Digital tools may help the struggling
industry streamline its processes and enhance its record of
innovation, ISG Provider Lens™ report says
A somewhat diluted European chemical industry is hoping that
digital technology will provide the formula it needs to regain some
of its strength in the global market, according to a new research
report published today by Information Services Group (ISG) (Nasdaq:
III), a leading global technology research and advisory firm.
The 2024 ISG Provider Lens™ Chemical Industry Services and
Solutions report for Europe finds that for a chemical industry
plagued by a potent mix of environmental concerns, diminished
demand and escalating costs, technology-driven innovation and
digital transformation may prove to be the best solutions. In
addition to impediments on the home front, the market is under
pressure from the influx of inexpensive chemical imports from
China, the ISG report says.
“Europe’s chemical companies are looking to build more resilient
and efficient manufacturing processes,” said Julien Escribe,
partner, ISG SEMEA. “Technology and service providers in the region
are responding with solutions that enhance supply chain
transparency, traceability and security.”
For major players in the European chemical industry,
digitalization is considered a crucial element for improving supply
chain planning in response to the volatility caused by recent
geopolitical disruptions and fluctuating energy prices, the ISG
report says. According to the report, digital tools have also
proved beneficial for tasks such as demand estimation, tracking raw
materials to their sources, real-time order tracking, warehouse and
port automation for sorting and safety and optimizing supply
networks.
Despite facing tough market conditions that have led to layoffs
and plant closings, Europe’s chemical industry maintains its
strength in innovation, the ISG report says. In the coming years,
that innovation will play a pivotal and potentially advantageous
role, particularly with the development of new technologies in
recycling, renewables, electrification and high-tech plastics, ISG
says.
One of the factors that could aid in both innovation and
planning is GenAI. According to the ISG report, GenAI holds the
potential to support various applications in the industry,
including creating new products, designing processes, optimizing
current processes, improving safety measures and reducing
environmental impact.
“Major players in the European chemical industry are actively
exploring and implementing GenAI solutions,” said Jan Erik Aase,
partner and global leader, ISG Provider Lens Research. “Their
principal goal is to enhance their operational efficiency.”
The report also examines how the chemical industry is contending
with stringent regulatory compliance set by the European Union.
For more insights into some of the challenges facing Europe’s
chemical industry, including an aging infrastructure and more
stringent regulations, along with ISG’s advice for addressing them,
see the ISG Provider Lens™ Focal Points briefing here.
The 2024 ISG Provider Lens™ Chemical Industry Services and
Solutions report for Europe evaluates the capabilities of 26
providers across three quadrants: Digital IT/OT Services, Supply
Chain and Logistics and Sustainability and Innovation.
The report names Accenture, Capgemini, Deloitte, HCLTech, IBM,
Infosys, TCS and Wipro as Leaders in all three quadrants, while
Genpact and Tech Mahindra are named as Leaders in one quadrant
each.
In addition, EY, Genpact and Tech Mahindra are named as Rising
Stars — companies with a “promising portfolio” and “high future
potential” by ISG’s definition — in one quadrant each.
The 2024 ISG Provider Lens™ Chemical Industry Services and
Solutions report for Europe is available to subscribers or for
one-time purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only
service provider evaluation of its kind to combine empirical,
data-driven research and market analysis with the real-world
experience and observations of ISG's global advisory team.
Enterprises will find a wealth of detailed data and market analysis
to help guide their selection of appropriate sourcing partners,
while ISG advisors use the reports to validate their own market
knowledge and make recommendations to ISG's enterprise clients. The
research currently covers providers offering their services
globally, across Europe, as well as in the U.S., Canada, Brazil,
the U.K., France, Benelux, Germany, Switzerland, the Nordics,
Australia and Singapore/Malaysia, with additional markets to be
added in the future. For more information about ISG Provider Lens
research, please visit this webpage.
About ISG
ISG (Information Services Group) (Nasdaq: III) is a leading
global technology research and advisory firm. A trusted business
partner to more than 900 clients, including more than 75 of the
world’s top 100 enterprises, ISG is committed to helping
corporations, public sector organizations, and service and
technology providers achieve operational excellence and faster
growth. The firm specializes in digital transformation services,
including AI and automation, cloud and data analytics; sourcing
advisory; managed governance and risk services; network carrier
services; strategy and operations design; change management; market
intelligence and technology research and analysis. Founded in 2006,
and based in Stamford, Conn., ISG employs 1,600 digital-ready
professionals operating in more than 20 countries—a global team
known for its innovative thinking, market influence, deep industry
and technology expertise, and world-class research and analytical
capabilities based on the industry’s most comprehensive marketplace
data. For more information, visit www.isg-one.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240516854285/en/
Will Thoretz, ISG +1 203 517 3119 will.thoretz@isg-one.com
Philipp Jaensch, ISG +49 151 730 365 76
philipp.jaensch@isg-one.com
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