April 27, 2024

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Lotte Group Chair Shin Dong-bin (third from left) is listening to a local AI startup firm CEO's presentation at the group's AI conference held at Lotte World Tower on Thursday. (Lotte Group)

South Korean retail giant Lotte Group Chair Shin Dong-bin is stepping up efforts to increase the group’s artificial intelligence capability.

Lotte Group, on Friday, announced that the company held a conference on AI technology at Lotte World Tower on Thursday. Around 110 officials from the group and its affiliates joined the conference, including Lotte Group Chair Shin, his eldest son and executive Vice President Shin Yoo-yeol, and chief executive officers of the group’s key businesses.

Previously, Shin had urged the integration of AI technology across all business processes in his New Year’ message and during his meeting with Lotte Group’s CEOs, and the latest conference was the group's first move in following Shin's new vision.

The conference was designed to help the group’s high-profile officials better understand AI technology and related applications in different business areas, the group said.

Lotte Institute of Economy & Business Strategy and local experts specializing in the field of AI gave presentations to share the latest AI trends. Lotte Holdings’ task force dedicated to the group’s AI initiatives also provided a presentation on the group’s business strategies involving AI technologies.

Researchers from Lotte Data Communication also introduced its generative AI platform Aimember and how it can be harnessed for the group's workplaces.

Local AI startup companies, such as Lotte Data Communication’s subsidiary Caliverse, Space Vision AI, S2W, Mondrian AI, have set up exhibitions to showcase their AI technologies as well.

Lotte Group will continue holding seminars and forums on AI in the future to boost employees’ AI skills, according to the group.

“AI is transforming businesses in all areas, and new business models utilizing AI are now generating profits,” an official from Lotte Group said. "The group expects that future seminars and conferences on AI will be able to help executive members and employees better understand and use AI technologies in their businesses," the official added.

By Shim Woo-hyun (ws@heraldcorp.com)