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Sustaining growth with innovations to our business powered by data, AI, and robots

2024-01-04 | views 670

New Year’s Address for 2024 from Daedong Group CEO, Kim Jun-Sik

Sustaining growth with innovations to our business powered by data, AI, and robots


- Daedong’s transition into a “future agricultural platform company” driven by five key businesses... Making real progress to help future businesses create value
-. Leadership wants the company to establish itself as a specialist in robots through all-around cooperation with professional organizations and the successful launching of new robots
-. Daedong will continue to develop its agricultural solution platform, the Connect app, and launch agricultural machinery remote control services in overseas markets this year


In his New Year's address to his executives and staff on January 3, Daedong Group CEO Kim Jun-Sik highlighted that “Data, AI, and robots are core elements to our future business, and should be integrated into our existing business as much as possible to create new value.”


For Daedong to become a true future agricultural platform company, it will have to go beyond simply supplying agricultural machinery and focus more on ▲smart agricultural machinery, ▲smart mobility, ▲smart farms, ▲robotics, and ▲GME (agricultural and landscaping equipment) as future growth businesses. Last year, the company raked in KRW 1 trillion in sales for its third consecutive year, which was due in large part to establishing a full lineup of autonomous agricultural machinery, launching an electric scooter, introducing a pilot service for precision farming, and signing a contract to supply robots. Continued success means the company is well on its way to growing its future businesses.


Kim emphasized, “We must further strengthen the business model we have for our future businesses and quickly distribute related products to customers to make them real growth engines that bolster the value of Daedong.” He also stressed that growing the company’s robot business ahead of its launching of robot mowers and autonomous transport tracking robots this year is particularly important, saying, “We need to strengthen our business capabilities through all-round cooperation with professional organizations. Our AI autonomous driving robot introduced this year must be recognized by end-users in the market as a competitive product, and that will help us establish ourselves as a robotics company.”


Kim also announced a few key plans for future projects. In the smart agricultural machinery business, “Connect,” an agricultural machinery remote control service app with vehicle control and management functions, work log organization, and emergency call functions, which was launched in Korea in 2021, will be introduced to products exported to North America and Europe starting this year. By doing so, the company will look to collect and analyze usage data from customers overseas using agricultural machinery to provide differentiated customer services tailored to the local market, including unique product functions and better quality, advance inspections, and remote control/management. To that end, since last year, Daedong has been offering a customized farming information service for farmers and a yield map service that allows users to check the rice yield by field on a map in Korea in an effort to innovate the Connect app into a bona fide agricultural solution platform.


Meanwhile, the company’s Smart Mobility business will focus on reinforcing its product lineup and launch entry-level electric scooters, limousine-type golf carts, autonomous driving LSVs, and electric riding lawnmowers this year. Daedong’s Smart Farming business plans to secure promising crops and cultivation solutions, and upgrade itself with a data-driven agricultural industry platform called the “Ag-Tech Valley.”


Chairman Kim also asked the company to accelerate its innovation in existing businesses. He said, “We must analyze customer needs more thoroughly based on data throughout the entire business process (product planning-development-production-sales-service) and approach the market strategically to introduce more valuable products and services.” He added, “We must seek to maximize market share and profitability by upgrading the sales system in major markets.” Daedong plans to strengthen its presence in major markets, which includes Korea, North America, and Europe, by promoting innovation across existing businesses mostly through its new Business Innovation Division established at the end of last year.

 

Kim Jun-Sik, CEO of Daedong Group


The CEO ended his address with a message on Process Innovation (PI) and Work Innovation (WI). He said, “We must introduce innovative work processes that maximize productivity using operational data and AI built through digital transformation aimed at transforming into a future agricultural platform company.” Furthermore, he urged, “We must up the speed of our business by learning and immersing ourselves in the company’s vision through closer cooperation and communication regarding future businesses.”