Industry math has already taken root abroad with petroleum deposit equations and others.

The ministry of science, ICT and Future Planning with 21 universities come together to hold a launching ceremony for industry problem solving hunters.

# Late in the year 1990 US oil company Exxon Mobile bought the deep ocean drilling rights for Makassar Strait off the island of Borneo from the Indonesian government at a giveaway cost. Other companies were perplexed saying ‘no oil could be found in that area.’ However, from this area since 2003 Exxon Mobile has been pumping 20 thousand barrels a day. Exxon Mobile’s ground for their decision was math. Using the age of the rocks in the surrounding areas, the pressure, the temperature, the density and mathematically analysing it with differential equations and probability theorems, they were certain oil was buried in the area.

# In the early 2000, US communication companies were facing a serious problem. In order to propagate the internet by changing the copper wire to optical fiber  cables, they estimated an enormous amount of money as well as more than 10 years were needed. Especially if new technology were to be invented during their installment of the fiber optic cables, a waste of funds and time was inevitable. Bell research center, affiliated to Alcatel-Lucent communications solved this problem by utilizing basic mathematics from matrix. Considering each copper wire in every home as a component of the matrix, they calculated a method for the optimal division of data. Through this, Alcatel-Lucent communications were able to create superhigh internet speed with copper wires. Eventually saving 10 years of time and billions of dollars.

The instances cited above are examples where mathematicians were able to make results using their heads without any new investments. Like this, finding solutions to existing industry problems through math is the academic study of ‘Industry math’. Now in Korea a project has been newly launched to spread industry math in full-scale.

The ministry of science, ICT and Future Planning, on August 17, organized the ‘industry math problem hunter’ launching ceremony at the Korea Science & Technology Center in Seoul Yeoksam-dong.

As a problem hunter for industry math, 100 mathematicians from 21 universities including Sungkyunkwan University (SKKU), Ewha Womans University, Catholic University of Korea, Konkuk University have participated. They have started their various math problem solving with the 34 companies that signed up for consultation.

SKKU joins with Samsung SDS and KT to develop a bigdata classification method, Pusan National University will develop a offshore plant simulation model for Samsung Heavy Industries to pre-test their offshore plant’s structure. Konkuk University will create a mathematical formula that could be applied to analysing stem cell differentiation research and medical image data for the bio-company Pharmicell.

The ministry of science, ICT and Future Planning's decision to link the mathematicians with companies is under the realization that companies do not know the importance of industry math.
“In case of the US, they have 14 thousand industry math specialists in almost all fields of industry, while in Korea, people who majored in industry math are only 520, and most of them are not in the industry.” says first vice minister Lee, Suk-jun, “in order to find a new growth engine, we must utilize industry math and create a new method of approach.”

Industry math introduced in the US from the late 1990’s, is considered the  competitive edge for companies in the advanced countries.
“The electronic trading company, Amazon mathematically analyses its users and predicts with a high probability on what they will buy in the future.” says  Prof. Park, Hyun-ju Department of Mathematics in Postec. He also explains “the different intro screen for each person is a result of mathematical calculation.”
 
In Korea there are instances where industry math is being utilized. A venture company called Encorded Technology made by mathematician in 2013 created a energy reduction technology by applying math. By installing the companies measuring instrument on an electric meter, it figures out the power consumption for each  electrical appliance and tells you how to save energy. Recently George Soros’s fund offered to invest in the company.
“ In Korea math is considered to be a field that you cant make money, but when industry math is established people’s perspective will change” says Prof. Park, “ In the US, industry math graduates are paid twice as much as than a university professor.”

Link to media report: http://biz.chosun.com/site/data/html_dir/2015/08/17/2015081703467.html