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In his year-end speech, LG Electronics (LG) CEO William Cho outlined the company’s future focus areas based on last year’s “successful transformations” and “winning growth.” The live-streamed panel allowed Cho to connect with LG employees and discuss the four strategic areas that will transform the company into a future-oriented business structure in 2023.
For starters, Cho emphasized the importance of advancing LG’s business portfolio. “To increase corporate value, we need to accelerate quality growth and secure growth engines in high-potential areas,” Cho noted. “We will focus on aggressively developing future strategic businesses while enhancing the capabilities of existing businesses to strengthen the competitiveness of our core businesses.”
The CEO then went on to emphasize the need to create a customer-centric business operating system. “We need to use innovation that combines customer experience and digital transformation to deliver real results,” Cho continued. “To strengthen our customer-centric mindset and improve the way we work, we aim to create an innovative customer experience that exceeds expectations by establishing clear mid- and long-term goals and roadmaps.”
Cho then mentioned strengthening the company’s future training capabilities. “We need to secure future technologies, strengthen software competitiveness through research and development, increase brand value, and improve brand reputation, especially among the younger generation,” Cho said. “We also need to ramp up digital marketing to grow our online business and expand our e-commerce business.”
He also noted the uncertainty surrounding the business environment. The company has recently organized a special task force to fundamentally change LG’s competitive advantage and improve operational efficiency that can proactively respond to changes in the business environment. “We hope that these measures will create a healthier corporate structure and enable the company to create new customer value by consistently delivering positive results and ensuring long-term competitiveness in terms of business progress,” Cho said.
Cho asked everyone he met to think about who and what defines LG Electronics. “Each of us at LG is a ‘value creator’ for our customers. We hope that everyone really values our customers, meets them, listens to them, and by being them, we think about how we can create more and better value for them,” he continued. “Knowing that the answers always lie with our customers, we dig deeper into their lives and gather insights to deliver to them. first, special and new user experience”.
Cho concluded by reminding everyone at LG that the future will be determined by what we think and do now. “We need to bravely face the challenges and difficulties that are inevitable in our individual trials with an optimistic attitude and a positive attitude, and we can make it this far,” concluded Cho.
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