Companies partner with providers on digital
technologies to accelerate innovation, take on geopolitical,
business and sustainability issues, ISG Provider Lens™ report
says
North American chemical companies are increasing their adoption
of digital technologies in the face of growing IT and business
challenges, 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 North America finds that chemical companies in
the region, which has become a net exporter of chemicals in recent
years, are adopting digital technologies to develop new products
for a growing range of industries. They are also using IT
innovations to address issues including geopolitical disruptions,
price fluctuations, supply chain problems and cybersecurity
risks.
“Digitalization is helping the North American chemical industry
expand while preparing for stricter regulations and ongoing
uncertainty,” said Dale Hearn, ISG partner, Oil, Gas and Chemicals.
“Together with service providers, companies are tapping into the
power of data to improve operations and decision-making.”
Moving more quickly than many European chemical producers, North
American firms are migrating functions to the cloud and investing
in AI, automation, augmented reality, blockchain and other new
tools to achieve a wide range of objectives, ISG says. They are
using digital technologies to develop new, sustainable materials,
reshape supply chains, optimize processes and plan product
portfolios.
A key focus of modernization is AI, which can help companies
accelerate R&D, predict and prevent supply chain disruptions
and resolve environmental issues, the report says. Enterprises and
service providers are also exploring generative AI (GenAI) to
improve customer experience, supply chains, R&D and
sustainability, though most GenAI projects are still proofs of
concept.
Enterprises also are focusing on supply chain management,
powered by big data analytics, to standardize and streamline supply
processes to better serve customers, ISG says. Amid ongoing changes
and disruptions, they are also looking to diversify supplier
networks to become more adaptable and resilient. Chemical companies
pursuing these goals are seeking providers with comprehensive
business strategies, consulting services and platforms.
Meeting new standards for decarbonization and environmental,
social and governance (ESG) reporting are also rising concerns for
chemical companies, ISG says. While some European companies are
moving more quickly in this area, North American firms are taking
steps toward tracking and addressing carbon emissions from their
own operations and those of their suppliers.
“Chemical companies’ legacy systems are not built to track the
metrics needed for ESG reporting,” said Jan Erik Aase, partner and
global leader, ISG Provider Lens Research. “Service providers can
help clients update their capabilities to meet emerging
regulations.”
The report also explores other technology-related trends in the
North American chemical industry, including growing talent
shortages and the ongoing convergence of IT, operational technology
(OT) and engineering technology (ET).
For more insights into chemical industry challenges in North
America, including the limitations of legacy systems and the
increasing complexity of logistics, see the ISG Provider Lens™
Focal Points briefing here.
The 2024 ISG Provider Lens™ Chemical Industry Services and
Solutions report for North America evaluates the capabilities of 23
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, PwC, TCS and Wipro as Leaders in all three quadrants. It
names EY as a Leader in one quadrant.
In addition, Genpact, Kyndryl 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.
In the area of customer experience, Accenture is named the
global ISG CX Star Performer for 2024 among chemical industry
service and solution providers. Accenture earned the highest
customer satisfaction scores in ISG's Voice of the Customer survey,
part of the ISG Star of Excellence™ program, the premier quality
recognition for the technology and business services industry.
The 2024 ISG Provider Lens™ Chemical Industry Services and
Solutions report for North America 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 more than 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/20240501733479/en/
Press: Will Thoretz, ISG +1 203 517 3119
will.thoretz@isg-one.com
Julianna Sheridan, Matter Communications for ISG +1 978-518-4520
isg@matternow.com
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