Samsung, one of the most innovative tech companies in the world, announced its priorities at the start of the new year. The South Korean firm wants to strengthen its technological supremacy to maintain an edge over its rivals. The company also wants to be more flexible to adapt to future changes.
Before the launch of the Galaxy S24 series and new TVs and home appliances this month, the company's top-level executives outline the company's strategy for the year 2024.
Samsung wants to focus on improving core technologies and AI in its products
Yesterday, two high-level Samsung Electronics officials—JH Han (co-CEO and Vice Chairman) and Kye Hyun Kyung (co-CEO and President)—released a joint message on the occasion of the new year to the company's employees, according to a report from KoreaBizWire. They said, “We will prioritize strengthening our fundamental competitiveness, including the core values that have guided Samsung Electronics, such as super-gap technologies. We should revolutionize the way we work and our device experience by applying generative AI to work. 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.” The executives said that the company needs to develop ‘super-gap technologies' to maintain a competitive edge over its rivals.
The company wants its semiconductor chip business to improve its technologies further. Samsung has been the world's biggest memory chip maker for decades and wants to stay at the top position despite competition from Micron (from the USA), SK Hynix (from South Korea), and YMTC (from China).
Look at our review of the Galaxy Z Fold 5 in the video below.
In the home appliances, software, and smartphone divisions, Samsung wants performance and quality to be the points of focus to satisfy consumers. The two executives said the company needs to proactively develop technologies featuring AI. The executives also stressed the need for a fundamental shift in thinking and the use of Generative AI for work. Moreover, it wants to use eco-friendly practices and offer innovative lifestyle products.
Samsung Electronics posted KRW 191.2 trillion (around $147.2 billion) in sales in the first three quarters of 2023, which is 17.5% lower than 2022. The company's profit sunk by over 90% compared to 2022 due to weak demand for semiconductor sales and lower prices across the board. Moreover, the company didn't manage to bag any orders from big-name chip clients, including AMD, Apple, MediaTek, Nvidia, and Qualcomm. It is hoping to change that this year, as rumors point to Qualcomm using Samsung's 2nm and 3nm processes in the future.
