Digitalized Paints & Coatings Industry: While digitalization may, upon initial reflection.
Be associated with smartphones, voice-driven home-monitoring and search devices.
And advanced Internet-based purchasing systems.
In reality, it has begun to pervade all aspects of all activities across all industries.
The paint and coatings sector is no exception.
While only a few companies have created digitalization strategies.
And established business groups focused on digitalization.
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Digitalized Paints & Coatings Industry
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1. Digitalized Paints & Coatings Industry Overview
Business is always changing, based on varying trends for each industry.
To best prepare your business, use marketing and analytics tools such as Google AdWords and Moz.
In addition, review blogs, publications, and industry reports to familiarize with new trends.
You can also analyze your competition and network with other business professionals.
To see what trends are working.
With some attention and diligence, you can easily keep up with industry trends.
2. Digitalized Paints & Coatings Industry
Most are addressing digitalization to some degree.
To enhance the customer experience (both consumer and B2B).
Improve manufacturing processes, and/or introduce new business models.
Including new ways of working that previously were not possible.
Those companies that are not actively exploring how to digitalize their operations.
And leverage new digitalization tools and technologies do so at their peril.
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3. Digitalized Paints & Coatings Industry
Efficiency, productivity, and safety across the paint and coatings supply chain will be improved.
With digitalization driving operational optimization and excellence.
With increased R&D productivity through advanced data management and analysis that lead to “insight generation.
Digitalization will also drive innovation.
That will enable the development of novel solutions to major societal challenges.
Some of which will be addressed by innovative paint and coating technologies.
4. Digitalized Paints & Coatings Industry
Companies will be able to better understand their customers’ needs.
And get better products to market more quickly.
New job opportunities and ways of working will be introduced that require effective team building.
And knowledge management skills—leading to increased training needs.
Digital customer interfaces and services will not only complement physical paint and coating products.
But be as important to being competitive in the marketplace.
5. Why Digitalization for Paints and Coatings?
Consumers today now turn to digital interfaces first when looking for a product or a service.
“The engagement of consumers with digitalization and e-commerce in the paint industry is stronger than ever.
And will only increase,” asserts Jonathan Sullivan, digital business officer.
And global director of Digital Experience & Commerce with PPG.
“While the majority of consumers just are not ready to buy paint online yet.
A great deal of paint project research takes place online during the inspiration phase.
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6. Digitalized Paints & Coatings Industry
Digital commerce and the use of advanced online tools for color and product selection.
Continue to play an increasingly important role in the architectural coatings industry.
The process of finding inspiration, conducting research.
And finding painting resources is becoming more convenient.
As digital technologies become more intuitive and advanced.
7. Digitalized Paints & Coatings Industry
Digitalization also plays a role for professionals in the paint industry.
Helping to connect them with customers and run their businesses more efficiently.
8. Digitalized Paints & Coatings Industry
Providing that value can be achieved in different ways.
And all aspects of the paint and coatings industry are and will continue to be impacted by digitalization.
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9. Digitalized Paints & Coatings Industry
From manufacturing to sourcing to marketing to retail operations.
“Digitalization opportunities go beyond and across functional areas.
And digitization actually helps companies to think.
And act more from a customer journey perspective,” van der Waals comments.
DSM uses customer value as a guiding principle to decide what and how to change.
Which requires all functions to work together.
“The question,” adds Avelines, “is not which areas but when.
And the answer comes down to the maturity of the technology.
And the business activities and the strength of the imperative to digitalize, innovate, and change.”
10. Digitalized Paints & Coatings Industry
The greatest urgency today is on the retail side and, thus, with marketing and customer service.
Particularly in the coatings business.
The drivers range from reducing costs in terms of resources.
And the effort needed to service customers to improving the customer experience.
“As always,” asserts Kröhl, “it is about the customer experience and less about distinct functions.
We strive to connect all business and management processes to better serve our customers.
