Home / Shipping News / International Shipping News / NYK Selected as a Digital Transformation Stock for 2024 Radically Transforming Business Models Through Digital Technology

NYK Selected as a Digital Transformation Stock for 2024 Radically Transforming Business Models Through Digital Technology

On May 27, NYK was selected as a 2024 “Digital Transformation Stock,” or “DX Stock” for short, by Japan’s Ministry of Economy, Trade and Industry, the Tokyo Stock Exchange, and Japan’s Information-Technology Promotion Agency. This is the sixth time NYK has been recognized by these organizations, subsequent to its selection in the following categories: 2016 Competitive IT Strategy Companies, 2017 Competitive IT Strategy Companies, DX Stocks 2021, Noteworthy DX Companies 2022, and DX Stocks 2023/DX Grand Prix 2023.

Back row, sixth from the right, Nobuhiro Kashima, Senior Managing Executive Officer

Twenty-five companies were selected for the DX Stocks 2024 category, which includes companies using digital technology to fundamentally transform their business models for new growth and enhanced competitiveness. NYK has been working on business transformation through digital technology, such as developing 3D models and drawings to simplify the ship design and approval process in shipbuilding, adopting the SIMS3 (ship information management system ) to transmit operational IoT data from ships to shore every minute, and implementing the Starlink satellite communication service for exchanging and utilizing data on ships and land.

In March 2023, NYK released its medium-term management plan “Sail Green, Drive Transformations 2026 — A Passion for Planetary Wellbeing.” This medium-term business plan comprises two core business strategies, AX (ambidextrous management) and BX (business transformation), to deepen core businesses and develop new businesses, and three support strategies to realize and develop the core strategies: CX (human resource, organization, and Group-management transformation), DX (digital transformation), and EX (energy transformation). DX plays an important role as an enabler of the other four transformations. NYK will continue to leverage the power of digital technology to promote the Group’s medium-term management plan and achieve the Group’s mission of “Bringing value to life.”

A sample of NYK Group DX initiatives evaluated during the DX Stock screening
• Introduction of front-loading* digital ship design concept
• Advanced digitalization of vessels in operation to realize cyber-physical systems**
• IBIS (Innovative Bunker & Idle time Saving) Project and further improvements in fuel efficiency
• Advanced maritime business data lakes
• Promoting the commercialization of ship design, operation, and management
• Utilization of generative AI
• Creating an organization, human resources, and corporate culture to realize DX
Source: Nippon Yusen kaisha

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping