LG

■ LG hosted ‘President’s Workshop’ at LG Academy in Icheon.
 
■ LG Chairman and CEO Kwang Mo Koo and over 30 top executives convened to discuss strategies for creating enduring value for customers.
 □ Amidst uncertain times, LG executives recognized the imperative of prioritizing customer-centric approaches and transformative business models.
 □ LG is committed to expediting its digital transformation journey, leveraging customer insights and technological advancements to redefine the value proposition of its products and services.
 
 
LG held its Presidential Workshop at the LG Academy in Icheon on the 24th, bringing together the company’s top executives to strategize for the future. LG Corp. Chairman and CEO Kwang Mo Koo and over 30 senior leaders engaged in comprehensive discussions throughout the day, aiming to chart a course for the company’s future to create enduring customer value in an increasingly volatile business environment. 
 
The workshop began by acknowledging the challenges posed by prolonged economic downturns and changing market dynamics, such as reduced demand and shrinking markets due to demographic shifts. This prompted a move by the executives to rethink traditional approaches and embrace radical innovation, making a clear decision to do more than merely adapt in difficult times, but to commit the company entirely to drive excellence with transformative business models and methodologies.
 
To realize this vision, LG pledged to accelerate its digital transformation journey, leveraging customer insights and technological advancements to reshape the value proposition of its products and services. This entails a shift in communication and work practices, reinforced by investments in artificial intelligence, big data capabilities, smart factories, and open innovation initiatives to improve R&D efficiency and digital marketing effectiveness.
 
During the workshop, executives evaluated the progress of ongoing digital transformation initiatives across various corporate divisions and explored strategies for rapid implementation. LG Chem's Life Sciences Company plans to harness AI to analyze disease-related genetic data and medical research papers to optimize drug development processes. Similarly, LG Uplus aims to use big data analytics for personalized marketing initiatives. The workshop also featured a variety of case studies spanning R&D, product planning, marketing, sales, and operational support.
 
Key figures in attendance included Kwon Young-soo, LG Corp. Vice Chairman, Jo Seong-jin, Vice Chairman of LG Electronics, Ha Hyun-hwoi, Vice Chairman of LG Uplus, Shin Hak-cheol, Vice Chairman of LG Chem, alongside CEOs and business leaders from affiliated companies.
 
LG’s proactive approach to digital transformation includes cultivating digital talent and upgrading IT systems. Earlier this year, LG Academy launched the Digital Tech University, offering courses on core technologies such as AI and big data. Digital transformation courses have also been integrated into the curriculum as mandatory courses for employees in the second half of the year. Initiatives such as the Digital Transformation Challenge held last month gave 103 selected candidates the opportunity to enroll in the LG MBA program to foster future entrepreneurship by creating a real startup and presenting a business model. LG also migrated 90 percent of its IT systems to the cloud and adopted new standardized software solutions for enhanced data management and utilization.