Hanwha Techwin announces 2018 2nd Half Business Strategies
Global security company Hanwha Techwin(CEO Youn-Chul Kim) has announced its strategies for the second half of 2018 to accelerate growth in the global market for video surveillance. The security equipment and solutions pioneer saw robust results in the year’s first half.
Despite the sluggish world economy in the first six months of 2018, Hanwha Techwin recorded sales growth in all major markets including North America and Europe as well as in Asia and the Middle East. Sales in North America rose over 30 percent compare to last year thanks to the continuous progress in major business lines in addition to brisk retail vertical performance. In Europe, it maintained steady revenue growth as France and the DACH region led sales. And results in Asia and the Middle East switched to growth through sales expansion of premium products and laying the groundwork for a pre-sales system.
To maintain consistent overseas growth using the momentum of the stellar first-half results, Hanwha Techwin will employ three key strategies focusing on business lines centered on efficient profit earnings, expansion of project (PJT) sales capacity and preparation for full-scale growth in 2019.
First, Hanwha Techwin will conduct business based on efficient profit earnings. It has secured cost competitiveness through lowering manufacturing costs, as its Vietnamese factory—a global manufacturing subsidiary—has officially started its operation. Furthermore, with the video surveillance market seeing more intense price competition, Hanwha Techwin will improve the quality of its technical support and services to allow competitive prices for services matching products. To this end, a new taskforce for technical support will quickly respond to requests from the Asia-Middle East market, as well as continuing the quality support that is befitting our reputation as a premium brand through R&D of superior service tools.
Next, Hanwha Techwin will raise its project sales capacity via expanding its global sales channels and conducting additional recruitment for the pre-sale activities. Building on its success in the first half of 2018, the company will continue in the second half to respond to all industrial project needs by securing additional vertical lineups specialized for each industry. It will also respond more quickly and effectively to projects of varying sizes by strengthening the competitiveness of back-end and integrated management software.
Lastly, Hanwha Techwin plans to achieve full-scale growth in the global market next year. Self-development of System on Chip(SoC), which is at the core of video security, is a key competitive strength as well as a dynamic force for the company’s future. Therefore, more investment in the R&D of next-generation SoC following the previous Wisenet 5 is underway and a differentiated lineup with diverse and enhanced intelligent video analytics will keep Hanwha Techwin in tune with the latest tech trends. Moreover, Hanwha Techwin will continue to apply “Trust and Loyalty”—the basic spirit of Hanwha Group—to the security business and uphold its business slogan “WE MOVE with trust” in order to build even stronger customer trust of the company.
A source at Hanwha Techwin said, “The use of smart technologies like artificial intelligence (AI) and the Internet of Things(IoT) in various fields is fueling the need for the integration of smart technology in the security field,” adding, “Hanwha Techwin will invest more in technological R&D reflecting such trends and reinforce its position as a global leader in the security field offering ‘true safety’ customers can rely on, rather than just engaging in price competition.”