LS Cable & System commercializes IoT inventory management system

LS Cable & System(Roe-Hyun Myung, President & CEO) announced on March 22 that it became the first in the cable industry to push ahead with an inventory management system business using Internet of Things (IoT) technology in earnest.

This system installs communication sensors in products and materials to transmit location and inventory data over the Internet in real time. The information can then be accessed from anywhere and at anytime using smartphones. The system can reduce time and effort required when hundreds and thousands of products are stored and shipped, and keep track of their movements thus preventing theft during shipment.

LS Cable & System successfully completed the 6-month verification test in its Donghae Plan in Gangwon-do, which was started last September. As cable plants manufacture multiple products, they had a lot of difficulties finding the right products in the open-air storage yard during materials management and shipping.

LS Cable & System is planning to market this system from its own business sites to other cablemakers, shipbuilding yards and automotive parts makers which use a lot of cables, and will also apply this technology to export-bound cable drums which are highly likely to be stolen during shipment.

“As [the system] can track products from factory release until delivery to customers, we are looking forward to expanding the business to global manufacturers and logistics,” said Roe-Hyun Myung, CEO of LS Cable & System. “We are going to make full use of 4th Industrial Revolution technologies like IoT and big data.”

This project, which has undergone a 3-year incubation process, was selected as the first in-house venture project of LS Cable & System in September 2016. After incubation is completed, the venture will receive monetary reward and support with incorporation.