On November 8, according to reports from international media, China's leading home appliance manufacturer, Haier, is accelerating the integration of its recently acquired general-purpose appliance business. The company is focusing on developing a data platform to connect its smart appliances through the Internet of Things (IoT). Haier’s CEO, Zhang Ruimin, shared his vision: “Our goal is to double our revenue and profits over the next five years.â€
The company made headlines in June 2016 when it acquired General Electric’s (GE) home appliance division for $5.6 billion. Since then, Haier has been working to streamline operations and improve profitability. According to Zhang, the strategy has started to show results, with a 10% increase in profit growth during the first nine months of 2017. He believes that as the IoT continues to expand, future profits will keep rising.
Zhang illustrated the potential of smart technology by saying, “Imagine touching the screen on your refrigerator and being able to purchase items directly from an online store.†As more devices become connected, consumers can also use mobile apps to access real-time information—such as checking whether a washing machine is available at a nearby laundromat.
In addition to technological advancements, Haier has also learned from global industry leaders. Zhang noted, “We have gained a lot from GM, especially the well-known ‘Six Sigma’ quality control system from the 1990s.†However, he emphasized that the key to long-term success lies in quickly adapting to the right market direction. “Haier is now on the right track. We have mastered the internet and we are ready to apply this knowledge to other businesses, including GM.â€
With a strong focus on innovation, digital transformation, and global expansion, Haier is positioning itself as a leader in the evolving smart home industry. The company’s commitment to continuous improvement and customer-centric solutions is driving its growth and setting the stage for future success.
(Internship Compilation: Jiao Jinrui Reviewer: Li Zongze)
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