The president and CEO of Samsung Electronics, BK Yoon, outlined the company’s innovation strategy and its vision for the future in his speech at the Government Summit that opened in Dubai, UAE today (February 9).

This year's Government Summit is scheduled to run until February 11 at Madinat Jumeirah under the theme of "Shaping Future Government," and will focus on enhancing the performance of government services through innovation.

The Summit convenes thousands of the world’s foremost leaders in the public sector to share and discuss best practices from around the world. As a guest speaker to the Summit, Yoon was invited to inspire the innovation of each participating government.

“We don’t see things as challenges,” Yoon said. “We see them as opportunities, and we never stop innovating. Our innovation is rooted in a very purposeful approach based on product, process and people. To create the best products, we need the best process, and to create the best process, we need the best people.”

Three pillar approach to innovation

Yoon showed how the three pillars—Product, Process and People—have shaped the history of Samsung Electronics’ innovation.

•    Product: With its innovative smartphones, Samsung delivered an unprecedented mobile experience to consumers around the world. Samsung also challenged conventional thinking with LED TVs that completely changed old assumptions of how TVs should be built. And with the premium refrigerator, Samsung successfully reworked the basic blueprint for building a refrigerator, offering consumers ultimate freshness for healthier living in the comfort of their own kitchen.

•    Process: Clear standards and unified processes are critical to operating a global company like Samsung. For instance, through a standardized operating system, Samsung efficiently manages the flow of parts and products and stays close to its partners across the entire value chain.

•    People: With a ‘people first’ mindset, Samsung supports and nurtures its employees, helping them to reach their full potential. For example, Samsung’s Regional Specialist Programme provides employees with opportunities to experience and understand local markets, while initiatives like the Global Strategy Group functions as an internal think tank, attracting the most talented MBA graduates from around the world to the company’s headquarters.

During his presentation, Yoon outlined four mega trends: mobility, urbanization, aging and new threats like climate change that are changing everything—from how we live and work to how we organize societies and governments.

Yoon explained that technology is key to dealing with these mega-trends, especially with the rapidly emerging concept of the Internet of Things (IoT).

By embedding sensors, smart components, and enhanced connectivity into everyday objects, and using Big Data analytics to understand and act on the information they generate, IoT holds infinite possibilities to provide solutions that make our lives healthier, and more comfortable and secure.

“In order for IoT to succeed, it must be developed around people’s needs, and it must be built on an open ecosystem,” Yoon said. “Above all, the support from governments, and collaboration among governments and the private sector is critical to unlocking the infinite possibilities of the IoT.”

Strengthening collaboration with the Arab World

Yoon said: “Korea and the UAE have both built something great out of almost nothing through innovation. We at Samsung also share the same passion for innovation. We have been greatly inspired by the Dubai government’s determination to innovate and its strong imagination.”

Samsung will continue to build stronger relationships with the Arab World by strengthening its B2B business such as the System Air Conditioning, as well as actively expand its IoT business in the region as a future growth engine, he added. – TradeArabia News Service