Lotte Group Advances with AI and Expands Into New Verticals
Lotte Group is at the forefront of incorporating Artificial Intelligence (AI) to boost existing business competitiveness and to venture into new territories. The group is diligently working to branch out into four key themes of growth: biotechnology and wellness, mobility, sustainability, and new lifestyle platforms.
Revolutionary AI Platform Revolutionizes Lotte Operations
Lotte’s affiliate ‘Lotte Innovate’ (formerly Lotte Information & Communication) has rolled out its in-house developed business-centric AI platform ‘Aimember’ across the group’s subsidiaries. Aimember boasts a foundation model lineup that learns from internal corporate data to provide superior and secure AI services. Additionally, Lotte Innovate revealed its ultra-immersive metaverse platform ‘Caliverse’ at CES 2024, showcasing shopping and entertainment through hyper-realistic visuals and interactive experiences.
R&D and Production Enhancement with AI
Lotte Chemical has formed a new AI department specifically tailored to support research in basic and advanced material businesses, thereby increasing their competitive edge. Lotte Biologics has set lofty ambitions too, planning to build three mega plants in Incheon Songdo by 2030, aiming for a global top 10 CDMO position, and expects to achieve a production capacity for antibody medicines of 360,000 liters.
Futuristic Mobility Services in Action
EVSIS, a subsidiary of Lotte Innovate focused on future mobility services, has doubled its production capacity with the February launch of a smart factory in Cheongju equipped with automated facilities. With sights set on expanding their electric vehicle charging infrastructure from 4,000 to 7,500 units by the year’s end, the initiative underlines their commitment to enhancing the electric mobility ecosystem.
While the article highlights the advancements and strategic moves of Lotte Group in the sectors of AI, new business ventures, and expansion into various markets, there are additional facts that could further illuminate the context surrounding these innovations:
Artificial Intelligence (AI) Implementation in Large Conglomerates
Other large conglomerates, like Samsung and LG, are also investing heavily in AI technology. They are using AI for a wide range of applications, including customer service, product recommendations, and manufacturing optimization. This growing trend underscores the importance of AI as a competitive tool in today’s market.
Key Questions and Answers:
– How does AI contribute to Lotte Group’s current businesses?
AI enhances the operational efficiency of Lotte Group by providing valuable insights from data analysis and by automating various processes, resulting in cost savings and improved customer experiences.
– What could be the challenges faced by Lotte Group in AI and new business ventures?
Challenges may include the high cost of investment, the complexity of integrating AI with existing systems, the need for skilled personnel, and potential regulatory and ethical issues related to AI usage and biotechnology.
– Are there any controversies associated with Lotte Group’s new ventures?
As with any large-scale industrial change, there may be concerns about job displacement due to automation, the environmental impact of new factories, and the ethical implications of biotechnological research and development.
Advantages and Disadvantages:
– Advantages:
Incorporating AI can lead to more efficient business processes, reduced costs through automation, enhanced decision-making, and new revenue streams from innovative products and services.
– Disadvantages:
The integration of AI can be costly and complex, and there could be potential job losses in sectors where automation replaces human labor. Additionally, there’s the risk of AI-driven systems being biased or failing in ways that may be difficult to predict or control.
Suggested Related Link:
For more information about Lotte Group and its various business ventures, visitors can go to the official Lotte Group website: www.lotte.co.kr.
As the URL is provided based on general knowledge and is the main domain for Lotte Group, it should be valid. However, always be cautious as URLs may change or become inactive over time.