Covestro Digital Transformation

Digitalization is changing people's everyday lives as well as the economic environment in which companies operate. The digital transformation will describe the evolutionary process by which - in this case - companies adapt to this digital change. In the following Covestro's Digital Transformation will be described in detail.

Overview

Blog:	https://www.career.covestro.de/en/career-blog/career-blog
LinkedIn:	https://www.linkedin.com/company/covestro/?originalSubdomain=en
Youtube:	https://www.youtube.com/channel/UCt0O5lTN3Nw4cGd43DgeIlQ
Twitter:	https://twitter.com/covestro?lang=en
Instagram:	https://www.instagram.com/covestro/
Crunchbase:	https://www.crunchbase.com/organization/covestro-ag

Chief Digital Officer (CDO)

Name:

n.a.

LinkedIn:

n.a.

External Digitalization

Digitalization is changing the demands that customers and suppliers, but also the market itself, place on the company. External digitalization is about how the company presents itself to the outside world and how it deals with these new requirements in order to be able to continue to operate successfully in the market.

This is about answering the questions:

How can I design my product range to inspire the customer? (Raise Net Promoter Score)
How can I bring my products to market as quickly as possible? (Go-to-Market strategy)

Digital Unit external

Describes own companies, which deal intensively with the topic digitization and promote this topic. Digital Unit external and Digital Unit internal cannot always be clearly separated from each other.

n.a.

Digital Business Model (Value Proposition)

A business model describes how a company creates value, communicates that value and records it as revenue. Digitalization creates entirely new ways in which a company can create value that can be integrated into existing business models. Value proposition is the core of the business model, as it determines the benefits a company can offer its customers. Existing companies must therefore review their business models (in particular value proposition) and determine whether a new approach created by digitization should be used to increase the benefits for the customer.

More about digital business model can be found here in the glossary: Business Model.

Life improvement through material innovation

n.a.

Digital Accelerators

Accelerators are institutions which support companies, e.g. through consulting, training or personnel, so that they can develop as quickly as possible. Normally these are startups that are helped by Accelerators. In this cooperation, a company already established on the market is supported, which faces new challenges or has to grow into the digital transformation.
More about Accelerators can be found here in the glossary: Accelerator.

Name:	Plug and Play
Description:	Plug and Play is an innovation platform that brings together young start-ups with experienced corporations so that both parties can benefit from each other. On the platform, companies are divided into different areas. Covestro is partner of the platform in the area of “New Materials & Packaging”.
Website:	https://www.plugandplaytechcenter.com/

Accelerator programs Shenzen, China

China offers Covestro with its metropolis Shenzen – also known as the Chinese Silicon Valley – plenty of opportunities. This is mainly due to the strong start-up scene. To support these young companies and benefit from their innovative ideas and approaches, Covestro is also active in accelerator programs in Shenzen. Covestro has also carried out a joint study with the market research company “KAIROS Future” in order to get to know the start-up landscape developing there better and to capture the totality of all opportunities.

Further Links:

https://press.covestro.com/news.nsf/id/Covestro-taps-into-Chinas-growing-start-up-scene?

Digital Incubators

Incubators are facilities that create optimal conditions for a company to develop fully. Incubators are also usually associated with startups. In this context, incubators create optimal conditions for successfully integrating the changes associated with digitization into an existing company.
You can find out more about incubators here in the glossary: Incubator.

Incubator programs Shenzen, China

China offers Covestro with its metropolis Shenzen – also known as the Chinese Silicon Valley – plenty of opportunities. This is mainly due to the strong start-up scene. To support these young companies and benefit from their innovative ideas and approaches, Covestro is also active in incubator programs in Shenzen. Covestro has also carried out a joint study with the market research company “KAIROS Future” in order to get to know the start-up landscape developing there better and to capture the totality of all opportunities.

Further Links:

https://press.covestro.com/news.nsf/id/Covestro-taps-into-Chinas-growing-start-up-scene?

Digital Startups

Digital startups of the corporate.
More about Startups can be found here in the glossary: Startup.

