INTELLIGENT BRANDS // Green Technology
LS ELECTRIC and Nokia to improve asset performance with analytics management tool
A collaboration between LS ELECTRIC and Nokia will jointly develop a digital utility asset performance management solution .
LS ELECTRIC , one of South Korea ’ s
biggest providers of electric power equipment and automation solutions , and Nokia have signed a MoU to collaborate on creating intelligent and analytics-based platforms to evaluate the performance of utility assets .
This platform will allow LS ELECTRIC ’ s customers to proactively manage missioncritical asset performance by identifying root causes and adapting to changing conditions in order to better maintain or replace assets quickly and efficiently .
Under the agreement , LS ELECTRIC and Nokia will conduct a Proof of Concept ( PoC ) trial of Nokia ’ s SpaceTime asset lifecycle optimization application , prior to rolling out the solution to LS ELECTRIC ’ s customers .
By leveraging the solution ’ s risk analysis capabilities , customers can improve operational efficiency by maximizing asset lifespan and improving visibility of their probability of failure .
Nokia ’ s SpaceTime asset lifecycle optimization platform – based on Big Data analytics and Machine Learning technology – will enable LS ELECTRIC to enhance its offerings in the utility asset market by adding assessment capabilities to its asset portfolio .
Kim Young Keun , Chief Technology Officer at LS ELECTRIC , said : “ This collaboration with Nokia paves the way for the development of new business cases in the field of asset performance management , as well as presenting an opportunity to engage with innovative businesses in South Korea in the era of Industry 4.0 .
“ We are confident that Nokia ’ s global expertise will help us to develop a solution that provides our customers with a 360-degree view of their assets and business imperatives . It will also help us drive innovation as one of the leading global utility asset manufacturing companies offering asset analysis and management capabilities .”
Kevin Ahn , Head of Korea at Nokia , said : “ Nokia is trusted by all major South Korean operators to deliver 5G connectivity , and we are taking that experience and local knowledge into the enterprise space .
“ The South Korean utilities market is highly competitive and is driven by seeking operational efficiencies throughout the supply chain .
“ This collaboration will allow LS ELECTRIC to expand its utility asset business and portfolio by delivering a flexible solution that can meet a variety of business case objectives .
“ We further expect to extend this synergy to 5G-based convergence opportunities such as Smart City and Smart Factory projects .” •
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