Bridging academia and industry: a success story in the steel market

This article originally appeared in the Fall 2024 issue of Trulaske Magazine. 

By KIHYUNG KIM, assistant teaching professor, Management Department

In an era where interdisciplinary collaboration is crucial for addressing complex industry challenges, a recent project with Trinity Products exemplifies how academia and industry can work together effectively. This project represents a collaboration between scholars from the University of Missouri’s Center for Engineering Logistics and Distribution (CELDi), the Industrial and Systems Engineering (ISE) department in the College of Engineering, and the Trulaske College of Business Supply Chain Management (SCM) team. This dynamic partnership has led to the development of an innovative decision support system (DSS) that promises to transform Trinity Products’ operations in the steel market. 

The DSS, designed to predict steel prices and market trends weeks in advance, leverages cutting-edge analytics and machine learning algorithms. This foresight is particularly valuable for a company operating in the volatile steel market, enabling strategic decision-making that improves operational efficiency and financial performance. The project serves as a compelling example of how technical expertise and business acumen can be combined to deliver real-world solutions. 

CELDi/ISE scholars bring to the table a wealth of knowledge in operations research, engineering and data analytics, which forms the backbone of the DSS. Their skills in developing predictive models and analyzing complex data sets ensure the system provides actionable insights. Meanwhile, the Trulaske SCM team contributes a strategic perspective, aligning the DSS’s capabilities with Trinity Products’ business goals. This synergy between technical know-how and strategic management has been key to the project’s success.

Beyond its immediate objectives, the collaboration has led to a robust DSS with a user-friendly interface that empowers Trinity Products’ decision-makers to navigate market volatility. The system enables the company to balance supply chain efficiency with market demand, positioning it for success in an ever-changing industry. 

The project also demonstrates the University of Missouri’s commitment to fostering industry partnerships, bridging the gap between academia and the private sector. It showcases how academic institutions can play a pivotal role in advancing industry goals, providing practical solutions that enhance competitiveness and efficiency.

Moreover, the partnership has laid the groundwork for future collaboration between the university and industry. The success of the project not only benefits Trinity Products but also serves as a blueprint for future interdisciplinary endeavors, showcasing how the convergence of technical and business expertise can address complex challenges.

In conclusion, the Trinity Products project highlights the potential of interdisciplinary collaboration in delivering impactful, real-world solutions. By uniting the skills and insights of CELDi/ISE and Trulaske SCM scholars, the partnership exemplifies how academia and industry can work together to achieve mutual goals, reinforcing the University of Missouri’s role as a leader in fostering partnerships that yield significant results. This collaboration is a testament to the power of interdisciplinary teamwork, delivering comprehensive solutions that address real-world challenges and setting a precedent for future endeavors.

The success of this project is owed to collaborators Sharan Srinivas, (Departments of industrial and systems engineering and Marketing); Anthony Ross (Management Department); Jim Noble ( Industrial and System Engineering Department); Kihyung Kim (Management Department) Pyam Oveys (Graduate research assistant, Industrial and Systems Engineering Department); Mahima Naznin (Graduate research assistant, Industrial and Systems Engineering Department); and Thomas Willerth (Undergraduate student, Industrial and Systems Engineering Department).