Research and Development on Innovation and Technology
Significance and Management Approaches
The Company values the quality of products and services delivered to customers, because it not only improves the quality of life for customers, but also fosters their long-term confidence. Improving the efficiency of products and services is another approach valued by the Company. For this reason, innovation and new technology are continuously developed to promote efficient work processes. These innovations and technologies are considered one of the essential factors that immensely increase competitive potential and respond to the needs of customers and consumers for a better life, according to the intention and commitment of the Company. In terms of management, the research and development (R&D) department for innovation and technology invents and designs “LH Smart” products and services that meet all aspects of living needs. In addition, the Company provides opportunities and encourages employees to apply their knowledge and abilities to invent and develop innovations and new technologies that can increase the values of products and services, drive the organization’s growth, and jointly create benefits for society and the environment.
Innovation and Technological Development Process
The Company's innovation and technological development process starts from:
- Having customer insight to learn their needs. Then the Company studies quantitative and qualitative information acquired to find solutions and design houses that better match customers' lifestyles. In this process, its employees participate in the study and listen to their opinions after they have used the products. Next, their comments will be used for product development.
- Monitoring changing global trends, at the same time, having support from the management in promoting innovative initiatives for the benefit of customers, society, and the environment.
Then, it goes through a proof of concept (POC), prototyping, and testing processes by deploying all of its knowledge and ability. This part requires brainstorming and experiences of the construction team, academics, and suppliers to develop innovations or new technologies into MVP (Minimal Viable Product). The product can be the equipment installed inside houses or in common areas or even programs/ applications. Next, the team will present the work to the management team for further approval. If approved, the team will plan for the actual use. It will also train employees in relevant departments on how to use such innovations to ensure that they know, understand, and communicate with customers and third parties while conducting responsible marketing. Doing this will protect users from harm or danger of misuse. Moreover, the team will constantly monitor and check such innovations for further development.
