On April 30th , POSCO Maharashtra received ‘The Best Supply Chain Solution’ Award from The Asset in Hong Kong. From left, Goo-yeong Ahn, head of the management support department, and Rupa Balsekar, CEO of BNP Paribas.

POSCO Maharashtra’s new approach shines at Triple A awards 2018

POSCO Maharashtra received the award in recognition of its supply chain financial solution that perfectly managed the financial liquidity and provided efficient transactions with surrounding suppliers such as POCO DAEWOO, the main material supplier in India. They are the only Indian company to receive the prize at Triple A Awards 2018 in the ‘Industrial Solutions’ section.

POSCO’s innovative solution suggests alternative option for global companies

Credit exposure with high credit rating company such as the manufacturing company enables to increase the credit limit and lower the interests. This can bring huge advantages of cost saving and improvement of financial structure. Also it is beneficial to manufacturing company in terms of cost saving.

POSCO Maharashtra is the first POSCO’s subsidiary that applied the method. POSCO expects that the success of POSCO Maharashtra will give positive inspiration to other overseas subsidiaries and other global companies.

According to Goo-yeong Ahn, the head of the management support department of POSCO Maharashtra,  “The credit exposure financing method can be the alternative option for improving both financial liquidity and financial structure.”

Raising global competitiveness by standardizing work methods

POSCO launched ‘POSPIA 3.0’, POSCO Family’s unique future management system, on January 1^st at POSCO Indonesia’s integrated steelworks.

POSPIA 3.0 is a ‘future integrated management system, globally optimizing 176 systems throughout the company, combining the abilities of Enterprise Resource Planning (ERP) which manages overall production, purchase, and sales data, as well as the Manufacturing Execution System (MES) which manages steel production activities, the Supply Chain Management system (SCM) for sales and production efficiency, and the Smart Workplace (SWP) which supports a working culture of creativity, cooperation, and communication among employees.

Accordingly, by consolidating and standardizing the work method through purchasing, sales, marketing, planning, and finances, POSCO has affirmed differentiated global competiveness.

POSPIA 3.0 successfully underwent the process of design, development, testing, education, and training over two years and two months starting with the Big Picture stage in 2011, where the future blueprint was planned. During this period, 1,800 employees directly participated in the project, while all employees completed training to understand and experience the new work method.

The overall launch of POSPIA 3.0 will cover all company processes including client orders, input, production, shipment, and payment. Accordingly, on January 1^st, the first day of operation, it was critical to convert the pre and post system connection tasks without error or stopping production.

A total of 540 employees including SCO employees from Seoul, Pohang, and Gwangyang as well as the POSCO ICT Pangyo Main Situation Room gave their full efforts around the clock on December 31^st to launch POSPIA 3.0 on the first day of the new year. To be prepared for possible emergencies, production department team leaders of two steelworks cooperated with all employees at the launch, leading to great success.

POSCO plans to expand POSPIA 3.0 application to all POSCO family companies worldwide starting with its overseas steel subsidiaries. Through POSPIA 3.0, the company expects to innovate work method in an efficient manner, moving a step further along the path from strengthening steel core competitiveness to securing global competitive advantages over its competitors.