On August 28th, iFLYTEK was awarded with Deloitte China’s 2020 Best Managed Companies (BMC) Award at the China BMC Award Gala Dinner hosted by Deloitte, a world-renowned professional management services organization. Mr. Duan Dawei, the Senior Vice President and CFO of iFLYTEK received the award on behalf of the company, and Dr. Liu Qingfeng the CEO of iFLYTEK, sent a video to celebrate and shared new ideas on company management.
Innovation and Continuously Closing the A.I. Technology Gap
Found in 1993, the Best Managed Companies, or BMC program is one of Deloitte’s global initiatives aimed at identifying and recognizing companies with advanced management ideas and excellent management. In August 2018, the BMC program was first launched in China.
The theme of this year's BMC Award Gala Dinner was "As Resilient As Water." At the award gala dinner, Dr. Liu Qingfeng, the Chairman and CEO of iFLYTEK, sent a video to express his gratitude to Deloitte. He said that the first step of enterprise management is creating a company’s mission and vision: "iFLYTEK has been working towards its vision of ‘Enabling machines to listen and speak, understand and think’ since it was founded 21 years ago, and has done this through ‘the combination of technological revolution and practical applications.’"
Dr. Liu Qingfeng introduced the idea that "revolution" means making the source technology reach an advanced international level; and that "applications" refers to the applications that can solve the rigid demands of society. "This pathway helps iFLYTEK leap the technological gap from "listen and speak" to "understand and think," and to realize the large-scale application of scientific research results around education, justice, human-computer interaction, and other fields."
Mr. Duan Dawei, the Senior Vice President and CFO of iFLYTEK, talked about combating COVID-19 via artificial intelligence applications in the event interview. He said that iFLYTEK's artificial intelligence technology not only helps domestic pandemic prevention and control in the fields of education, healthcare and urban services, but also goes abroad to support international friends. He explained that at present, iFLYTEK has opened the intelligent outbound calling system to the South Korean government for free. The intelligent outbound calling service has been fully launched in South Korea and has been widely used in Seoul, Daegu and other provinces and cities. Mr. Duan Dawei said that in the post-pandemic era, the coexistence of online and offline will become the normal, regardless of pandemic prevention and control or production and daily life. iFLYTEK will continue to adhere to the concept of "Create a better world with A.I.," promote the application of artificial intelligence technology and enable people to have a better life with the help of technology.
At the award gala dinner, Mr. Duan Dawei, on behalf of the company, said that BMC is a project to encourage "long-distance running." The development of China's economy requires increasingly more and more enterprises to embody this spirit. He also said that he hopes that more enterprises can join our special "running group" and strive to continue progressing and aid China's economic development and social progress.
Continuous Innovation and Strategic Closure
Unlike the traditional evaluation criteria of companies such as revenue, market capitalization and enterprise scale, the BMC program puts more emphasis on the "quality" of the enterprise rather than the "quantity." Looking back, iFLYTEK has achieved many milestones in the field of A.I. iFLYTEK has built the first national A.I. open platforms, the first national laboratory for cognitive intelligence, the first national engineering laboratory for speech and language information processing, and other national platforms.
The company’s achievements rely on its efforts in the field of science and technology innovation. iFLYTEK’s smooth operation is also closely related to the quality of the company's management model. The largest challenge of strategic management for iFLYTEK is how to closely integrate "innovation" with the enterprise development strategy to maintain a long-term sustainable innovation of the enterprise and the ecosystem.
In order to support the high-speed development of future business, iFLYTEK uses "Platform + Industries" as its product strategy. "Platform" provides A.I. capabilities for the whole industry, integrates backstage content and services, and builds a continuous iterative ecological system. "Industries" refers to the core A.I. technology, application data, and domain supports which creates a vertical entry point for the industry's rigid demands. This makes the product deep and intensive which forms a profit source and cash cow business base.
At present, iFLYTEK integrates various strategies, such as rolling strategy planning, strategy decomposition, annual plan making, budget and manpower planning, and organizational and individual performance setting. Together, these gradually form a closed-loop management system from strategic planning to execution with strategy leading, budget coordination, performance driving, and operational support. The company holds strategy seminars to discuss the strategy implementation path in market development, product planning, organizational development, etc., and to a formulate three-year rolling development strategies in the first and second half of each year based on business development.
In addition, iFLYTEK has closely integrated innovation and enterprise developments through four parts, including information input and strategic problem formulation, strategic analysis, business strategy discussion and formulation, and group strategy discussion and formulation.
After years of exploration, iFLYTEK has created an increasingly distinctive development strategy. In the future, iFLYTEK will continue to insist on technological innovation, promote the A.I. products development and industrial applications, and use industrial demands as a guide to actively cultivate technical talents in the field of A.I. who are willing to become a part of an industry-leading company which balances "high investment in research and development" and "steady and high growth."