Panasonic Creates New Unit

The Nikkei reports that Panasonic is to set up a new innovation centre within its AVC Networks company to develop business systems based on “cutting-edge technologies” in the areas of image recognition and voice processing.

Panasonic’s first area of interest is reported to be in digital signage that can be used to present product information to consumers as part of a company’s omni-channel marketing strategies. The innovation centre aims to generate ¥100 billion ($829 million) in sales in the year to March 2019, building systems as well as identifying new demand and formulating fresh business models.

The innovation centre is mostly staffed by engineers who will work to develop businesses based on technologies such as payment terminals, advanced traffic systems and Ultra High resolution 8k video systems. Panasonic’s main focus is on systems for cars and homes and the company is aiming for group sales of ¥10 trillion ($83.8 billion) in the year to March 2019. AVC Networks is trying to boost sales in this area by 30% to ¥1 trillion ($8.4 billion) in the same time frame.