International. Hanwha Techwin welcomed the new year on January 2 with an opening ceremony held at the Pangyo Research and Development Center in which it announced its business plan for 2018.
At his first meeting at the beginning of the year, Youn Chul Kim, president of the Hanwha Techwin security business unit, emphasized that Hanwha Techwin's five core values – business ethics, wide product range, the best quality, affordable price and IT security – should form the basis of the company's business activity and operations.
The first objective has to do with a greater emphasis on solutions aimed at vertical markets. Building on the momentum gained last year, the company will continue to plan and launch solution-specific products this year. At the same time, it will continue to seek a deeper understanding of the needs of each vertical market to provide end-user value.
The second key task for this year is to improve the technological competitiveness of storage devices (back-end). In addition to its world-class security cameras, Hanwha Techwin plans to increase the competitiveness of its data storage products, whose importance is growing every day, among others, storage devices and video management software (VMS).
While stressing how important customers are in the security business, Mr. Kim stressed thirdly that the company will continue to strengthen its efforts to strengthen the trust of its valued customers. The nature of the video surveillance business has a direct impact on public and individual safety, therefore, preserving customer trust means fulfilling the company's responsibility as a leading security institution in Korea and abroad.
Additionally, the executive announced the company's global market strategy to drive business growth. After examining the great potential that the video surveillance business has in the Asian market, Hanwha Techwin opened a new subsidiary office in Dubai last year, adding to the production plant in Vietnam that will open in the first quarter of this year. It also plans to strengthen the company's sales infrastructure through aggressive investments in the Asian and Middle Eastern markets to expand pre-sales and further expand its market reach by strengthening relationships with partners and client companies.
The Americas and European markets are expected to see accelerated sales growth through several projects, including Hanwha Techwin's Wisenet X series and its products, which launched last year.
"The global market changes so rapidly that it is difficult to predict the situation of our management, so we plan to lead the sector by responding intelligently to changes that occur in the environment by strategically managing the different scenarios," announced Chairman Kim. "To secure fundamental competitive advantages, we will make bold investments and strengthen performance management at every stage. We also plan to contribute to the growth of the security industry by working hand in hand with other companies in the sector," he added.
The company was praised last year for the worldwide launch of the Wisenet X series, which includes Wisenet 5, the system-on-chip (SoC) that combines the company's core technologies, and launched a full line of products from the most basic to the most advanced.
The Wisenet X series was recognized as "best new product of the year" by ADI, Europe's largest provider of video surveillance solutions. It also won top prizes in the video hardware category during the annual Benchmark Award, given by the British security magazine "Benchmark".
*SoC (system-on-chip): technology and products in which multi-function semiconductor components are integrated into a single chip.
