SEOUL – LS Electric, a power solutions provider affiliated with South Korea’s LS Group, has taken over Nokia’s power plant asset analytics platform. The acquisition aims to develop customized solutions to extend the life of electrical installations, improve investment efficiency and reduce maintenance costs.
LS Electric has signed an agreement to acquire Nokia’s Asset Lifecycle Optimization (ALO) software based on big data analytics and machine learning technology at the Hanover Fairground in Germany. By leveraging the solution’s risk analysis capabilities, customers can improve operational efficiency by maximizing the life of assets and improving visibility into their probability of failure.
With Nokia’s solution, LS Electric said it would launch an asset management software (AMS) company that systematically manages electrical installations throughout the lifecycle. AMS provides businesses with a streamlined asset tracking process with efficient data management and provides complete visibility into asset costs, usage, and ROI for better understanding of business performance.
Financial terms were not disclosed. “With the acquisition of ALO, we can systematically manage large amounts of massive production, operations and fault data by linking it to standardized platforms,” said LS Electric’s chief technology officer. , Kim Young-keun, in a statement on June 8.
Nokia’s Asset Lifecycle Optimization application is based on big data analytics and machine learning technology. In 2020, LS Electric and Nokia agreed to collaborate on creating an intelligent and analytical platform that enables customers to proactively manage the performance of critical assets by identifying root causes and adapting to changing conditions .
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