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11. Digitalized Paints & Coatings Industry
Here we consider all customer touchpoints.
A better understanding of trends will, of course, also affect the development.
And manufacturing of new, innovative products and service offerings.
12. Digitalized Paints & Coatings Industry
The exploitation of information generated in the manufacturing space.
By means of connected devices and production equipment.
Will push the boundaries in quality management, R&D, and applied technology.
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13. Digitalized Paints & Coatings Industry
At the same time, digital technologies could connect all market players along the value chain.
Paint and coating manufacturers as well as their raw material.
And additive suppliers could optimize business processes.
And related business models to the needs of their customers.
14. Digitalized Paints & Coatings Industry
For instance, combining decades of data on how products and technologies.
Can be used in various paint and coatings applications with machine learning.
And artificial intelligence can help companies more quickly find solutions for their markets and customers.
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15. Read industry reports to learn about up-to-date industry research.
Search online for industry reports in your particular field.
Industry leaders do research and compile their findings in a written report.
And reading through their reports is very helpful when looking for new trends.
Read a variety of reports to get a good sense of where business is heading.
- For example, you can read through trends in content marketing.
- Or you can skin through specific reports.
- Once you review the reports, you can use this information to ensure you are leading your company in the right direction.
- Do this by giving a speech on your findings or changing your current approach.
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16. Digitalized Paints & Coatings Industry
Businesshab is also analyzing customer data and processes.
Using in-house developed algorithms to enhance their products or manufacturing processes.
By optimizing existing Covestro products or developing new solutions.
17. Digitalized Paints & Coatings Industry
“In addition, we are able to interface with customers in ways we have not before with new digital tools.
To enhance the customer journey.
We are creating a suite of digital tools as part of a fully integrated digital communication site.
Customers will be able to tap into insights we have gained from our decades.
Worth of R&D data in an intuitive interface.
That allows them to more quickly find coatings formulations that meet their needs .
The supply chain is also strongly impacted by digitalization.
For instance, implementing new ways for customers to order materials, access inventory, and streamline transactions.
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18. An Expanding and Evolving Digitalization Toolbox
There is a broad set of tools and technologies being employed to achieve digitalization within the paint and coatings industry.
Automation technologies, data analytics and collaboration systems.
Virtual and augmented reality capabilities—the list is endless.
19. Digitalized Paints & Coatings Industry
Some of the most important tools for Evonik are those that enable data and knowledge management along.
And across both internal functions and external networks.
And thus allow prospectively the use of cognitive solutions to gain new insights, according to Kröhl.
Similarly, DSM looks for tools that facilitate smart ways to combine systems that use internal product
Customer, market, and manufacturing data.
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20. Research your competition’s approach to compare to your strategy.
Take a look at your customer’s website and social media to get a sense of their marketing position.
Pay attention to anything that may be an emerging trend by looking for new ideas or innovations.
This way, you’ll have an idea of what is working for other businesses in your industry.
- You can also review any customer reviews.
- Look for what is both working and not working when analyzing your competition.
21. Digitalized Paints & Coatings Industry
The key is to get the basics right and make company data available,” van der Waals asserts.
He agrees that tools and techniques that allow companies to work with data.
And find information in huge amounts of data in a structured way are currently having the biggest impact.
Wth increasing options becoming available.
“These tools help companies extract value from data,” he says.
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22. Digitalized Paints & Coatings Industry
In addition, different technologies and tools will need to be implemented in different ways.
Depending on the function, according to Charron.
For instance, Covestro utilizes artificial intelligence (AI) differently in its R&D development processes than when working with customers to optimize their process.
Or when finding the best supply chains to serve various markets.
23. Keep up to date with business news to familiarize with overall trends.
In addition to reading published business reports, you can also read general business news articles.
These offer overall information on specific industries and trends.
This way, you’ll have an idea of big-picture industry trends.
- Read business news from organizations like Google or BBC, for example.
- Some news stories explain current affairs and stock market data, for example.
