Accelerating Digital Transformation in Industrial Complexes with Simulation Software for Key Materials Parts and Equipment

To support the digital transformation of businesses located in aging industrial complexes a publicly developed simulation software is being distributed. On November 14 the Ministry of Trade Industry and Energy (MOTIE) led by Minister Ahn Duk-geun announced a Memorandum of Understanding (MOU) for supporting digital transformation (DX) of companies in Incheon’s Juan and Bupyeong industrial complexes. This agreement was signed between the Korea Institute of Machinery and Materials (developer of the simulation software) and local institutions Inha University Cheongwoon University and Polytechnic II University which implement the Advanced Workforce Development Program for Smart Manufacturing. *This software was developed as part of the MOTIE’s Virtual Engineering Platform project to support virtual experiments for product reliability verification.

One of the main obstacles to digital transformation for companies specializing in key materials parts and equipment is the excessive cost of implementing software relative to revenue. These companies often rely on expensive foreign software to test product reliability before delivery with smaller companies spending over 30% of their operating profit on software acquisition. Through this MOU approximately 3000 companies and 24000 employees in Incheon’s Juan and Bupyeong complexes will receive public simulation software for free along with training. If this software extends to manufacturing sites it is expected to reduce costs by around 100 billion KRW annually.

The Juan and Bupyeong industrial complexes have served as the backbone of regional industry for over 50 years and were designated as Smart Green Industrial Complexes in April of last year to promote their transition from aging facilities to hubs of innovation. Building on this MOU MOTIE plans to extend the distribution of public simulation software to aging industrial complexes and companies nationwide.

Na Seong-hwa Director General of MOTIE’s Industrial Supply Chain Policy Bureau remarked “Following our MOU with LG Electronics a prominent domestic demand company in May 2024 for expanding public software distribution we are pleased to discuss collaboration with representative industrial complexes in Incheon to foster innovation.” He added “We will not only expand software distribution but also strengthen tailored maintenance upgrades and consulting to support the effective use of software by key materials parts and equipment companies.”

Website: : http://www.wip-news.com/news/articleView.html?idxno=26107