Jin stressed the need to recalibrate companies’ survival strategies to align with the challenges posed by the Fourth Industrial Revolution. (Image: Yonhap)
SEOUL, Nov. 24 (Korea Bizwire) – Apart from semiconductors, a large segment of Chinese industry has already caught up to South Korea according to Chairman Jin Sae-dae of Skylake Investment Co, who said at a “CEO Book Club” congress on November 23 that Chinese companies were progressing rapidly into new business sectors thanks to a massive domestic market.
The ex-Samsung CEO and former Minister of Information and Communication explained that the voracious expansion of China over the past three years was a point of concern for domestic firms, as core industries in South Korea such as shipbuilding, steel, and automobile manufacturing have already been developed and are now beginning to age out.
Jin stressed the need to recalibrate companies’ survival strategies to align with the challenges posed by the Fourth Industrial Revolution.
“South Korea lags behind leading nations by a gap of three to five years in regard to translating technologies pertaining to the Fourth Industrial Revolution into practical, real-life applications,” Jin pointed out. “To make up the difference, we will need to draw up a specific set of targeted measures.”
“South Korea lags behind leading nations by a gap of three to five years in regard to translating technologies pertaining to the Fourth Industrial Revolution into practical, real-life applications,” Jin pointed out. (Image: Yonhap)
Jin named Adidas and its robot-operated “Speedfactory” as an example of a company taking the initiative in adapting to future trends, survival strategies that will be necessary as “company lifespans will increasingly decline” in the future.
Lauded in industry circles for his extraordinary business acumen which earned him the moniker “the genius executive”, Jin predicted that a portable device with computing power equal to the human brain would be a possibility by 2030, and by 2045 the extent of technological progress would outstrip any current projections of what the world would look like.
Individuals are not exempt from the need to prepare for the coming societal changes wrought by technological advances. Jin listed three main ideas for successfully maneuvering the future: acquire problem solving skills that render one a specialist in a field, embrace communication and collaboration, and adopt an attitude that is open to new challenges and is filled with hope and creativity.
Kevin Lee (kevinlee@koreabizwire.com)
