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Hyosung Chairman Cho Hyun-joon is aiming to utilize the latest IT technologies to enhance the corporation's competitiveness and to better prepare for times beyond COVID-19.
Cho stressed the importance of using accumulated data to strengthen the company's value and crisis management resolution capabilities.
"The future is about how well a company utilizes accumulated data to strengthen its competitiveness and crisis recovery opportunities," Cho said during this year's New Year message to employees.
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| Hyosung Chairman Cho Hyun-joon |
With Hyosung ITX's big data technology at its core, it implemented a smart factory system for Hyosung Heavy Industries, Hyosung TNC and other key establishments in 2018.
The system collects and analyzes data from production to distribution of products and aids management to accurately make swift decisions at every stage of the production cycle.
Earlier, Hyosung ITX inked a technical cooperation agreement with global IT company SAP to upgrade the smart system.
SAP's smart factory system will provide a customer prediction management system that analyzes clients purchase patterns and preferences giving the company a heads up to meet demand.
Through Hyosung ITX, the conglomerate aims to better analyze the internet of things (IOT) cloud computing and big data to better utilize these in other sectors especially in the system integration and management fields.
After taking the helm of Hyosung in 2017, the chairman has stressed plans to strengthen management and change the corporate structure to better meet that need.
Since 2018, after establishing a holding company, the company has been continuously trying to enhance the corporate structure to provide transparent management.
"Through specialized and transparent business activities, we plan to focus on elevating company and shareholder value," Cho said after launching the holding company.
As the largest shareholder of Hyosung Group, Cho is apparently strengthening "responsibility management" by appointing business specialists to run daily business operations. He also established a transparency management committee to rule out unethical internal trading practices.
In addition, the company has unveiled key business operations on its website including business reports, corporate structure and dividend information to enhance communications with shareholders and the public.
The changes follow embezzlement and breach of trust, for which the Seoul High Court sentenced him to two years imprisonment suspended for three years last November. Cho was found guilty of embezzling 1.6 billion won from company coffers.
