SK Energy President Jo Kyungmok: "Discovering New Businesses in Social Value and DT Areas"

[Asia Economy Reporter Hwang Yoon-joo] Cho Kyung-mok, President of SK Energy, stated that he is reviewing the overall business from the perspective of a 'Sense of Urgency' in preparation for the possibility of deterioration in the oil industry.

President Cho said through SK Innovation's news channel Skinno News, "To turn the crisis into an opportunity, we are pursuing business model innovation from two aspects."

The keywords for the business model innovation pursued by SK Energy are summarized as ▲financial improvement ▲future growth portfolio.

President Cho said, "We will strengthen the competitiveness of existing businesses through margin improvement activities at Ulsan CLX and innovation in domestic marketing structure, and based on this, create stable financial performance this year."

He added, "In addition to the company's growth directions of Green, Platform, and Global, we are discovering new businesses that will continue the future of energy in the areas of Social Value (SV) and Digital Transformation (DT). Recently, including myself, we have formed the 'Happiness Design Valley (SKE C-Level Design Team)' with suitable leaders from each area to carry out tasks."

Regarding the direction of portfolio innovation, he explained, "We will continue to discover new business items that provide more convenient and useful life values through local delivery platforms and automobile management platforms offered by SK Energy."

In the oil business sector as well, the policy is to actively utilize artificial intelligence (AI) and DT-related technologies to strengthen the competitiveness of existing businesses and accelerate the development of new business models.

President Cho emphasized, "We will pursue cost reduction to strengthen the competitiveness of existing businesses using DT technology, and promote business model innovation in a direction that resolves customer needs and anticipated future pain points."

He added, "Strengthening existing business competitiveness and innovating the business portfolio will not only increase economic value (EV) but also consider social value (SV) to maximize the double bottom line (DBL)."

This content was produced with the assistance of AI translation services.