LG

On September 30th, LG held a virtual President's Workshop by video conference, bringing together 30 top executives, including Chairman and CEO Kwang Mo Koo, to discuss strategic approaches to fostering qualitative growth based on enhancing customer value starting from next year.
 
The session began with a comprehensive analysis of the global economic landscape and the development of strategies for the post-pandemic era. Recognizing the potential differences in the post-COVID landscape across countries and regions in 2022, the leadership group emphasized the need to strengthen market forecasting capabilities and supply chain management (SCM).
 
The executives also underscored the need to proactively foster innovation capabilities across the organization by anticipating a prolonged period of subdued economic growth globally, exacerbated by escalating competition and deteriorating cost structures. The meeting identified several key areas that the company should focus on, including: accelerating digital transformation anchored in AI and data, exploring opportunities for business expansion through emerging digital technologies, and securing eco-friendly core materials and process technologies by strengthening decarbonization capabilities.
 
The executives also looked at ways to make improvements in the way the company addresses customer pain points, underscoring the pivotal role of CEOs in instilling a customer-centric culture throughout the organization.
 
LG Electronics and LG U+ are expanding the scope of channels for collecting customer feedback, going beyond customer centers to online platforms, social media, and community forums, while also refining a systematic approach to customer value management.
 
On the B2B side of the business, LG Chem and LG Display are developing customer value innovation initiatives to suit the unique dynamics of their respective industries, with CEOs actively engaging directly with customers to gain richer insights into their pain points.
 
"Amid predictions of heightened competition post-pandemic, it is imperative for us to redouble our focus on customer value management to enhance our business competitiveness," said Mr. Koo. "This necessitates anchoring our business endeavors in customer value from the outset and redefining our business purpose and direction accordingly." 
 
He emphasized the need for deep introspection into the need for ongoing innovation to create customer value, prioritizing it over financial metrics. "Our business goals must resonate with meaningful customer value, and they should be the journey, not the destination," he emphasized. "Defining the purpose of customer value creation is paramount, as it enables us to accurately delineate the capabilities we need and formulate resource allocation strategies. Tangible results such as revenue and market share will naturally follow as a consequence of our commitment to customer-centric practices."
 
The workshop concluded with LG's top executives reaffirming their dedication to spearheading transformative initiatives centered on customer value management, setting a precedent for organizational change.
 
Chairman and CEO Koo has been focusing on improving customer contacts and strengthening future readiness strategies throughout this year. Notable visits include interactions with frontline employees at LG Electronics' Seocho Design Management Center and LG Uplus headquarters, as well as visits to manufacturing facilities and innovation hubs such as LG Display's Paju factory, LG Sciencepark in Magok and LG Electronics' Pyeongtaek Digital Park, all aimed at gaining further insights into the status of DX and AI promotion and the popularity of OLED TVs.