"Unit Production Cost and Energy Minimization... Targeting Manufacturing and Energy ESG Markets"
LS ELECTRIC announced on the 19th that it is collaborating with U.S. big data analytics platform company Sight Machine to build a manufacturing and energy-specialized big data analytics platform and promote new business. Sight Machine is a global partner of Microsoft (MS).
LS ELECTRIC revealed that it signed a memorandum of understanding (MOU) to establish an AI-based intelligent manufacturing and energy big data analytics platform the previous day at the LS ELECTRIC Cheongju plant in Cheongju, Chungbuk. The signing ceremony was attended by Jo Wook-dong, Executive Director and Head of the Energy Materials Research Institute at LS ELECTRIC, and John Sobel, CEO of Sight Machine, among others. The two companies discussed specific cooperation plans to pioneer new markets for big data analytics platforms.
The two companies agreed to collaborate extensively on verifying and analyzing manufacturing and energy big data connectivity using the Sight Machine data platform, predicting AI-based manufacturing process equipment control values, and building big data analytics platforms. They plan to focus on corporate smart manufacturing and production process power efficiency, as well as integrated platforms for the ESG (Environmental, Social, and Governance) market.
Jo Uk-dong, Executive Director of LS Electric, shaking hands with John Sobel, CEO of SiteMachine, a US big data analytics platform company, after signing a Memorandum of Understanding (MOU). [Photo by LS Electric]
Manufacturing companies that adopt AI-based manufacturing and energy big data analytics platforms can accumulate and analyze unit production costs and input energy data. Through this, they can establish low-cost, high-efficiency manufacturing processes. LS ELECTRIC plans to increase its market share in the energy management system (xEMS·Energy Management System) market necessary for carbon neutrality in manufacturing through this initiative.
Sight Machine is a company that has developed technology to analyze various risk signals affecting quality in production sites to identify causes of quality issues and accidents. It participates in the MS global manufacturing partner "ecosystem." Through cloud, data, and AI-based technologies, it provides solutions that enhance productivity for global manufacturing companies and support sustainable management.
Since investing in Sight Machine in 2019, the LS Group has collaborated on technology to collect and analyze big data from production sites of group affiliates. LS ELECTRIC plans to jointly develop an integrated manufacturing and energy big data analytics platform by integrating its smart factory and power solutions with Sight Machine’s data analytics solutions.
Executive Director Jo said, "By expanding the partnership and combining both companies’ solutions and global sales networks, we can create opportunities in the smart factory and ESG data analytics platform markets. We will collaborate more closely to provide differentiated solutions."
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