Hyosung’s Chairman is determined to implement data management into its key business structure by leveraging technologies such as big data integration tools, internet of things (IoT), and cloud computing.
Everyone is ready to move on from the extraordinary 2020 and the New Year gives everyone an equal chance to wipe the slate clean. Many enterprises regard 2021 as the time to rebuild, recalibrate, and prepare for a new world of work post-COVID-19.
For South Korean industrial conglomerate Hyosung Group, now is the time to invest in and optimize the latest IT technologies that would not only ready the enterprise for the future beyond the pandemic but also enhance Hyosung’s capabilities to compete in the industries that they operate in. Hyosung Group operates in various industries such as the chemical industry, industrial machinery, IT, trade, and construction.
During the New Year address of Hyosung Chairman Cho Hyun-Joon, he highlighted how accumulated data is critical in strengthening the enterprise’s value and crisis management resolution capabilities. He said:
“The future is about how well a company utilizes accumulated data to strengthen its competitiveness and crisis recovery opportunities.”
Leveraging Big Data Integration Tools
Before 2020 closed, Hyosung ITX, a member of the Hyosung Group, has signed a Memorandum of Agreement (MOU) with SAP Korea to develop Hyosung Group’s next-generation smart factory solutions at SAP Design App House in Pangyo near Seoul– reflecting Hyosung’s commitment to strengthen its competitiveness through technology. SAP AppHaus Seoul, which is the first SAP AppHaus in Asia, combines human-centered design and development expertise to help customers leverage SAP Business Technology Platform and make innovation real.
Back in 2018, Hyosung ITX utilized big data technology in the implementation of a smart factory system for Hyosung Heavy Industries, Hyosung TNC, and other key establishments.
A smart factory system leverages advanced technologies such as artificial intelligence (AI) and machine learning to analyze data, drive automated processes, and learn from experience. It works by integrating machines, people, and Big Data into a single, digitally connected ecosystem.
Today, under the technological agreement, Hyosung and SAP aim to strengthen the forecasting function of Xtrm Factory, the production management solution developed by Hyosung Group in 2018. SAP’s Customer Relationship Management (CRM) solutions and SAP subsidiary Qualtrics Experience Management solutions will be integrated into the Xtrm Factory.
Hyosung ITX will leverage SAP’s smart factory system as well as provide a customer prediction management system that analyzes clients’ purchase patterns and preferences for better inventory and logistics management. With the smart factory solution, the company will be able to gather and analyze data from all processes such as manufacturing, production, and sales. This empowers the company to be able to make quick and accurate decisions based on the results of the analysis.
Furthermore, Hyosung Group aims to better analyze and utilize the IoT, cloud computing, and big data solutions through Hyosung ITX in other business sectors, especially in system integration and system management fields.
Aside from having a strong presence in Asia, Hyosung Group’s business network expands to many countries including the U.S., Germany, the UK, Saudi Arabia, Brazil, South Africa, Russia, Italy, Spain, Panama, Poland, and many more.
