Chairman Cho Hyun-joon of Hyosung Group has been named chairman of the board on July 20, succeeding former Chairman Cho Suk-rae, who retired on July 14, completing the third generation takeover of the conglomerate this year, which is the group’s 51st anniversary. Officials of the group said Chairman Cho logged a very good track record while managing the group over the past two years, with the group hitting a record in recent years. His takeover as the board chairman was meant to strengthen the responsible management of the group’s operation.
Cho changed the group’s operational structure by introducing personnel policies based on performance results to reform the overall management system focusing on such key areas of operation as spandex the tire cord, heavy industry and information/communication sectors so that the global reaches of those sectors expands to spur the growth of the group’s global leadership.
Chairman Cho Hyun-joon said he would actively expand the service business based on big data and artificial intelligence from this year. Chairman Cho said at a meeting of employees at the Hyosung headquarters July 21, “Big data, called ‘the crude oil of the 21st century,’ is the core of the ICT market, so business based on big data is the most likely to grow.”
“First at Hyosung ITX, we will start to do business by integrating big data and artificial intelligence on the basis of information collected from the operation of call centers and the knowhow accumulated from IT research and development,” Chairman Cho said.
Under his vision, “Xtrm Voice of Consumer (VOC)” business is expected to gain momentum as the new artificial intelligence solution analyzing and managing big data obtained through customer counseling.
This means that the customer analysis system developed with Hyosung ITX technology will become a more systematic and rigorous data system.
The data system will be able to convert customer inquiries from speech to text automatically, analyze the types and keywords of their questions real-time automatically, and feed the analyzed data back to customers who want relevant information. Add artificial intelligence to this, and the system will be able to collect marketable data through the automatic analysis of important customer interest and its changes.
Hyosung Power & Industrial Systems Performance Group has already introduced ‘Asset Health Management Solution (AHMS)’ for power transformer substations, based on the abovementioned technology. It believes the introduction of the solution has improved industrial productivity across the board from production to management to marketing.
Chairman Cho Hyun-joon said that the group might be left behind in the rapid 4th Industrial Revolution in a second unless it senses change in an era of ICT fusion, no matter how good its technology is and how promising its business is. He called on executives and employees to be attentive to changes.
Hyosung Corp. is a Korean industrial conglomerate that is engaged in textile, industrial materials, chemical, heavy industry, construction, trading and financial businesses. Its textile business manufactures spandex yarns, polyester yarns and nylon yarns.
Its industrial materials business provides tire cords, steel cords, carpets and others. Its chemical business mainly provides propane propylene (PP), polyethylene terephthalate (PET) bottles, nylon films and polyester films.
Its heavy industry business provides transformers, circuit breakers, motors and speed reducers. Hyosung Corp.’s construction business builds commercial buildings, environment facilities, industry plants and others. Its trading business engages in the trading of chemical and steel products, imported automobiles and others.
Its financial business involves in the installment financing and leasing of industrial machineries and others. It is also involved in the property leasing services.
A staff looks at Chairman Cho’s management vision, “Xtrm Voice of Consumers” at a computer.
