, Johnson Matthey serves clients within the energy, chemicals and automotive industries. The company utilises digital technologies to advance its manufacturing processes and develop innovative products.
9. TotalEnergies
Based in Courbevoie, France, TotalEnergies is a multinational integrated energy and petroleum company. The company focuses on using artificial intelligence (AI), big data, IoT, blockchain, and drones to digitally transform its operations. It also leverages data visualisation and analytics technologies to optimise its exploration and production activities.
TotalEnergies produces speciality petrochemicals and power generation with considerable renewable energy operations. In 2019, the company launched the Digital Factory to bring together, among others, developers, digital architects, data scientists, and specialists in agile working methods to collaborate alongside experts from Total’s various businesses.
10. Bayer AG
One of the leading pharmaceutical and biomedical companies in the world, Bayer AG leverages cutting-edge technologies like AI, Cloud, and IoT to drive its digital business transformation. The company’s digital initiatives are designed for process optimisation, real-time monitoring and predictive maintenance, enhancing efficiency, reducing costs and advancing digital health.
Conclusion
Several leading companies are driving the revolution in the process industry by aligning cutting-edge technologies like blockchain, IoT, and AI within their business operations. This, in turn, helps them gain enhanced operational efficiency with opportunities for smarter, more sustainable practices.
Are you prepared to drive the next digital revolution within the process industry? Wondering what new technologies will emerge as game-changers? Staying informed about these developments is crucial. Stay tuned to the Industrial Automation for more updated insights.
References:
1. https://www.krishaweb.com/blog/digital-transformation-in-top-industries/
2. https://whatfix.com/blog/digital-transformation-in-manufacturing/
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