Sandvik AB - Digital Transformation Strategies

Sandvik AB - Digital Transformation Strategies

Summary

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

Sandvik AB (Sandvik) is an engineering company that specializes in material technology and industrial processes. The company’s major offerings include metal cutting tools and tooling systems; mining and rock excavation equipment; stainless steel, special alloys, and titanium; furnace products and heating systems; and digital manufacturing solutions. The company caters to various sectors including aerospace, automotive, construction, general engineering, mining, nuclear power generation, oil and gas, process industry, and renewable energy. The company sells its products through a network of direct sales force and distributors in the Americas, Europe, Africa, the Middle East, and Asia-Pacific.

In September 2018, Sandvik and SSAB launched the SmartSteel Innovation Challenge to develop a solution for traceable steel. Both companies invited researchers, companies, and institutes across the globe to the challenge. A total of 26 teams submitted their proposals, and seven finalists gained the opportunity to pitch their ideas to a jury in Stockholm (Sweden).

In July 2021, Sandvik Mining and Rock Solutions launched a new technology center in Zimbabwe to assist region’s mining industry on its digital journey. The technology center will work with local underground hard rock mines focused on technology to improve their productivity and make mines safer and more productive using digital technologies. Initially, the center implemented OptiMine for monitoring and tracking underground mobile equipment and customer support for MySandvik project.

Scope

• Sandvik aims to have 60% of its customers utilizing its automated and digital solutions by 2025. Throughout 2022, it worked on automation and developed new functionality for its digital assistant platform, Sandvik Automation Module (SAM), which enables customers to optimize their operations and gain operational insights for improved productivity and performance.
• Sandvik is embracing digitalization and automation by leveraging big data, analytical tools, robotics, and AI technologies to create new business opportunities and improve business intelligence. The company is focusing on new ways for people to interact with machines and to transfer digital instructions into physical products or equipment, enabling real-time decisions in the machining process. To this extent, Sandvik offers several digitalized solutions and services to optimize its customers’ operations pertaining to costs, productivity, and environmental impact.
• Sandvik worked with IBM to jointly develop an analytics and predictive maintenance solution that uses IBM Watson IoT technology and predictive analytics to better predict and prevent equipment breakdowns.

• Gain insights into Sandvik'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, partnerships, investment, and acquisition strategies.