LS chairman tells his ranks to go digital fast

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LS chairman tells his ranks to go digital fast


LS Group Chairman Koo Ja-yeol, left, shakes hand with an award-winning employee during the group’s annual tech fair on Monday. [LS GROUP]

LS Group Chairman Koo Ja-yeol told the heads of his group affiliates to pursue digitization or die during an annual internal technology fair that ended Tuesday.

The two-day fair, the 14th to be held, was at the LS Tower in Anyang, Gyeonggi, from Monday to give awards for research and development achievements by different affiliates.

At the fair, Koo talked about a report by Washington University’s Olin Business School that said 40 percent of Fortune 500 companies will disappear by 2025 after failing to adjust to a digital environment.

“Whether LS will be in that 40 percent is in the hands of our R&D engineers,” Koo said. He told CEOs of each affiliate to spearhead the digitization of their businesses and organizations in conjunction with their chief technology officers.

At the fair, LS Cable & System introduced an Internet of Things-based management system that tracks goods’ positions in real time. LS Industrial Systems introduced a cloud system that monitors solar energy production and consumption, while industrial machinery and component maker LS Mtron introduced self-driving tractors and drones for farming.

According to LS, Koo has set “R&D speed-up” and “digital transformation” as key concepts in group’s strategy for the future since 2015. LS affiliates have been working to apply digital technologies to their business processes.

About 400 executives, CTOs and researchers from LS participated in the tech fair, the company said.

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