LS Cable & System to tap into IoT-based inventory management business

South Korea’s leading power cable manufacturer LS Cable & System Wednesday said it will soon launch an inventory management service based on Internet of Things (IoT) technology, first to do so among local players.

The company said the new inventory management system can significantly increase workflow efficiency and prevent theft during delivery. The IoT-powered inventory management can track stock availability in real time through a mobile phone.

LS Cable & System said its new business decision is based on a six-month field test at its Donghae site in Gangwon, the country’s first and largest undersea cable plant.

The new business was inspired by the company’s first internal startup which proposed the idea in September 2016.

The company said it will provide additional support in establishing a new business unit with a financial reward after the three-year incubating period.

“There is difficulty in materials maintenance under a multi-product production system usually seen at a cable plant, but with the new system we can track products from roll-out to delivery, which can be an opportunity to expand our logistics business,” said a company official.

LS Cable & System, the flagship unit of LS Group, is on the cusp of expanding into overseas markets after winning a $400 million high-voltage cable order from Singapore last year.

Pulse