Businesses need to 'open their own path' when exploring and applying AI to create

Generative AI has emerged as a game-changing technology that promises to “revolutionize” a wide range of industries.

Sharing at the recent Smart Banking 2023, experts all agreed that data is the catalyst for business growth.

However, data cannot be an asset without the support of new technologies, especially artificial intelligence - AI technology.

application who created life 2.jpg — The rapid development of generative AI will open a whole new era for the "data game". (Illustration: Unsplash)

AI uses business data as input, but AI will only maximize its power when businesses establish an advanced data management system. "The strong and explosive development of generative AI will open a completely new era for the data 'game'," said Ms. Nguyen Thuy Duong, Chairwoman of the Board of Directors of EY Consulting Vietnam Joint Stock Company (EY Consulting VN).

Discussing the issue of businesses exploiting generative AI, Associate Professor Pham Cong Hiep, Head of the Creative Business Department, Acting Deputy Dean of the School of Business, RMIT University Vietnam, said: Exploiting the power of generative AI does not follow a single formula but depends on the nature of each business, its competitors, as well as their core mission and purpose. “Businesses need to keep this in mind to pave their own path with generative AI,” Associate Professor Pham Cong Hiep noted.

Associate Professor Pham Cong Hiep, Head of Creative Business Department, Acting Deputy Dean of the School of Business, RMIT University Vietnam. (Photo: Hoang Ngoc)

A common misconception, he says, is that artificial intelligence can replace humans with proficiency. In fact, most jobs require a combination of mechanically repetitive tasks and sophisticated tasks that rely on human judgment.

In addition, businesses also need to understand that the journey of AI integration is not a straight line that every business goes through, so each company must determine specific goals when applying AI to create, from there coordinate strategies and have appropriate preparation steps.

For example, news sites can use generative AI to quickly draft news stories, while advertising agencies can use this technology in the ideation stage when writing creative advertising slogans. “Their goals for using AI are different, news sites need speed while advertising agencies need creativity that fits their brands. Neither can achieve the desired results without the right AI approach,” the expert from RMIT University Vietnam analyzed.

How can businesses effectively apply generative AI?

Going deeper into the story of businesses applying generative AI, Associate Professor Pham Cong Hiep pointed out that companies need to combine AI with human skills and define clear business goals when applying generative AI.

According to the expert from the Faculty of Business, RMIT University Vietnam, to support businesses in strategizing and adjusting AI implementation to suit the organization's goals, businesses can classify business motivations when integrating AI; can be classified based on 2 criteria: the role of AI in replacing or enhancing current skills and AI applications aimed at internal or customer.

First, businesses must determine whether the AI technology they need will replace or enhance existing skills. To use AI to enhance skills, businesses need to develop appropriate training programs, feedback mechanisms, and performance measurement systems.

Conversely, when introducing AI to replace skills, businesses need a comprehensive strategy that focuses on organizational growth thinking, career transition support, and contingency planning.

“The Swiss AutoBus project, which aims to replace bus drivers with AI-controlled vehicles, is a good example. To successfully integrate AI, the company’s employees must adapt to technological changes, and the company needs to have a contingency plan for unforeseen disruptions, such as providing human backup drivers,” Pham Cong Hiep cited.

Experts recommend that businesses need to fine-tune their strategies to ensure a harmonious connection between human experts and AI to achieve maximum efficiency. (Illustration: Pexels)

The second criterion – whether to apply AI internally or to customers – also requires a different approach. If a company wants to apply AI to customers, it needs to be at the forefront of AI research, emphasize user-centered design, and understand customer needs. Taking Tesla’s example in developing self-driving cars, it needs to be at the forefront of AI innovation, prioritize user-centered design, and strategically position its products in the market.

When it comes to using AI to streamline internal processes, the focus shifts, says expert Pham Cong Hiep, where business leaders must prioritize developing employees’ data analysis and interpretation skills.

Another important task is to effectively manage the transition, helping employees adapt and collaborate with new AI tools.

Such processes require highly skilled workers in data interpretation, as well as structured change management strategies from the leadership team.

“AI is all about the delicate balance between human expertise and automation. There is no one-size-fits-all formula for integrating AI into an organization, and it varies depending on the business goals, the role of AI in complementing or replacing human work, and the focus of AI application,” expert Pham Cong Hiep emphasized.

The Ministry of Information and Communications promotes the development of a large Vietnamese language modeling technology platform . The Ministry of Information and Communications aims that by 2025, Vietnam will have at least one large Vietnamese language modeling technology platform, capable of providing services for other artificial intelligence application platforms.

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