Caterpillar Inc. - Digital Transformation Strategies

Caterpillar Inc. - Digital Transformation Strategies

Summary

This report provides insight into Caterpillar's tech activities, including its digital transformation strategies, its innovation programs, its technology initiatives, its estimated ICT budget, and its major ICT contracts.

Caterpillar Inc (Caterpillar) is a manufacturer of construction, transportation and energy equipment. It designs, manufactures, markets and sells construction and mining equipment, industrial gas turbines, forestry equipment, diesel-electric locomotives, and diesel and natural gas engines. The company’s product portfolio includes asphalt pavers, backhoe loaders, compactors, draglines, integrated systems, reciprocating engines and many other. Caterpillar also offers retail and wholesale financing solutions for Caterpillar products to customers and dealers.

In 2020, Caterpillar joined the Consumer Electronics Show (CES) introduced by the Consumer Technology Association (CTA), in United States along with other exhibitors including Samsung, Intel, Procter & Gamble, John Deere, Google, Amazon, and vehicle manufacturers. The company showcases its wider product portfolio of mining technologies and solutions to improve consistency, and minimize operating costs, connect with its business partners, attract digital talents and expand its customer base.

In 2017, Caterpillar introduced the fourth edition of its Dirt & Digital Lab in Chicago. It’s an event that focuses that enables participants to explore the latest technologies behind the iron, including drones, autonomous machines, virtual and augmented reality, machines, and develop sustainable solutions to meet its customers’ dynamic requirements.

Scope

• Caterpillar’s core technology strategy is focused on bringing new digital solutions leveraging technologies like IoT and predictive analytics to maximize the customer experience. The company is utilizing data to open opportunities for its assets, dealers, customers, and business. It deployed IoT to its fleet of construction and farm vehicles, and connected industrial equipment, assets, and processes with telematics and monitors data to uncover customer insights.
• Caterpillar is strengthening its digital culture by hiring digital talent, introducing innovation programs, and digitizing its workspace. The company’s Leadership and Technical Development Program helps groom technical experts by providing technical training, rotational assignments, and other developmental opportunities. As a part of its efforts, Caterpillar targets startups, entrepreneurs, and engineers in the construction sector, and provides them with an open innovation platform to get their ideas operational and develop new products and solutions.
• To improve its operating model, Caterpillar is focusing on strategic partnerships and tapping into new opportunities. Caterpillar partnered with Newmont for underground vehicle automation. Caterpillar also collaborated with Nevada, to automate underground loaders and allow operators to work safely from a control room. It teamed up with Simon-Kucher & Partners for sales benchmarking analysis.

Reasons to Buy

• Gain insights into Caterpillar's tech operations.
• Gain insights into its tech strategies and innovation initiatives.
• Gain insights into its technology themes under focus.
• Gain insights into various product launches, partnership, investments and acquisition strategies.