The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Caterpillar Inc (Caterpillar) manufactures construction, transportation, and energy equipment. It designs, manufactures, markets and sells diesel-electric locomotives, construction, mining and forestry equipment, industrial gas turbines, and diesel and natural gas engines. The company’s portfolio of brands includes FG Wilson, Caterpillar, MWM, Progress Rail, Olympian, Hypac, Prentice, Perkins, Anchor, Hypac, Prentice, and AsiaTrak. Additionally, it offers retail and wholesale financing solutions for Caterpillar products to its customers and dealers. The company, through its subsidiaries and dealers, markets and sells its products in several countries across North and South America, Asia-Pacific, Africa, the Middle East, and Europe.
Caterpillar’s digital strategy is focused on” The age of Smart Iron” by leveraging digital technologies like IoT and predictive analytics to become connected and intelligent. It has deployed IoT to its fleet of construction and farm vehicles and connected more than 500,000 units of industrial equipment, assets, and processes with telematics and monitors the data to uncover customer insights, address customer’s pain points, and offering personalized products to its customers.
Caterpillar’s coherent strategy focuses on digitalizing its leadership actions, defining the digital vision, creating a digital strategy and digital roadmap, and developing digital organization structure. They work on digital-enabled solutions such as time-tracking, real-time video and data communication, robots, connectivity, remote monitoring, autonomous and cloud solutions, forecasting methodologies, etc. to deliver greater customer experience, and improve its manufacturing and supply chain, dealer integration, and digital marketing operations.
It also has a joint venture between Caterpillar and Trimble called “VisionLink” which works toward IIoT, to connect construction job sites, machines, and fleets to monitor equipment location and utilization and managing fuel consumption. Through the CAT Inspect Mobile app, it is preforming 200,000 electronic inspections.
The report provides information and insights into Caterpillar’s activities, including -
- Insights of its digital transformation strategies and digital innovation programs
- Overview of technology initiatives covering strategic partnerships, investments and acquisitions
- Insights on each technology initiative including technology theme, objective, and benefits
- Details of estimated ICT budgets and major ICT contracts
- Caterpillar is leveraging key disruptive technologies to improve its operational efficiency and service capabilities. IoT, connectivity, microgrid, cloud, Augmented & Virtual Reality, big data, 3D printing, drones, mobile app, AI, robotics, 3D Printing, Autonomous Vehicles, chatbot, wearable tech and digitalization, are the key technologies under focus for the company.
- Caterpillar aims to strengthen its digital culture through innovation programs, digital teams, enticing digital talent, and digitizing its workspace. In 2018, it has appointed “Ogi Redzic” as Vice President to head its digital-enabled solutions division (DESD). The company also focuses on investing heavily on the learning and development of its teams and targets startups, entrepreneurs, engineers that share a similar mission and vision in the construction sector, and provides them with an open innovation platform to get their ideas operational, and boost product and solution development.
- In 2015, the company introduced a “Data novation lab” at the University of Illinois, Research Park. The lab works with entrepreneurs, statistics, engineering, and computer science experts to drive innovation, accelerate growth and explore emerging and disruptive data-based technologies such as visualization, big data, coding, and other analytical techniques.
- In 2015, Caterpillar announced its new Analytics & Innovation division “Analytics & Innovation (AI) to build a comprehensive and connected analytics ecosystem for connecting data from the product lines, invest in emerging technologies, and build innovation culture and to manage strategic third party relationships to augment its product and service development.
Reasons To Buy
- Gain insights into Caterpillar’s operations.
- Gain insights into its digital strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into various partnerships of Caterpillar Inc.