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Now it’s time to take a look at a South Korean business bringing about changes in the global economy with some new ideas.
Today, we’re going to introduce you to a data platform company named Inzent. Let’s hear from company CEO Jang In-soo.
Inzent celebrated the 20th anniversary of its foundation last year. Starting as a provider of financial solutions, the company has developed its own software and expanded its business through M&A. Its key goal is to provide innovative solutions that allow various industries to carry out tasks more easily and efficiently.
Jang worked in the IT sector for over 30 years. He served as CEO of software developer HandySoft and as the senior vice president of the Korea Software Industry Association. In 2018, he was selected as “Data Guru,” an award given by the president of the Korea Data Industry Association. In recognition of his innovative spirit and expertise in the IT area, he was appointed as CEO of Inzent in 2020. As if on cue, Inzent was ready for a new start. The company had grown with the local financial industry for 20 years. Major banking groups in Korea have conducted their banking business using solutions offered by Inzent. Indeed, Inzent has taken firm root in the financial industry in South Korea.
In line with a change in the industrial environment, however, the firm declared its transformation from a provider of financial solutions to a data platform company.
The company started its business in the financial industry but it has expanded business to public sectors, manufacturing and telecommunications by developing different solutions. Since it redefined itself as a data platform company last year, it has focused on solutions that collect, connect, distribute, store and analyze data so its customers can use data in a more effective way.
A data platform company may sound rather unfamiliar. To put it simply, it collects, processes and analyzes a massive amount of data to turn them into meaningful information. While IT in the past was used to manage corporate data, IT today manages corporate business and presents future directions of the business as well. But the process requires highly advanced technology. Inzent is able to handle the entire process through a variety of solutions, including eXperDB. Not only enterprises but individual consumers have also experienced Inzent’s solutions through this year’s Korea Sale Festa, the country’s major annual sale campaign, which was held from November 1 to 15.
Operating a huge amount of data costs much, and that’s why a public cloud continues to develop. One of our solutions called eXperDB is an integrated data platform based on the open-source data base management system or DBMS.
Sinsegae Group’s integrated mall SSG.com holds its annual SSG Day event, during which customers flock to the event to generate an enormous amount of transactions. It is very difficult to handle all the data that have increased suddenly. Our eXperDB platform adjusts the amount of data automatically on the cloud and processes the data quickly. Our solution has successfully supported the DBMS of the SSG Day event for four years.
Inzent has high expectations about the MyData market. MyData refers to a business model that integrates personal information scattered in different institutions, such as financial firms, mobile carriers and hospitals, and offers it to third-party service providers. The revision of three data privacy laws in South Korea has enabled data companies to manage integrated financial information with the consent of individuals concerned since August 2021. It means a new, huge market has just opened. This will provide another great opportunity to Inzent, which has sharpened its competitiveness through relentless innovation.
The company has hosted an event called “Inzent ISS” since 2019 to promote its solutions among companies and individuals and to introduce them to the latest technological trends. The event is seen as part of the company’s efforts to communicate with the market constantly and grow with the market together.
Inzent began to explore foreign markets in earnest in 2019. At present, it supplies its data solution and technology service to a commercial bank in Cambodia. It plans on expanding its service to Vietnam and Japan.
The company has always concentrated on technology development, reinvesting 60 percent of its sales in research and development. It owns a number of intellectual property rights related to content and e-document management. It has also introduced an in-house patent application system and provides incentives to employees who applied for a patent. This month, the company raised the annual salary of all employees by 5 million won or 4,500 US dollars and decided to provide them with greater welfare benefits so the company can make its employees happy.
We aim for an initial public offering and listing in 2024. Through our stock market debut, we’ll enhance our corporate value, invest more and expand welfare for employees. In doing so, we hope to grow into a global software company.
Inzent has sought to create a better world through its technology. In fact, many people have enjoyed Inzent’s convenient solutions when conducting banking transactions, even though they do not know about the company. Now, many more people may remember the name of the company, which has developed the latest technology steadfastly over the last two decades to provide services people need most at present and in the near future.