NYK and two of its wholly owned subsidiaries, the Monohakobi Technology Institute and NYK Business Systems Co. Ltd., have agreed to team with Weathernews Inc. and Kozo Keikaku Engineering Inc. to establish a new company, Symphony Creative Solutions Pte. Ltd. (SCS) in Singapore.
SCS is being created to develop and market next-generation solutions in the shipping and logistics fields by expanding on the scope of the Symphony Project, a jointly developed effort formed in July 2014 to promote solution services centering on the auto logistics business in Asia. Considering the rapid evolution of technology, specifically with the Internet of Things (IoT), and aiming to design further innovative solutions that meet advancing on-site needs in logistics, the five companies have agreed to establish SCS to further the development of the Symphony Project.
The new company will fuse the NYK Group’s knowledge, on-site capabilities, and the global network accumulated in the shipping and logistics businesses with Weathernews’ innovative infrastructure network and weather forecast technology, along with Kozo Keikaku Engineering’s cutting-edge simulations created through advanced operations research techniques and data-analysis technology. In the area of solutions development, a “lean startup methodology” which is based on an entrepreneurial business work-style often undertaken in Silicon Valley, will be thoroughly employed. The SCS head office will be located at Block 71, Singapore, known as a hub for IT venture companies in Asia.
This joint development project was selected by NYK’s Creative Solutions Development Fund* during the fund’s first call for applications. The NYK Group continually promotes creative solutions, as upheld in its medium-term management plan “More Than Shipping 2018,” and aims to create new value in the supply chain by providing innovative next-generation services that support customers’ needs in logistics.
* Creative Solutions Development Fund
This fund was set up in 2014 to advance further Group-wide advancement of the medium-term management plan “More Than Shipping 2018.” The fund aims to discover and foster creative solutions among Group companies as sources of differentiation and strives to support commercialization of creative ideas. The fund’s first call for applications in 2014 resulted in 52 submissions from NYK Group companies. The secretariat of the fund is working with applicants to prepare for commercialization of approximately 10% of the submissions. The 2015 call for applications has been completed.