#Power of Businesses l 2021-09-20
Now it’s time to take a look at a Korean business bringing about changes in the global economy with some new ideas.
Today, we’ll introduce YoungLimWon Soft Lab, a developer of enterprise resource planning or ERP solutions. Let’s hear from company CEO Kwon Young-bum(권영범).
The company was established in 1993 with the purpose of providing the best solutions and services that would allow client companies to manage their business more efficiently. It has since focused only on ERP to develop new, innovative products through five major upgrades. Now, it has 2,000 clients in South Korea and 100 overseas. YoungLimWon Soft Lab is recognized as the best ERP provider in Korea. I’m sure the number of foreign clients will also increase considerably.
Kwon previously worked at Samsung Electronics and the Korea Advanced Institute of Science and Technology(KAIST). He participated in the project of designing a computer system for the 1988 Seoul Olympics. Using his expertise and experience as a proficient software engineer, he set up YoungLimWon Soft Lab. He developed the first Korean-specific ERP called “K-System” in 1997.
ERP refers to a type of software that helps companies manage all kinds of business activities including production, personnel management, logistics and trade.
ERP systems in Western countries typically show different categories such as order entry, inventory management and payments on separate screens. “K-System,” in contrast, allows users to deal with everything on a single screen, in consideration of Koreans’ integrative thinking, and therefore enhances work efficiency. That’s why the software has a nickname of Korean-specific ERP. It is little wonder YoungLimWon Soft Lab holds the largest share in the domestic ERP market. The company’s signature solution is “K-System Ace,” which was released last year.
K-System Ace is our latest product. The on-premise ERP allows the easy addition and deletion of small process units, much like Lego blocks. The insertion or removal of any process does not affect the overall structure. It may sound simple, but it actually requires high technology in software engineering. Also, the ERP is tailored to each industry. Formerly, developers provide ERP solutions to partner companies, which then developed customized services for their customers in different industries. But our industry-specific ERP, completed last year, integrates processes for seven different industries and standardized processes.
An upgraded version of K-System Ace was launched this year. It incorporates various industry-specific solutions and success cases to provide appropriate ERP for each industry. While introducing existing ERP systems, companies had to spend a lot of time and money on the additional development of industrial processes suitable for their businesses. Thanks to K-System Ace, however, they no longer need to do that.
YoungLimWon Soft Lab also provides a cloud-based ERP system called “SystemEver,” the first of its kind in Korea. With the cloud ERP, users can get work done anywhere, anytime, as long as they can access the Internet and have a web browser.
While previous ERP systems were installed on company servers, users of the cloud ERP service are charged based on usage. Companies can use the cloud-based industry-specific service as long as they pay fees on a monthly basis. In addition to ERP, various IT services can all be connected and used on the cloud service. With the fourth industrial revolution underway, companies should brace for digital transformation. Through our cloud service, our employees don’t necessarily have to stay overseas even when exploring foreign markets. All we have to do is to provide our services on the cloud and manage them. Our foreign partners can also use the cloud service easily.
SystemEver has a line of other products such as “SystemEver Nonprofit” specialized for nonprofit corporations, “Ever Attendance” that is suitable for a non-face-to-face business environment triggered by the COVID-19 pandemic and “Ever Payroll” that is designed to handle wage-related work conveniently. Companies can choose any service they want.
In this way, YoungLimWon Soft Lab is never satisfied with its top spot in the industry but constantly works on innovation in order to adapt to the changing business environment and meet customer needs. The company was listed on the tech-heavy KOSDAQ market last year to prove its value once again.
We faced many difficulties, of course. But our strategic decision to concentrate only on ERP proved successful. We’ve also been dedicated to research and development. It usually takes over ten years for ERP solution providers overseas to upgrade their products. But we’ve upgraded ours once every four to five years. In Japan, eight companies from different industries settle accounts every month without correcting a single sentence, using the massive ERP software developed here.
That’s certainly something to be proud of. I expect we can increase sales in Japan to the level equivalent to those here in South Korea.
YoungLimWon Soft Lab’s products gained recognition in term of performance and quality both in Korea and Japan. Encouraged, the company will spur the efforts to explore the global market. Indonesia, for example, is actively introducing ERP, as the Southeast Asian country seeks to foster five manufacturing industries. For this Korean company, the Indonesian market is another land of opportunity. In addition, the company will make efforts to increase the number of client companies in Vietnam, China and Hungary.
Our goal is to become the No.1 ERP provider in Asia, not only in sales, but in product competitiveness and customer satisfaction too. More importantly, we aim to create a sound corporate culture and achieve sustainable growth. As a company that values human dignity, we hope to complete creative and constructive culture and spread that culture to our client firms.
YoungLimWon Soft Lab’s diverse solutions have enabled numerous companies in Korea to enhance work efficiency and sharpen their competitiveness. In recognition of his efforts, Kwon received the Silver Tower Industrial Award, which is given to those who made a great contribution to industrial development in Korea.
As an ERP solution developer representing Korea, YoungLimWon Soft Lab will surely grow and prosper with various local firms. We have high hopes for a bright future of the company.