LG Innotek (KRX:011070) has created an AI system for finding the best parts to use in new products, according to a Sunday release.

The system analyzes about 2 million data on internal and external parts with AI and compares specifications and prices of each part.

One of the system's features is the AI-based "reference price" calculation function, which shows the current price range by assessing the actual purchase history and price fluctuations of parts with similar specifications.

With the system, the estimated price calculation time declines by 70%.

The electronic components manufacturer recently applied the system in full scale to all business units following more than two years of development.

Shares of the company fell more than 2% in recent Monday trade.