LG CEO EMBARKS ON STRATEGIC U.S. VISIT TO ENHANCE AI INITIATIVES
LG Electronics' CEO, William Cho, is on a strategic visit to the U.S. to enhance AI initiatives. Cho aims to attract top AI talent, communicate with investors, and attend the MS CEO Summit to accelerate AI integration across LG's business sectors. LG focuses on AI, cloud, and big data as new growth opportunities, transitioning to a 'Smart Life Solution Company'. Cho plans to broaden LG's business portfolio, engage in AI development, and leverage its 700 million customer touchpoints for AI progression and customer experience enhancement.
LG's strategic focus on AI as a important catalyst for future growth and customer experience innovation.
Aiming to attract top AI talent and communicate LG's vision to investors to accelerate AI integration across business sectors.
Transitioning from a leading home appliance brand to a 'Smart Life Solution Company' expanding into new areas like robotics and EV charging.
Potential challenges in transforming into a comprehensive 'Smart Life Solution Company' and broadening the business portfolio.
Risks associated with engaging in AI development and ensuring tangible customer touchpoints for enhanced value and experience.
AI as Key Driver for Future Growth and Customer Experience Innovation
AI as a Crucial Catalyst for Future Growth and Customer Experience Innovation
Throughout his trip, Cho aims to secure top-notch expertise in the AI field, an area that has recently surfaced as a critical turning point in the industry. He plans to leverage this as a springboard for transforming LG's future business portfolio and revolutionizing the customer experience.
Annually, LG introduces approximately 100 million products to the market. Given a product lifespan of seven years, it's estimated that nearly 700 million LG products are currently in use worldwide. Furthermore, the usage data gained from customers interacting with these devices exceeds 700 billion hours. Cho anticipates this enormous pool of usage data will help accelerate LG's AI progression and the 700 million products will function not just as customer touchpoints but also as service platforms.
"AI, Cloud, and Big Data are new opportunities for LG"
Cho commenced his itinerary by hosting a tech conference in
LG extended invitations to about 50 AI experts currently working in large tech firms and startups in the Bay Area, as well as doctoral researchers from renowned universities in
Cho expressed, "In the face of transformative shifts such as electrification, servitization and digitalization sweeping across diverse industries, the application of AI, cloud and big data is paving the way for novel approaches and opportunities." He further elaborated, "These emerging opportunities represent a new potential frontier for us, given our extensive accumulation of core technologies and expertise."
He also provided detailed insights into LG's AI vision of 'Affectionate Intelligence', which was unveiled earlier this year at CES 2024. Cho emphasized that "AI should fundamentally be used to care for and empathize with customers, provide tangible benefits and improve the customer experience," a sentiment that deeply resonated with the attendees.
Following this, he announced, "LG is transcending its status from a global leader in the home appliance and consumer electronics to transform into a 'Smart Life Solution Company' that expands and interconnects various customer spaces and experiences." He added, "I envision us collaborating to reinvent dreams as we undertake bold ventures, fueled by optimism for a brighter future and a better life."
At the event, CTO Kim Byung-hoon spoke on the subjects of 'Paradigm Shift' and 'LG's Innovation Roadmap for the Future', and vice president Han Eun-jung of AI Lab discussed 'Daily Life with AI'. Professors from the University of
Transition from a Leading Home Appliance Brand to a Smart Life Solution Company
Cho's second agenda includes hosting a non-deal roadshow (NDR) on May 13, where he will interact with key executives from globally influential investment firms based in
In particular, Cho plans to highlight how LG is proactively engaging in the development and application of AI in its business operations. He aims to stress that creating tangible customer touchpoints is more crucial than merely having superior AI to provide authentic value and experience to customers.
In this regard, LG's customer touchpoints, secured through its 700 million devices spanning diverse spaces from homes to vehicles and commercial areas, present a significant advantage that is unmatched by other global companies. LG's goal is to realize Affectionate Intelligence in our daily lives by leveraging extensive real-time life data and expertise orchestrating devices and services to accelerate AI development using its devices as platforms.
Securing Global AI Allies and Discovering New Business Opportunities at the MS CEO Summit
Cho is also scheduled to attend the MS CEO Summit, a private, invitation-only event taking place in
LG is diligently working to establish world-class AI capabilities, guided by a '3B strategy' that focuses on Building internal capabilities or Borrowing and Buying external resources. Given LG's extensive global customer touchpoints and its possession of a vast amount of multi-faceted data and customer insights, the opportunities for future collaborations with globally influential tech companies are expected to become increasingly diverse.
About LG Electronics, Inc.
LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG's four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over
View original content to download multimedia:https://www.prnewswire.com/news-releases/lg-ceo-embarks-on-strategic-us-visit-to-enhance-ai-initiatives-302143099.html
SOURCE LG Electronics
FAQ
What is the purpose of LG CEO William Cho's visit to the U.S.?
What areas of focus are highlighted by LG for future growth?
What is LG's goal for AI development using its devices as platforms?
What challenges may LG face in broadening its business portfolio?