Frost & Sullivan’s latest research – global digital transformation in paints and coatings 2019” – tracked the digital transformation of the global paints and coatings industry and aimed to identity future opportunities for further use of this technology. The report also explored the technologies enabling this digital transformation, the current activity among coating formulators and raw material, suppliers in the various digital domains, and future scenarios for coatings in an increasingly digital world.
The role of digital leadership, especially that of chief digital officers (CDO), is poised to explode in 2020, addressing the lack of top-level strategy management that remains a challenge for the paints and coatings industry to date. The proper adoption of digital concepts will be disruptive for the industry, and it requires a different way of thinking, With the CDO at the helm, companies can realise its digital transformation goals quickly and effectively.
Companies operating in this sector can also foster growth by:
– Focusing on the digital transformation of one particular domain instead of transforming multiple domains at once – adopting data monetisation and coating-as-a-service business models to drive future growth
– Leveraging one specific digital technology across multiple domains
– Exploring the application of big data, AI and augmented reality in business operations to identify new business opportunities.