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24. Digitalized Paints & Coatings Industry
Collaboration is leading to further development of all these digitalization tools, including AI systems.
Through collaborations, Covestro is finding that while artificial intelligence promises to efficiently generate deep, new insights into large sets of data.
It still requires guidance and knowledge to be effective.
You still need to build in an understanding of chemistry and physics.
And the output is only as good as the input—even the best AI needs high-quality data to generate insightful models.
And in some cases our most valuable assets are the decades of data that we’ve developed and stored.
25. Digitalized Paints & Coatings Industry
DSM is tapping into small innovative companies.
That use publicly available information sources in a way that was impossible five years ago.
Marketing automation and product development are getting totally new spins nowadays.
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26. Digitalized Paints & Coatings Industry
Access to so many different technologies and platforms presents some issues, however.
The real complexity is in the interconnection of those platforms and technologies.
First, it is essential to have capabilities that provide the ability to address customer problems or requests.
Whatever their touchpoints might be, such as websites, digital magazines, color evaluation apps—even email.
Then, it is essential to have these tools/technologies interconnected and smart.
So the customer experiences a seamless journey whenever and wherever they access the information.
27. Talk to your customers to get their opinions about your services.
Ask your customers what is working and what needs improvement.
Having an open and honest dialogue with your clients.
Can give you valuable insight about industry trends in general.
Without taking to your customers, you may have no idea what other needs they may have.
- For example, take a client out to lunch and ask them how they imagine their business’ next 5 years.
- Ask questions tailored to your particular service to find out what they need from you along the way.
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28. Digitalized Paints & Coatings Industry
It is also important to build flexibility into technological architecture because digitalization tools and technologies are evolving very rapidly.
And choices made today may be obsolete in three years or perhaps just six months.
Individual modules or applications within a system must be able to change without impacting the overall, interconnected ecosystem,” she states.
29. Not Simple, but Essential
The rapid evolution of digitalization tools and technologies is.
In fact, one of the main challenges companies face.
When developing and implementing a digitalization strategy.
Companies must deal with a rapidly developing field with lots of innovation and start-up companies.
Figuring out the right solutions for their needs out of the many solutions available can be an overwhelming task.
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30. Digitalized Paints & Coatings Industry
Driving digitalization also means that from an internal perspective significant changes must take place on many different levels.
And the level of change required is very often underestimated.
Their way of working is different, the technologies they are using are different.
And the employees need to collaborate in different ways with very different people.
In fact, digitalization involves an entirely different approach.
And requires that change be driven throughout the entire organization.
And not just for the team that is responsible for implementing the strategy.
IT, finance, human resources, marketing, procurement, manufacturing—all activities are impacted.
So the digital strategy must incorporate a strong change agenda as well.
31. Surround yourself with smart, driven professionals to keep informed.
If you want to evolve as a company, being around intelligent peers is a great way to keep motivated and on top of current affairs.
Discuss industry trends that they notice and implement.
And ask for advice with your coworkers and others in your industry.
In addition, you can share reports or helpful articles.
All of this helps you keep up with industry trends by maintaining a professional network.
- To meet smart business peers, attend local and regional marketing or entrepreneur conferences, for instance.
- You can also introduce yourself to other people in the office and reach out to business professionals on LinkedIn.
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32. Digitalized Paints & Coatings Industry
Digitalization involves an entirely different approach.
And requires that change be driven throughout the entire organization.
And not just for the team that is responsible for implementing the strategy.
IT, finance, human resources, marketing, procurement, manufacturing.
All activities are impacted, so the digital strategy must incorporate a strong change agenda.
Digitalized Paints & Coatings Industry
Indeed, digitalization involves much more than technology.
It is a transformation that occurs on all levels, according to van der Zalm.
The difficulties presented by the tools and systems are relatively easy to manage, agrees van der Waals.
However, you need to be really determined to create a digital mindset with people and stop doing it the usual way.
As a result, the change management aspects are the biggest challenge.
