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Korean philosophy for business decision making

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The president and CEO of LG Spain and Portugal demonstrated in Sacyr’s iFriday keys to leadership, strategic vision and innovation for surviving – successfully – in highly competitive markets.

“Technology makes life better”. This was the introductory phrase written in his Twitter account by the president and CEO of LG for Spain and Portugal, Jaime de Jaraíz, who took centre stage for the final iFriday session held by Sacyr under its ‘Global Innovation’ strategy. The Korean firm, with more than 75,000 employees around the world, shared with all those attending keys to leadership, strategic vision and innovation for surviving in highly competitive markets.

The president and CEO in the Iberian peninsula for LG, the leading player in the television, fridge and washing machine manufacturing industry, highlighted the value of belonging to a company with a business culture rooted in values that underpin Korean society such as effort and surpassing oneself, commitment to human capital and symbiosis between traditions and modernity, and a way of seeing the company from a perspective of optimisation, in which all employees have something to say.

This is perhaps why Jaime de Jaraíz and more than 150 employees were on hand during the latest ‘Black Friday’ to get closer to consumers and know more about them. Its strategy is one which positions LG as leader with a turnover of 800 million euros in Spain and 150 million euros in Portugal.

Strategy without ‘planned obsolescence’

The company, which has been in Spain for 20 years and whose motto is “Innovation for a Better Life”, highlights its own ‘Jeong-Do Management’ code of conduct, unique in the sector, in which quality is at the centre of all its processes. “If you do something, do it well and don’t make mistakes”, stated de Jaraíz, stressing that the company has even faced decisions that were contrary to its strategy in order to focus on the end customer.

In this respect, he denied the existence of the notorious planned obsolescence (the planning of the end of the useful life of a product or service) and stressed the need to innovate so that the business functions properly. For this reason, he has opted for launching efficient actions to improve business performance. “Fifty percent is enough, execute it immediately”, he said.

During his participation, the chairman of LG in Spain and Portugal pointed out the need to adapt ourselves to the ‘Internet of Things’ to face a connected, smart, digital and efficient future. “Technology is going at full speed, we have to keep up with it”, he underlined.

To this end, he proposes a forward-looking strategy with vertical decision making and horizontal working with constant growth, scale and strategy, agility, flexibility and speed, with a single voice vis-à-vis the consumer and with a single sales force because “a player wins the game but a team wins a championship”.

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