How leaders are adopting artificial intelligenceDownload the full reportDownload the infographic
As AI capabilities rapidly mature, more and more chemicals and petroleum executives are determining where and how the technology fits within their organizations. Chemicals and petroleum CxOs are highly focused on three priority functional areas: information technology, information security, and innovation. These areas support the intensified focus on revenue growth and the customer as the value drivers for AI investments.
AI implementation is not straightforward, however, and many companies are struggling with the transition. Yet, some businesses are achieving AI at scale successfully, and they are disproportionately outperforming financially. Outperformers are further along in AI adoption than their peers, with 38 percent of outperformers either piloting, implementing, or operating AI today, versus 11 percent of all others in the industry.
Further, chemicals and petroleum outperformers intend to invest twice as much as others in 2019 (2.8 percent of IT spend versus 1.4 percent). And they expect to triple that investment in the next three years to 7.4 percent.
Adopting AI as part of a broader digital reinvention play, investing in select functions, and developing enhancing organizational capabilities are critical to realizing value in the enterprise. Based on the survey responses of leaders, chemicals and petroleum organizations should think strategically about digital technologies, leverage analytics and AI across the business, capitalize on data, and set data governance to take full advantage of AI.
Meet the authorsSantosh Mulayat, Global Lead of Cognitive and Analytics offerings, IBM Chemicals and Petroleum Industries
David M. Womack, Global Director of Strategy and Business Development for IBM Chemicals and Petroleum Industries
Ash Zaheer, Partner and Global Lead for Digital Customer Experience, IBM Chemicals and Petroleum Industries
Spencer Lin, Global Chemicals and Petroleum, Industrial Products and Global CFO Lead, IBM Institute for Business Value