How Covestro CDO deals with digitalization
Companies often employ a CDO – Chief Digital Officer – to implement the digital transformation in the company. However, there is no Covestro CDO at the moment. At Covestro they want to advance digitization with the already experienced Walter Grüner. He took over the CIO position in May 2019. In this case, the CIO also assumes tasks that would otherwise be part of the Covestro CDO position. Prior to that, he was responsible for IT globalization and digitization at Kion Group AG since 2013.
Why should Covestro be involved in digitalization?
With the Digital@Covestro program (more information Digital@Covestro) and the associated “Optimized System Integration 2020” project, Covestro intends to exploit the opportunities offered by digitization. With this in mind, Covestro aims above all to change its production, tap the full potential of digitization and make digitization itself an integral part of its corporate strategy.
On one hand their procedure will include more digital technologies. This makes the procedure itself quicker and easier for each and every employee. Planned is also a higher turnover of one billion euro.
But on the other hand the focus lies also on the added value for the costumers. This means making them more successful with new digital tools and methods.
Covestro has no digital subsidiaries or other remarkable digital activities to show.
Digital accelerator / incubator
Covestro doesn’t take part yet on any bigger accelerators or incubators from outside. What they did instead was to start a “Start-up challenge” in which only Covestro employees can take part. This competition was of great interest. A total of 600 projects came together. The 6 best of these projects could take part in the final round in February 2018. The winning team was released from work for up to 12 months. During this time, they were able to develop their idea with a financial support of at least one million euros.