Hyosung ITX, which is Hyosung Group’s IT subsidiary, has announced that it has inked an MOU with POSCO ICT recently at the POSCO ICT building located in Pangyo, Gyeonggi Province for developing smart factory solutions.

Apparently, the smart factory solutions can make rapid and the correct decision during the process of production by both collecting as well as analyzing data from the various product-related processes, form production to sales.

Chairman of Hyosung, Cho Hyun-Joon said that the company should be leading through the big data age with the help of the fusion of information technology as well as the existing production systems. The firm should be equipped with a system that helps give quick responses to the needs of the customers while also adapting themselves to singularity times putting their main focus on the advancements in artificial intelligence.  

Hyosung ITX has reportedly turned several factories belonging to the group at both home as well as abroad into smart factories since 2017, by securing the know-how in several manufacturing fields that also includes chemicals, heavy industries and textiles.

Similar to this, POSCO ICT has also purchased the rich experience as well as know-how from smart factory application solutions to steelworks that are run by POSCO. Both the firms have been expecting the MOU to help them build systems that are optimized to be able to serve individual manufacturers.

Both the sides will be sharing every technology to be able to achieve the feat, that is related to software and hardware of the smart factories involved.

The technologies that can be shared also include MES (Manufacturing Execution System) to list work and also aggregate results, VAS (Visual Analytics System) used for real-time analysis with the help of visualization for every user to get hold of the current situation of both process management and quality at a glance.

Source Credit- https://www.businesswire.com/news/home/20200604005814/en/Hyosung-Chairman-Cho-Hyun-joon-Signs-MOU-POSCO