Samsung's Rebirth: Lee Byung-chul's Decade of Reform

Author: Jin Chenghong
Publisher:
Publish Date: 2005-05-01
Features: Created a world-class brand value of up to $10.8 billion, revealing a large amount of Samsung's important internal documents for the first time! The best management practices imitated by corporate giants, leading Samsung to become a world-renowned first-class international enterprise, the "Samsung Spirit"! One of the fastest-growing brands among the world's top 100 brands! Samsung is the symbol that revived the "South Korean enterprise," and Lee Byung-chul's "Everything except for my wife and children must change" became the benchmark for reform. This book reviews Samsung's ten years of reform, objectively analyzes its driving force—Lee Byung-chul's management philosophy—and the transformation of Samsung into a globalized "new management" myth, providing answers to the question of "How can a company survive in a rapidly changing global economic environment?" This book compiles Samsung's rare and important internal documents, meticulously edited after extensive interviews. It reveals step by step how Samsung transformed from a South Korean enterprise into a world-renowned first-class global enterprise, as well as its ideas, methods, strategies, and obstacles during this transformation. Over the past ten years, Samsung faced the changes of the end of the century, driven by the crisis awareness that "if you don't have the strength to compete with first-class enterprises, you can't survive," launching a series of strong reforms and thorough transformations. The reform's signal was the innovation of work hours—the "7-4 system"; then, decisively destroying unqualified products worth 50 billion KRW to break free from inertia; adopting the "re-hiring laid-off employees" strategy of bringing back the defeated; upholding the belief that "reward systems can activate organizations and unleash individual creativity," and implementing it decisively; vigorously cultivating internal talent and training globalized talent with international education to the level of PhDs. Samsung's new management engine for the new century never stops. Samsung's "new management" continuously drives reform to make Korean products world , services reach the level of advanced countries, and management systems reach the standard of first-class enterprises. This innovative spirit of change and reform has not yet subsided. Through reform and innovation, Samsung not only aims to become an enterprise that surpasses first-class enterprises but also strives to become a highly respected global enterprise. It is a relentless, ongoing "progressive tense." Currently, Samsung is once again immersed in "preparing for management," not because of its unprecedentedly high profits but because it continues to explore how to survive in the future and seeks another path for change. What Samsung cares about is the future. We hope that through Samsung's successful implementation of reform, not only the financial sector but the entire society can find the direction and methods for reform.