LS chairman tells his ranks to go digital fast
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.
BY KIM JEE-HEE [email@example.com]
More in Industry
[SHORTCUT] Is 2021 the year electric vehicles go mainstream?
Lobby groups call for leniency for Samsung's Lee
Thousands claim fraud after buying items via social media
No dial tone for 2G services on LG U+ starting in June
Ironing out an air corridor took decades