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Hyosung New Chairman & CEO Cho Hyun-joon Announces Expansion Plans; to Grow Business Based on Big Data Platform

Cho calls big data “the crude oil of the 21st century,” vows to expand business based on big data platform
Cho to apply big data technology, the core of the 4th Industrial Revolution, to business practice in various industrial fields of Hyosung

News provided by Hyosung
July 21, 2017 19:30 KST

SEOUL--(Korea Newswire) July 21, 2017 -- Hyosung Group Chairman Cho Hyun-joon said he would actively expand service business based on big data and artificial intelligence from this year.

Chairman Cho Hyun-joon said at a meeting of employees at the Hyosung headquarters today, “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 gained 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 analyzes and manages 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 technology it possesses and how promising business it is in. He called on executives and employees to be attentive to changes.



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