Name:	Go Clear
Description:	Go Clear is one of the six best start-up concepts in the Start-up Challenge launched in 2017. It was created internally by Covestro itself in order to promote the innovation and entrepreneurial spirit of its employees. Go Clear is the winner of this challenge. This start-up focuses on clean, safe and efficient vehicle refinishing.
Website:	Go Clear does not own a website yet. Further links: https://www.covestro.com/en/company/strategy/attitude/fresh-perspective https://press.covestro.com/news.nsf/id/From-the-idea-to-a-venture-of-their-own?

Digital Hubs

Digital Hubs are outsourced premises of a company in which innovations are dedicated to the topic of digitization. By means of other work processes and unfastened corporate structures, the networking of internal and external expertise is intended to create digital innovations that drive the company forward.
You can find out more about Digital Hub here in the glossary: Digital Hub.

Open-Innovation-Hub

The Open Innovation concept of Covestro is to be expanded by a so-called Open Innovation Hub in China. The hub will provide infrastructure to advance expertise and research in the field of digitisation, among others. Since China in particular is driving innovation and development that will drive the next wave of the industrial revolution, which also includes digitisation, cooperation with global partners will be bundled there.

You can find more information here.

Apps

Apps of the corporate.
More about Apps can be found here in the glossary: App.

Google App Store:	https://play.google.com/store/apps/developer?id=Covestro+Deutschland+AG
iTunes:	https://itunes.apple.com/de/developer/covestro-deutschland-ag/id716581824?mt=8

Internal Digitalization

Refers to the digitization of internal company structures and processes. Here, the digitization of the company's own product and service chain is at the forefront.

This is about answering the questions:

How can I increase my productivity through even more digital processes?
How can I increase my productivity through even more digital processes?
How can I achieve faster results through even more digitalisation in the company?

Digital Unit internal

Describes internal company departments or even a direct subsidiary that deals intensively with the topic of digitization and drives it forward. Digital Unit external and Digital Unit internal cannot always be clearly separated from each other.

n.a.

Digital Strategy

Describes the strategy, i.e. the long-term behavioural plan, of how a company wants to implement digitalization within the company.

In order to achieve its goal of “making the world a better place to live“, Covestro is focusing on five strategic directions: Growth, sustainability, innovation, efficient production and competitive costs.

In the area of innovation in particular, the anchoring of digitisation therefore also plays a role.
With regard to digitisation, Covestro intends to concentrate on three main aspects: Digital production and technology, communication with customers via all channels and the development of digital business models.
When embedding digitalization in products, processes, solutions and developments, the customer and its advantages should always be at the forefront.

More information can be found here.

Digital Governance

Digital Governance ensures that the digital strategy is properly implemented. And - vice versa - governance should serve to support the alignment of the digital architecture. It refers to the management and interaction with employees in connection with the implementation of digitalization in the company.

n.a.

Digital Architecture

Digital Architecture describes the structure of corporate structures and areas that the company uses to implement digitalization in the best possible way.

n.a.

Digital Processes

Digital processes refer to processes that the company uses to implement digitalization. Based on this, it is used for the internal digitalization. Usually they are implemented based on a business process map on different levels (e.g. level 1-5). Processes designed on level 1 are End-to-End (E2E) processes. Business Process Management (BPM) is the methodology to design and manage digital processes.

n.a.

Digital Organization

Type of control of the business units that the company chooses to implement digitalization.

n.a.

Digital Platform

Describes platforms that the company uses for implementation or as part of its digital strategy.

Global Digital Marketplace for Covestro Products

This digital marketplace is still under construction. Business customers will be able to view and purchase Covestro polymer products at current market prices.

Digital Tools

Describes tools (e.g. programs) that the company uses to implement or within the framework of the digital strategy.

n.a.

Posts regarding Covestro

How Covestro CDO deals with digitalization

Posts regarding ChemTech

Company name:	Covestro AG
Logo:
Description:	Covestro is one of the world’s leading manufacturers of high-tech polymer materials. The company is part of the chemical industry. It is also the developer of the first polycarbonate, which was important for the industry.
Website:	https://www.covestro.de/en
Chief Digital Officer (CDO):	n.a.