Young Sohn, President & Chief Strategy Officer, Samsung Electronics

TL;DR

Samsung's business has undergone significant changes in the past decade due to the rise of mobility and cloud technology, leading to disruptions in various industries. This includes their acquisition of Harman for a stronger presence in the automotive industry.

Transcript

[MUSIC] Young Soha Corporate President and Chief Strategy Officer of Samsung Electronics, welcome to The Industrial's Dilemma at Stanford University >> Thanks for having me again. >> Great to have you here. Tell us a bit about how the business has changed in the eight years since you joined the company. >> Well, business is always changing but I th... Read More

Key Insights

• 😶‍🌫️ The rise of mobility and cloud technology has been a significant catalyst for changes in the business landscape in the past decade.
• 👻 Samsung's acquisition of Harman has positioned them as a major player in the automotive industry, allowing them to leverage their expertise in smartphone technology and provide enhanced experiences for consumers.
• 👨‍💼 Sharing technology across different business groups within Samsung is a challenge due to the organizational complexity, but efforts are being made to create a more centralized and autonomous structure.

Questions & Answers

Q: How have mobility and cloud technology changed the business landscape in the past decade?

Mobility and cloud technology have revolutionized the way consumers and businesses operate. The constant access to supercomputers in our hands has disrupted traditional business models and transformed the way we conduct social media and business transactions.

Q: What led Samsung to acquire Harman, and how has this acquisition influenced their mobility strategy?

Samsung acquired Harman primarily for its automation and audio capabilities. By incorporating smartphone technology into automobiles, Samsung aims to enhance the consumer experience and provide a seamless 24/7 connected environment, leveraging their expertise in 5G networks, batteries, sensors, and UI/UX entertainment.

Q: How does Samsung share technology across its various business groups, considering its size and complexity?

Samsung faces challenges in sharing technology due to the presence of numerous silos within the organization. Designing a suitable organizational structure and overcoming barriers is essential. Creating specialized teams such as the AI center allows for global support and sharing of critical areas of innovation.

Q: What does the future hold for Samsung in terms of the areas of change that will impact their business?

Samsung sees a shift from physical products to experience products, where the central focus is on providing a consistent and open experience across mobile and connected devices. An open ecosystem that allows for the integration of different software solutions will be critical for future success.

Summary & Key Takeaways

• Over the past ten years, the business landscape has experienced drastic changes due to the impact of mobility and cloud technology on consumer behavior and business models.

• Samsung's acquisition of Harman three years ago has allowed them to extend their presence into the automotive industry by incorporating smartphone technology, 5G networks, and improved user experiences into future cars.

• Sharing technology across different groups within Samsung proves to be a challenge due to the size and complexity of the organization, but efforts are being made to create a more centralized and autonomous structure.