English | 简体中文 | 繁體中文 | 한국어 | 日本語
Thursday, 31 May 2018, 09:04 HKT/SGT
Share:
    

Source: Hitachi, Ltd.
Strengthen Marubeni's Competitive Edge in the Domestic Power Retailing Business by Utilizing Digital Technology

TOKYO, May 31, 2018 - (JCN Newswire) - Marubeni Corporation introduced an advanced AI market analysis model with the cooperation of Hitachi, Ltd., which was applied to Japan's electricity retail business. Marubeni developed this Model by utilizing Hitachi's IoT platform "Lumada" with its latest digital technologies, such as AI and big data analysis, in order to upgrade market analysis methods for the domestic electricity retail business.

Along with the full liberalization of the electricity retail market beginning in April 2016, the market size of the new power business continues to expand by 3 to 4% every year. Marubeni considers Japan to be one of the main areas to focus on in terms of electricity supply and delivers approximately 5,000 GWh (FY 2017) to customers through its subsidiary, Marubeni Power Retail Corporation. Recently, as the market has expanded, advanced market analytics has become one of the most important issues.

Marubeni and Hitachi have been studying this Model since August 2017 and have succeeded in developing this unique Model by integrating Marubeni's data analysis method with algorithms and Hitachi's machine learning engine which was developed for the purpose of predicting demand trends in retail and distribution fields. Marubeni first used this Model to conduct a trial verification to analyze and predict the market price and demand trends for electric power (among other things). The trial results proved to be effective on business improvement and cost reduction, so the Model was fully implemented.

On April 1st, 2017 Marubeni reorganized the "IoT - Big Data Strategy Office" and established the new "Digital Innovation Department" on April 1st, 2018. The new department's purpose is the promotion and creation of new business models through the use of digital technology. Marubeni will apply the Model to the power business field in order to further strengthen its competitive edge (which is already strong). Marubeni will continue to contribute to the efficiency of Japan's industrial structure by also applying this Model to other fields.

Hitachi will support efforts to create new business models promoted by Marubeni through the use of digital technology; the support they offer will be based in their achievements and knowledge of the IoT platform "Lumada", a combination of OT (operational technology) and advanced IT, which they have accumulated through experience in a wide range of business fields over the course of many years.

About Hitachi, Ltd.

Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, is focusing on Social Innovation Business that combines information technology (IT), operational technology (OT) and products. The company's consolidated revenues for fiscal 2019 (ended March 31, 2020) totaled 8,767.2 billion yen ($80.4 billion), and the number of employees was approximately 301,000 worldwide. Hitachi delivers digital solutions utilizing Lumada in five sectors including Mobility, Smart Life, Industry, Energy and IT, to increase social, environmental and economic values of its customers. For more information on Hitachi, please visit the company's website at https://www.hitachi.com.

Contact:
Hitachi Ltd
Corporate Communications
Tel: +81-3-3258-1111


Source: Hitachi, Ltd.

Hitachi, Ltd. (TSE: 6501)

Topic: Press release summary
Sectors: Enterprise IT, Alt. Energy
http://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2020 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 
Hitachi, Ltd. Links

http://www.hitachi.com

https://www.facebook.com/hitachi.global/

https://twitter.com/hitachiglobal?lang=en

https://www.youtube.com/user/HitachiBrandChannel

https://ph.linkedin.com/company/hitachi

Hitachi, Ltd. Releated News
July 10, 2020 08:07 HKT/SGT
Hitachi ABB Power Grids India Wins INR 120 Crore Order for Indian Railways Electrification
July 6, 2020 16:39 HKT/SGT
HOYA and Hitachi Announce Long Term Technical Collaboration and Supply Agreement Related to Endoscopic Ultrasound Systems
July 6, 2020 11:00 HKT/SGT
HOYAと日立、超音波内視鏡システムの長期技術提携および製品供給に合意
June 30, 2020 10:00 HKT/SGT
日立、日本版コネクト&マネージを実現する制御システムの開発の実施について
June 30, 2020 10:00 HKT/SGT
日立、幸せの見える化技術で新たな産業創生をめざす「出島」としての新会社を設立
More news >>
Copyright © 2020 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 400 879 3881 | Hong Kong: +852 8192 4922 | Singapore: +65 6653 1210 | Tokyo: +81 3 6859 8575