Covestro: Digital Technical Services as New Business Model for the Polymer Processing Industry

Sairam Potaraju (), Hans Kespohl () and Hermann Bach ()
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Sairam Potaraju: Covestro Deutschland AG
Hans Kespohl: Covestro Deutschland AG
Hermann Bach: Covestro Deutschland AG

A chapter in Connected Business, 2021, pp 305-314 from Springer

Abstract: Abstract Covestro, a chemical supplier for the polymer processing industry, addresses several customer pain points (scrap, quality issues, line utilization) with a new digital business model called digital technical services (DtS). The end-to-end turnkey solution (IoT hardware, software, and technical consulting) was developed with customers combining Covestro polymer know-how with data analytics and IoT technology from third parties. The innovation was offered to customers as a software as a service (SaaS) solution. A key learning is that to build a highly desirable and commercially viable product, companies need to synergize traditional core competencies with external partners with complementary offerings.

Keywords: Polymer processing; Internet of things; Industrial IoT; Artificial intelligence; Data analytics; Software as a service; Business innovation; Digital business models (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-76897-3_19

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DOI: 10.1007/978-3-030-76897-3_19

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