Europe’s Chemical Firms Seek Catalyst for Competitiveness
Digital tools may help the struggling industry streamline its processes and enhance its record of innovation, ISG Provider Lens™ report says
The 2024 ISG Provider Lens™ Chemical Industry Services and Solutions report for
“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
The report also examines how the chemical industry is contending with stringent regulatory compliance set by the
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
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
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
About ISG
ISG (
View source version on businesswire.com: https://www.businesswire.com/news/home/20240516854285/en/
+1 203 517 3119
will.thoretz@isg-one.com
+49 151 730 365 76
philipp.jaensch@isg-one.com
Source: