Lee Min-hyung joined The Korea Times in 2014 and has worked as a journalist mainly in Korea’s finance, tech and automotive industry. He specializes in content creation, breaking news and in-depth analysis currently on transportation and mobility. You can reach him via mhlee@koreatimes.co.kr.
Telecom CEOs call for advancements in AI, digital innovation
From left are SK Telecom CEO Ryu Young-sang, KT CEO Kim Young-shub and LG Uplus CEO Hwang Hyeon-sik. Yonhap
By Lee Min-hyung
The leaders of the nation’s top three telecom operators highlighted in New Year’s speeches, Tuesday, artificial intelligence (AI) and digital innovation as the two most urgent priorities for achieving a significant advancement in 2024.
The top executives voiced their consensus that they should lay the foundation for sustainable growth in the face of lackluster economic growth and intensifying market competition.
These remarks were made against the backdrop of increasing concerns about saturation in the traditional telecom industry. In response, the leaders are actively seeking new revenue streams within the digital and AI sectors.
“We may face a tougher road ahead due to unfavorable market circumstances – such as a rapid technological shift and external conditions,” SK Telecom CEO Ryu Young-sang.
He picked AI as the firm’s major strategic focus in 2024.
“SK Telecom solidified its foothold in AI last year, but now the market and customers expect us to generate more tangible outcomes, such as sales and operating profit from our AI business,” he said. “We need to develop our new businesses quickly – including planned establishment of our AI data center – and create bigger achievement in existing businesses by incorporating AI services with them.”
KT CEO Kim Young-shub presented "digital innovation" as its new management focus this year.
“We are standing at the starting line to become a digital innovation partner,” he said in an e-mail sent to its employees.
He urged its employees and staff to take more aggressive steps and bolder actions for timely transformation into a digital innovation company.
LG Uplus CEO Hwang Hyeon-sik underscored three key strategies focusing on customer experience, digital transformation and platform.
He shared its plan to focus more in AI and data-related businesses, so it can achieve agile digitalization and enhance its platform competitiveness.
“We should build a tighter footing for sustainable growth in the future at a time when the management environment will face growing difficulties triggered by low economic growth and intensifying market competition,” he said.
LG Uplus will place its 2024 management focus on speeding up its digital transformation and create noteworthy outcomes in its digital business, according to him.