Japanese ICT and technology innovation Group Hitachi plans to increase its social innovation business, using its open IOT platform Lumada, its U$4bn Hitachi Vantara digital engagement division and a collaboration creation approach with customers and partners, to expand the scale of its business from the current level of €1.2bn to €1.5 billion in FY 2020.

At the Hitachi Social Innovation Forum 2017 hosted in Milan today, Hitachi President and CEO Toshiaki Higashihara said globalisation and digitalisation have driven change, faster than ever before, and this has impacted lifestyle and business.

Higashihara said the company intends to be an innovation partner for the IOT era.

"This is the era of uncertainty, in Europe society is changing rapidly ... I believe it is our responsibility to hold events like today to come together with partners, customers and academics to corroborate on solutions that can help. Social innovation has been our core strategy for many years and our core strengths are leveraging the combination of operational tech, info tech and wide range of products and systems, combined with knowhow and expertise, to help achieve a society that enables every person to enjoy a technology rich lifestyle."

The company, established in 1910, has been involved in business in Europe for over 50 years, and considers this a strategic market and region.

It also believes its value proposition of combining its experience in operational technology with information technology is unique in the market, and gives it an edge.

It's the first social innovation forum in Italy and Hitachi, while introducing the social innovation business in Italy, Hitachi executives detailed the company's focus on integrating its solutions in areas such as medical services, water, energy and public transport (primarily rail).

"The country has been facing a number of other issues, including the need to put in place highly efficient public transportation to alleviate traffic jams arising as a result of urbanisation, and to reduce the environmental burden from CO2 emission volumes," stated Hitachi.

"We see Italy as a strategic market and business base for Hitachi's growth in Europe," said Higashihara, who added that Lumada will facilitate sharing of issues, analysis, design as well as testing of the business model.