Conglomerate taking advantage of AI and big data
LS Group has adopted digital transformation as its corporate strategy by employing such futuristic technologies as artificial intelligence, big data, and smart energy to traditional brick-and-mortar businesses.
LS Group Chairman Koo Ja-yeol has reiterated the strategy over the past several years through seminars with top executives and conferences sharing research results.
“To chalk up higher growths, global corporations have adopted digitization and invested in the so-called ‘exponential technology,’ including AI, IoT, and robotics,” Koo said.
“By analyzing outfits like ABB and Siemens, which shell out big bucks for digital transformation, we are also required to secure digital capacity.”
Deloitte defines exponential technology as innovation progressing at a pace with or exceeding Moore’s Law. In other words, the technology should more than double in power or processing speed every year, while the cost remains stagnant or decreases.
To remain ahead of the curve, global powerhouses have desperately attempted to unlock and harness the value of exponential technology.
Leading the group’s future strategies, LS Mtron Chairman Koo Ja-eun has also encouraged digitalization. Toward that end, he hosts LS Agile Demo Day every year.
Under their stewardship, LS affiliates have proactively tried to brace for digital technology to offer differentiated values and new experiences to customers, the group said.
For example, LS Cable & System has introduced the highly digitized One-Pick system designed to market cable systems to corporate clients.
LS said that the system enables its distributors to check inventories in a minute; in the past, the tasks took half a day.
Earlier this February, LS Electric took over LS ITC, which has a core competency in big data, IoT, and smart factory technologies.
In addition, the outfit has established a smart factory in Cheonju, some 110 kilometers south of Seoul, which has fully automated systems in component supply, assembly, test, and packaging.
LS Mtron has launched iTractor, a remote-control system for its autonomous tractor, dubbed LS SmarTrek, thus heading digitization of the country’s rural areas.
LS noted that even inexperienced farmers grow the top-end tractor and remote-control system.
“LS is strengthening digital capacity by applying automation, big data, and AI technology to traditional manufacturing areas,” an LS official said.
“Going forward, we strive to be a digitally-competent outfit through forging strategic partnerships and sophisticated research, including Open Innovation.”