In the engineering industry, there have been significant changes in the business environment in recent years, such as the accelerating change in the market and customer needs along with heightened geopolitical risk, the increase in the size and complexity of facilities, and the diversification of contract types and project structures. In this increasingly complicated and difficult global market, Mitsubishi Heavy Industries Engineering offers solutions by maximizing our engineering capability to solve various problems and issues for chemical plants, transportation systems, environmental facilities and other infrastructure systems.
We contribute to the engineering business by leveraging our abundant record of successful large-scale projects, as well as the advanced manufacturing technology of the Mitsubishi Heavy Industries Group and its R&D capabilities. These are key advantages which we leverage in the engineering projects we undertake.
MHIENG organizes optimal, highly-experienced teams led by project managers who comprehensively understand and manage the entirety and details of every phase from planning to the completion and maintenance of EPC (Engineering, Procurement, Construction) projects. QCD (Quality, Cost, Delivery) and project risks are strictly managed to implement the optimum operation so that customer demands are met. MHIENG strives to further strengthen its performance such as timely monitoring and early response to project risks by using the project management capabilities developed through its experience of numerous EPC projects, the highly-experienced human resources who organize the projects, and its excellent systems and strong networks.
Quality management is continuously implemented through our independent quality control system and through objective inspections, ensuring the reliability of MHIENG's projects.
To promote environmental conservation, which is indispensable to the sustained growth of society and humankind, HSE (Health, Safety, Environment) management is positioned as one of the most critical aspects of our business and is conducted in accordance with global demands and standards.
We provide a wide range of after-sales services, such as LTSA (Long Term Service Agreements), O&M (Operation & Maintenance) service and revamps (to improve availability, increase capacity, improve efficiency, etc.), to help ensure that the plants and transportation systems we deliver continue running safely and efficiently without any problems. Furthermore, we are actively incorporating new areas which will provide even greater added-value to customers; specifically, we are utilizing cutting-edge IoT and remote monitoring technology-driven data analysis to enable us to perform predictive diagnostics and maintenance cycle optimization.
We invest in highly profitable businesses, such as chemical product manufacturing. We have a wealth of expertise in EPC and O&M through our core business, and we work to further strengthen this by feeding back the insights we glean from being involved in projects from the initial stage, which is critical for business profitability as it improves operational rate reliability, and by pursuing greater involvement in O&M as investors.