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Samsung plans to enhance its competitiveness in the global tech industry this year through technological excellence and flexibility. The company revealed its strategic priorities in a memo to employees on the occasion of the new year earlier today. The memo, signed by two top-level executives, outlined various strategies to maintain a competitive edge.
Samsung prioritizes tech supremacy and flexibility this year
According to a Korea Bizwire report, Samsung’s New Year memo to employees was jointly signed by its co-CEOs Han Jong-hee and Kyung Kye-hyun. Han is also a Vice Chairman at the company and heads its DX Division, which encompasses the visual display, digital appliances, home appliances, health and medical equipment, mobile experience, and networks businesses.
Kyung, meanwhile, is a President at Samsung and the Director of SAIT (Samsung Advanced Institute of Technology), the Korean behemoth’s research and development unit. He also leads the semiconductor business division. In their joint memo, the two co-CEOs highlighted the need to widen the technological gap with its competitors to stay ahead of the curve.
“We will prioritize strengthening our fundamental competitiveness, including the core values that have guided Samsung Electronics, such as super-gap technologies,” they said. The Samsung executives encouraged the chip division to create a technological advantage. The semiconductor business has been its cash cow for years but suffered massive losses in 2023 due to multiple factors.
Han and Kyung emphasized a customer-first strategy for mobile, home appliances, and software divisions. They urged employees to focus on performance and quality. The Samsung executives further stressed the need to be proactive to quickly adapt to changes in the industry. These include the rapid rise in the use of artificial intelligence (AI) over the past year and growing eco-friendly practices.
AI will be pivotal to all technological advancements this year
“We should revolutionize the way we work and our device experience by applying generative AI to work,” the memo read. “Moving from the passive green response of the past, we should pull off a fundamental shift in thinking and discover the green products of the future.” Samsung’s upcoming Galaxy S24 flagships bring tons of new AI features. The devices are also expected to use more recycled material.
It remains to be seen if these strategic moves bring a change to Samsung’s fortune this year. 2023 has been a forgettable year for it, at least financially. In the first nine months of last year, the company generated a sales revenue of about $147 billion, down over 17 percent from the same period in 2022. Its operating profit tumbled a whopping 90 percent to just $2.9 billion. Samsung will publish its full-year earnings report for 2023 later this month.
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