Yet they bring the biggest benefits if you get that done in the proper way.
Even more than a change process in technology.
33. Keep a close-knit group of advisers to help you understand trends.
Your advisers can be your friends, peers, or business partners.
These individuals provide a wide variety of business perspective.
Helpful when maintaining current industry trends.
Your advisers can put new trends on your radar and give you an idea of what’s to come.
- You can also share your industry findings with your group of advisers to build a business community.
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34. Digitalized Paints & Coatings Industry
Further emphasizes that the changes are greater for employees and business cultures.
Being successful in the future and on the digital path forward means to involve, convince, and motivate our customers.
Colleagues, experts, and stakeholders in the future industry structure, which we do not know yet.
To focus on the cultural aspect is more important than focusing on pure mechanics.
Such as processes, algorithms, and cloud solutions.
In the end, digitalization is also a matter of trust.
35. Digitalized Paints & Coatings Industry
Challenging as the move to digitalization might be, it is essential for success in the future.
Digital technologies are creating possibilities that never existed before.
36. Don’t get too comfortable in your current business routine.
Since industry is always changing, it is important to keep an open mind and look for innovations and improvements to get ahead.
If your business is already doing well, it may be hard to want to change things up.
But it’s important to keep up your success.
- If you get too comfortable, a competitor may beat you to the next trend.
- For example, your company may have a great profit margin. To keep up with competition, perhaps you implement additional products and services or lower the price of a product as the demand increases.
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37. Digitalized Paints & Coatings Industry
That presents opportunities for existing players in the paint and coatings industry to grow and create added value for their customers.
But also opens the door for the entry of disruptive competitors that have never participated in the market before.
Following the path to digitalization is therefore necessary to remain competitive.
The business is even more emphatic. “Digitalization is not optional.
38. Digitalized Paints & Coatings Industry
The future is here today. Many people still believe the decision-making process of a customer buying paint starts when calling a sales representative.
But, in reality, research indicates that 70% of the decision-making is done even before a paint supplier is contacted.
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39. Digitalized Paints & Coatings Industry
Digitalization is simply becoming the way things get done in business.
Given the great potential of big data and artificial intelligence.
Paint and coatings companies must innovate digitally to stay relevant.
40. Be patient when implementing changes to see the bigger picture.
While industries change often, this change takes time to implement.
When adopting a new business practice.
Give your employees several weeks to get used to the new system.
And understand it may take some time to see results.
- If after 2-3 months you are unsatisfied with the changes, try something new.
- For example, if you are providing a new service after understanding what is trending in your industry, don’t expect instant success. It may take several months for the new service or product to take off and generate revenue.
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41. Digitalized Paints & Coatings Industry
As usual, it all comes down to meeting the needs and expectations of the customer.
Digitalization is impacting almost all value chains and business models of almost all industries.
Assuming that customers of the paint and coatings industry.
Such as automotive and furniture manufacturers, in the future will have to meet their specific customer requirements even faster/more efficiently.
Digitalization is a prerequisite to better connect with the supply network (ecosystem).
And thus be a more agile supplier,” concludes Hahn.
Activities Across the Value Chain
42. Coatings Manufacturers
Digitalization strategy is focused on achieving both top line and bottom line growth.
Through implementation of digitalization solutions in areas that make sense.
Marketing and sales are furthest along, with e-commerce solutions that are fully digitalized.
More data is being captured across the supply chain.
And value is also beginning to be captured.
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43. Digitalized Paints & Coatings Industry
Through implementation of digitalization solutions for manufacturing.
Examples of specific solutions include the Visualizer app.
Which makes it possible for purchases of decorative paints and coatings.
To see how a repainted room will look.
The company has also achieved improved performance on the shop floor.
Through implementation of an SAP Overall Equipment Effectiveness solution.
Which provides digital connectivity through the use of wireless digital handheld devices.
For tracking and monitoring equipment availability, performance, and quality.