GS Group is pushing for a full leap in its business model through artificial intelligence (AI) and digital technology. The plan is to not only change the way of working by introducing AI and digital technology but also to seek business advancement.
GS Group held an AI and digital council last month with the participation of Chairman Heo Tae-soo, executives, and over 80 officers. The AI and digital council is a platform to share the group’s changes and invite internal and external speakers for lectures before formulating future strategies. This marks the first gathering of the entire board of directors and executives from each subsidiary since the New Year's executive meeting this year.
GS Group is pushing for a full leap in its business model through AI and digital technology. It is an effort accompanied by internal reform, including establishing an AI knowledge hub in partnership with the global collaboration tool Notion.
At the council, subsidiaries also presented cases applying AI. GS Power has established a platform that allows for a comprehensive view of the numerous data from each power plant, and GS E&R has developed its own wind power forecasting solution. In particular, GS E&R's wind power forecasting solution successfully reduced the forecasting error rate of wind power generation to below 10% for the first time in the industry by reflecting various meteorological variables such as the complex mountainous terrain's characteristics, wind speed, temperature, and pressure.
The council expanded its topics to include quantum computers, leading to extensive discussions. A quantum computer, which utilizes the principles of quantum mechanics, is referred to as a 'dream technology' due to its exponentially increased computational speed.
GS invited Yoon Ji-won, CEO of the quantum technology startup SDT, as a speaker to discuss the technological advancements and future of quantum computers and to strategize on potential business areas where these can be utilized.
Executives agreed that once quantum computers are commercialized, they will serve as game changers that bring innovation to the industry, similar to AI. They also formed a consensus on the need for Quantum Transformation (QX) as a group engaged in refining, petroleum, power generation, and construction businesses.
Chairman Heo Tae-soo noted, 'We do not engage in developing products like AI semiconductors, but if we manage our data as assets properly and utilize AI to enable business transformation and create new value, we can become true winners beyond technology.'