Nokia Asset Lifecycle Optimization Platform,
Applied to LS Power Equipment Asset Management Solution


On the 27th, LS Electric (formerly LS Industrial Systems) signed a ‘MOU for joint development of power equipment asset management solutions’ with Nokia.

The two companies plan to conduct a proof of concept (PoC) of Nokia's 'SpaceTime Asset Lifecycle Optimization' platform and launch a solution exclusively for LS Electric customers.

LS Electric's exclusive customer solution will enable customers to maximize asset life and further enhance asset management efficiency by leveraging risk analysis capabilities.

Nokia's Spacetime Asset Lifecycle Optimization Platform's asset performance verification capabilities, powered by big data analytics and machine learning technologies, will serve as the foundation for LS Electric to offer more robust products in the utility asset market.

“This collaboration with Nokia will open the way to discovering new business cases in the asset performance management (APM) field,” said Kim Young-geun, CTO of LS Electric.

Ahn Tae-ho, CEO of Nokia Korea, said, “We expect the synergy between the two companies to expand into 5G-based convergence businesses such as smart cities and smart factories.”He said it all.