First Vice Minister Jang Young-jin of the Ministry of Trade, Industry and Energy (MOTIE) toured LS ELECTRIC’s first plant in Cheongju and had a meeting to lend an ear to issues and policy recommendations related to the industry’s digital transformation.
Among those on hand at the meeting on July 4 were MOTIE Vice Minister Jang, Director General for Industrial Technology and Convergence Policy Noh Kun-ki, and officials from LS ELECTRIC, POSCO, LG Electronics, Central, KORLOY, SKT, NaverClound, ETRI and Korea Industry Intellectualization Association (KOIIA).
POSCO, LS ELECTRIC and LG Electronics, designated by World Economic Forum (WEF) as “lighthouse factories,” participated in the meeting and made policy recommendations based on experiences and complaints they experience during digital transformation.
Lighthouse factories refer to plants adopting core technologies of the 4th Industrial Revolution such as IoT, AI and big data to spearhead innovation of global manufacturing future.
Prior to the meeting, MOTIE Vice Minister made an inspection tour to LS ELECTRIC’s plant in Cheongju.
He expressed hope LS ELECTRIC’s plant in Cheongju would be an example of the industry for both individual plant unit’s digital transformation and the development of a model of sharing data with its cooperative companies.
Vice Minister Jang said the ministry plans to establish an industry digital transformation master plan in the second half of the year.
He said the industry’s views would be fully reflected in the plan. Vice Minister Jang urged large-sized companies to spearhead efforts to build the digital innovation ecosystem by sharing and utilizing with SMEs, spreading good practices, and sharing technologies.
MOTIE plans to materialize policies to speed up digital transformation in the wake of the Act on Boosting Digital Transformation, which went on effect on July 5.
The act stipulates principles on the utilization and protection of industry data and the foundation for the government’s support to implement leading projects and inter-ministry cooperation regimes.
LS ELECTRIC Takes Over Nokia’s ALO
LS ELECTRIC acquired the power plant asset analytics platform ALO from Nokia.
The acquisition may be construed as LS ELECTRIC’s move to strengthen its asset management software (AMS) business.
LS ELECTRIC struck an agreement to take over Nokia’s Asset Lifecycle Optimization (ALO) software based on big data analytics and machine learning technology at the Hanover Fairground in Germany on June 7.
Utilizing AMS will enable analysis of the default rate, life span and replacement period of power installations through digital technologies, such as AI, big data and cloud computing.
LS ELECTRIC said the size of the global AMS market is predicted to stand at 7 trillion won in 2027.
LS ELECTRIC CTO Kim Young-geun said, “With the acquisition of Nokia’s ALO, LS ELECTRIC will systematically manage large amounts of big data by linking them to the standardized platform.”
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