LG, Ricoh team up to bolster hybrid working digital transformation

LG Electronics (LG) has signed a memorandum of understanding (MOU) with workplace solutions provider Ricoh to collaborate on digital transformation solutions for modern office environments.

According to a survey conducted by Market Research Future, the global digital workplace solutions market is expected to grow from about $33.7bn in 2023 to $90.5bn by 2030, with a compound annual growth rate (CAGR) of 15% .

Looking to tap into these dynamics, LG said it has identified the B2B sector as a key driver of business growth, and is aiming to expand its presence in the sector and to increase its B2B sales to around 45% of total sales from all business divisions by 2030 through the new partnership. The company is continuously expanding its B2B portfolio and has embarked on a programme to explore new, high-potential business areas. 

In the workplace experience domain, Ricoh offers solutions enabling collaboration in offices and other workplaces where hybrid work has become commonplace. As part of its mid-term vision, Ricoh has the stated mission of providing consistent global services in the changing workplace.

With locations in approximately 200 countries worldwide, Ricoh said that it is supporting the hybrid workforces of its customers through solutions ranging from managed workplace services to document management and intelligence process automation, in addition to printers and copiers.

As part of the new agreement, Ricoh will pair select offerings with LG’s premium digital signage products and various other B2B solutions. The combination of products and services from two of the industry’s most respected names will deliver elevated user experience and exceptional customer value. 

The partnership also intends to drive digital transformation for B2B environments offering solutions including a package of digital office solutions and services. The two companies will jointly drive sales and marketing activities for their collaborative efforts and will look to explore further business opportunities in the future.

“This global strategic partnership allows us to combine LG’s advanced displays with Ricoh’s communication services, delivering enhanced workplace experience solutions to customers,” said Takahiro Irisa, senior corporate officer and president of the Ricoh digital services business unit. 

“The pairing of Ricoh’s workplace solutions with LG’s advanced display products will deliver impressive value to customers and further establish LG as one of the most trusted providers of integrated solutions in the B2B market,” added Ki-Mun Paik, senior vice-president and head of the information display business unit of LG Business Solutions Company. “LG will continue to pursue strategic partnerships with innovative global companies to create customised solutions for today’s business environment.”