The business world has never changed faster. With new technologies sprouting up every day, new companies appearing to disrupt even the most on-the-ball disruptors and with the steady march of digitization, strategists have never had to work harder to keep up.
With this in mind, we spoke with Eugene Seagriff, director of Go To Market Strategy at LG Electronics.
LG Electronics was established in 1958 and is one of the largest multinational technology incumbents in the world today, controlling more than 100 local subsidiaries worldwide and with a revenue of more than $57.7bn in 2017. Its continued success has proven that it is one of the most adaptable, market-savvy companies in the world today.
We sat down with Seagriff to talk about how to adapt to the dynamic environment we live in.
Innovation Enterprise: What impact has AI had on LG's product offering and how far could AI transform the way you design and manufacture your products?
Eugene Seagriff: Clearly, I can't divulge confidential information, including future product plans or direction. However, the fact that LG has AI labs in eight countries is indicative of the importance of the technology for us.
It is also useful to note that the majority of LG's products are already smart and connected, and work with Google Assistant and Alexa. Some products also have embedded voice assistants which can learn your preferences and adapt to your needs.
LG's open platform approach enables rapid adoption of home grown and partner technology, and even enables us to add benefits to existing products in the cloud. Life's Good and getting better faster.
IE: What are the challenges of innovating when you are a company with a reach spanning continents?
ES: The challenge for any global company is appropriately addressing regional regulatory and cultural requirements, while maximizing R&D and other resources. Strong local representation at the subsidiary level, and globalizing R&D are definitely best practices.
IE: What are the pros and cons of hiring millennials?
ES: Making generalizations about people is not helpful. There are always more commonalities than differences if you're paying attention to the person.
Generally, I hire for attitude and aptitude. If you are willing and able, and excited about the mission – let's run!
IE: Do you have any advice on hiring and retaining a millennial workforce?
ES: People earlier in their careers seem to need more positive reinforcement and feedback, but I'm not sure that if that is actually unique to any particular generation. Personally, I'm always seeking ways to improve my performance, so I need to check that tendency when working with the team.
IE: What new technology is currently disrupting LG's marketing strategy§?
ES: Advertising tech is always evolving, and the tools available today greatly facilitate targeting and tracking results. I'm more inclined to say that ad tech is better informing strategy, rather than disrupting it.
Personally, I believe the dramatic spends on search the major shopping platforms seem to be making is a concern – especially for small and medium businesses.
IE: What key trends will you be covering in your presentation?
ES: The theme of my presentation is executing strategy in a dynamic environment. The intention is to share the technique I use to help ensure alignment to strategy, and that the potential unintended consequences of tactical changes are adequately considered. You can preview the metaphor I use to reality check myself at this link: http://www.yourbi zpro.com/ecosystem-metaphor-business-strategy/
Ideally, the presentation will evolve into all of the experts in the room sharing their best practices as well. One of my favorite things about presenting is it can be an exceptional opportunity to learn from everyone else in the room.
IE: Is there such a thing as being ready for disruption and what can incumbents do to avoid it?
ES: I guess if you're ready, it isn't really a disruption!
In my opinion, it is essential to actively seek out new technologies, trends and business models across all industries. Then, consider how they might be applied to your business or industry, and what the implications would be. For example, virtualization will continue and accelerate specialization. What does that mean to your business model? How does the combination of the cloud and blockchain change the entire ecosystem?
Considering these types of questions helps ensure you are positioning yourself to survive and thrive.
Eugene Seagriff, director of Go To Market Strategy at LG Electronics will be presenting "Executing Strategy In Our Dynamic Environment" at Innovation Enterprise's Chief Strategy Officer Summit in New York on December 6–7, 2018. Check out the agenda and book tickets HERE.