LG CNS, the information technology services unit of South Korea’s LG Group, has launched a next-generation enterprise resource planning solution with aims to take over the local ERP market currently dominated by foreign software firms like SAP and Oracle.

The LG unit on Tuesday announced the launch of an upgraded ERP solution, promising higher cost-effectiveness and operational efficiency through design changes and integration with new technologies like artificial intelligence and cloud computing.

The firm’s solution, named LG CNS Enterprise Application Platform, includes features tailored to Korea’s business landscape, such as intelligent account settlement and data protection compliance, the company said.

Unlike foreign ERP solutions that must be purchased as a package, LG CNS offers clients the option to select the features they want, reducing solution installation costs by up to 30 percent, the firm added.

A simplified user interface has also improved the operational efficiency of the solution by as much as 80 percent, according to LG CNS.

At its own headquarters LG CNS found that replacing foreign ERP software that had been used for more than 10 years with its own solution resulted in an up to 50 percent reduction in the time needed to get through similar tasks.

According to market research firm IDC, Korea’s ERP solutions market is estimated at 280 billion won ($246 million), with foreign software accounting for around half of the market.

By Sohn Ji-young (jys@heraldcorp.com)