• Improving our core engineering capabilities • Forming strategic technology centres • Establishing product development frameworks driven by business needs and opportunities. We cultivate a culture of innovation through many initiatives. These include training employees on topics such as design thinking, organising webinars to drive cross-business collaboration, conducting design clinics, and organising our annual innovation competition – InnoChamp. We also have internal venture building programmes (In.Vent) to create new businesses for our Group’s next phase of growth. We Broaden Our Outreach to Leverage External Capabilities We complement our in-house R&D efforts by broadening our outreach to leverage external capabilities. This is achieved through four areas: • Open Lab – We unlock value from both our business units and startups by providing a platform for them to engage each other and incubate solutions for markets of mutual interest. • Corporate Venture Capital – We identify and invest in start-ups that present new business opportunity areas and disruptive technologies which are relevant to the group. A US$150 million venture capital fund was established to enable ST Engineering to invest in start-ups with strong complementary competencies and new collaboration opportunities in selected areas of technology. • Research Translation @ ST Engineering – We work with external partners to conduct translational research that can support our business needs. This accelerates the pace of innovation through knowledge transfer among our partners. • Industry Collaborations – We collaborate with partners to accelerate product development by sharing industrial knowledge and expertise. Embracing AI as a Core Component of Our Technology Development Strategy Building upon our extensive capabilities and experience to harness the power of data mining, analytics and machine learning to derive valuable and actionable insights, we further embrace AI as a core component of our product development strategy, evolving and adopting new digital technologies to enhance our offerings. For example, in sectors where precision and speed are crucial, we have launched various AI-powered solutions such as AGIL® Trust, AGIL® Response and AGIL® Care. These solutions offer advanced real-time analytics, tailored insights and automation to address complex challenges in the sector. Such new solution offerings are underpinned by substantial R&D, ensuring we remain at the forefront of these technologies. 19 OVERVIEW OUR SUSTAINABILITY APPROACH ECONOMIC ENVIRONMENTAL GOVERNANCE INDEX SOCIAL
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