SK Group Chairman Chey Tae-won, during an interview at CES 2024, emphasized the need for businesses to adapt to the rapidly changing AI era by reshaping their business models. He urged companies to be flexible and responsive to evolving market demands, suggesting that even established businesses should consider transformation into software or AI-focused entities if necessary.
Adapting to market demands
Chairman Chey Tae-won stressed the importance of adapting to market dynamics, stating, “Business models that seem obvious should change.” He further explained that in order to mitigate risks and stay competitive, companies must shift their focus towards meeting the evolving needs of the market rather than sticking to traditional practices. According to him, the era where long-standing business models become obsolete is approaching.
Chey attended Siemens CEO Roland Busch’s keynote speech, noting the relevance of Siemens as a hardware-focused company implementing software solutions. He expressed a desire to benchmark Siemens’ approach, highlighting the importance of adopting a holistic perspective on business operations.
The significance of partnerships
Chairman Chey emphasized the significance of partnerships in the current business landscape, acknowledging that no single entity can cater to all solutions. He stressed that businesses must collaborate with diverse partners to provide versatile solutions, ultimately benefiting both customers and companies.
Within the SK Group, Chey advocates for offering comprehensive, packaged solutions to clients, particularly those seeking AI-related products or services. He believes that presenting clients with integrated solutions, rather than individual company meetings, can enhance customer satisfaction and streamline operations.
Exploring the CES 2024 show floor
During his visit to CES 2024, Chairman Chey explored the show floor, where he visited the booths of industry giants Samsung Electronics and LG Electronics, in addition to SK’s own booth. Alongside his brother Chey Jae-won, who serves as the executive vice chairman of SK On, and other executives, they experienced the diverse exhibits designed to resemble an amusement park.
Hydrogen fuel cell-powered train and AI fortune-telling
At the SK booth, Chairman Chey and his companions rode a train powered by hydrogen fuel cells, showcasing the company’s commitment to sustainable energy solutions. Additionally, Chey had his fortune told by an AI system, which intriguingly revealed that he possesses “emperor” luck.
While visiting Samsung Electronics’ booth, Chairman Chey showed particular interest in the company’s latest transparent MicroLED display and AI robot, Ballie. He inquired about the display’s transparency and its potential use as a home windowpane, demonstrating his fascination with cutting-edge technology.
At LG Electronics’ booth, Chey experienced the recently premiered Alpha-able mobility concept and received a briefing on the company’s upcoming vehicles. His visit highlighted the ongoing innovation within the automotive industry, driven by AI and advanced mobility solutions.
AI’s impact on our world
Summing up his impressions of the CES 2024 show floor, Chairman Chey remarked, “It feels like we are really living in a world of AI, no matter if we like it or not.” He emphasized how AI applications are enhancing the functionality of products and creating new markets, highlighting the transformative power of artificial intelligence in various industries.
Chairman Chey Tae-won’s visit to CES 2024 underscored the importance of adaptability and partnership in the rapidly evolving landscape of AI and technology. His call for business model transformation serves as a reminder to companies worldwide to remain agile and responsive to the changing market dynamics.
