Hyundai Heavy Industries Partners with Palantir to Build Big Data Platform for Core Business

[Las Vegas (USA) = Asia Economy Reporter Ki-min Lee] Hyundai Heavy Industries Group is partnering with Palantir Technologies, the world's leading big data company, to build a big data platform for core businesses such as shipbuilding and offshore. In particular, they are also considering establishing a joint venture to jointly promote a mid- to long-term big data platform business.

Hyundai Heavy Industries Group announced on the 4th (local time) in Las Vegas, USA, one day before the opening of CES 2022, the world's largest electronics and IT exhibition, that it had signed a Memorandum of Understanding (MOU) for 'Big Data Platform Construction and Joint Venture Establishment' with Palantir.

The event was attended both online and offline by key executives including Jung Ki-sun, CEO of Hyundai Heavy Industries Holdings; Cho Young-chul, CEO of Hyundai Doosan Infracore; Cho Seok, CEO of Hyundai Electric; Alex Karp, CEO of Palantir; Sham Shankar, Chief Operating Officer (COO); and Dave Glazer, Chief Financial Officer (CFO).

Hyundai Heavy Industries Group will jointly build big data platforms with Palantir for key affiliates within the group, including ▲ shipbuilding and offshore ▲ energy ▲ industrial machinery. To this end, Hyundai Heavy Industries Group will provide process expertise and sales know-how from its affiliates, while Palantir will supply software and development personnel.

Once the platform construction for each affiliate is completed, the two companies plan to establish a joint venture specializing in the development and sales of big data platform services. Based on accumulated achievements so far, they plan to commercialize big data solutions from platform construction to operation and generate sales targeting domestic and overseas companies.

Hyundai Heavy Industries, the shipbuilding and offshore affiliate of Hyundai Heavy Industries Group, is promoting the 'FOS (Future of Shipyard) Project,' the world's first initiative to transform into a smart shipyard by 2030. The shipyard will be built to enable smart work management with all processes connected in real time from design to production, and Palantir's big data platform will be introduced in this process.

Energy affiliates such as Hyundai Oilbank will also apply the big data platform. Hyundai Oilbank plans to build the platform at its Daesan plant in Chungnam over five years starting this year, with a strategy to integrate more than 100 currently operating production management systems into one to maximize process efficiency.

Industrial machinery affiliate Hyundai Doosan Infracore has already jointly developed the big data collaboration platform 'DI 360' with Palantir in 2019, which is being used for parts supply chain management, on-site quality claim issue response, and sales opportunity detection. Hyundai Heavy Industries Group and Palantir are also considering platform construction for other affiliates such as Hyundai Construction Equipment.

Jung Ki-sun, CEO of Hyundai Heavy Industries Holdings, said, "We expect the competitiveness of core businesses within the group to be greatly enhanced through this cooperation with Palantir," adding, "It will be an important turning point for organizational culture innovation that changes work methods to be data-driven."

Alex Karp, CEO of Palantir, said, "Hyundai Heavy Industries Group, which has led the development of the shipbuilding and offshore industry, is a company that plays an essential role in sustaining human life," and added, "We are deeply grateful for the opportunity to cooperate with Hyundai Heavy Industries Group, a global leading company that has achieved continuous success and plays an important role in the well-being of all of us."

This content was produced with the assistance of AI translation services.