LS Electric's 2030 vision is about digital innovation

Koo Ja-kyun, chairman of LS Electric. [LS ELECTRIC]

LS Electric, a provider of electrical equipment and automation systems, on Monday stressed the importance of becoming a digital company in the fourth industrial revolution era.

Koo Ja-kyun, chairman of LS Electric, picked agility, challenge and excellence as the company’s three key words for driving the digital revolution in business, management and the company culture.

The vision, named Drive Change for 2030, reflects the company’s goal to become a “digital enterprise” that leads the “dramatic exponential growth” and prepares for the fourth industrial revolution that is being frontloaded as a result of the Covid-19 outbreak.

The company “has to pursue evolution beyond revolution over the next 10 years by turning the uncertainties derived from shifting of industrial paradigm from risks to opportunities,” Koo told employees virtually. “Our goal is not to become a long-lived company existing for the purpose of survival, but to become a leading company and a market dominator in the fourth industrial revolution era through an overwhelming growth.”

LS Electric changed its name from LS Industrial Systems in March because the top management believed the name ”Industrial Systems” was too limited, when it is currently focused on applying new technology to its products.

LS Electric said that it plans to adapt to changes in the manufacturing industry, where equipment, products and product parts communicate with one another.

LS Electric plans to localize global business models and focus on digital platforms, which are borderless, by securing new future-oriented employees and becoming more customer-centered.

Its goal through the change is to grow 10 percent annually over the next 10 years and to double the ratio of global businesses to at least 70 percent of sales from the current 35 percent, and new digital businesses to more than 50 percent.

“Our company has shown stable growth based on traditional electric and automation businesses, but has been thinking about making innovative changes through ICT technologies and digital capacities that match the new era,” LS Electric said in a statement.

BY JIN MIN-JI [jin.minji@joongang.co.kr]