South KoreaManufacturing2024 – ongoingLG Innotek
AI component recommendations and reference pricing
LG Innotek said AI reduced quotation preparation time by more than 70%
Problem
Component information was scattered across internal systems. Buyers spent time finding alternatives and negotiating prices with suppliers.
Approach
LG Innotek standardized approximately 2 million internal and external component records. Its system matched specifications and estimated reference prices from purchase histories and price trends. After about 2 years of development, it was deployed across all business units.
Results
Takeaway
Reference prices narrowed the supplier shortlist before buyers requested actual quotations.
Categories
- Size
- Large enterprise
- Industry
- Manufacturing
- Business function
- Logistics and supply chain
- Innovation type
- Process innovation
- Adoption
- Built in-house
- Evidence
- Company's own claim
Sources
Source summaries
LG Innotek described component matching and AI reference-price estimation deployed across its business units. It reported more than 70% less time preparing new-product quotations. Agentic collection of fresh component information remained planned.
Full details are in the original sources.
