That is the affirmation of Mr. Le Hong Quang - General Director of MISA Joint Stock Company (MISA) on the topic "Making Financial Decisions Based on Data and AI" at the Vietnam CFO Summit held on November 27, 2024.
The event was organized by the Vietnam CFO Club with the participation of 300 guests representing businesses, senior financial managers, investors and leading domestic and international financial management consultants.
Mr. Le Hong Quang - General Director of MISA presented a speech on the topic "Making Financial Decisions Based on Data and AI" at the Vietnam CFO Summit.
In his presentation, Mr. Le Hong Quang pointed out the practical benefits of data-driven decision making through specific illustrative examples. For example, Netflix has taken advantage of analyzing behavioral data of 30 million users to produce engaging and relevant content for its audience. Uber uses customer trip history data to develop fare strategies. Coca-Cola applies social media data analysis through Big Data and AI to make decisions about marketing strategies.
Based on actual surveys from businesses, Mr. Quang affirmed: "Making decisions based on data helps businesses attract customers 23 times more and increase profits by 8%.
Mr. Quang affirmed: “Making decisions based on data helps businesses attract customers 23 times more and increase profits by 8%.
On the other hand, he also emphasized that, in order to make effective financial decisions based on data, businesses need to focus on three core elements: people, data, and tools. The first element is people, especially the financial planning and analysis (FP&A) team. A flexible FP&A team must be built, organized, and fully trained in data analysis, Big Data, and data modeling skills to be able to analyze and make decisions based on existing data warehouses.
The second factor is data. In the digital age, businesses need to accelerate the digital transformation process to build a data warehouse that converges from all departments such as human resources, operations, marketing, business, finance and accounting. When data is converged and connected between departments, it will become a powerful tool for business operations and decision making.
The third factor is the tool that helps businesses analyze and forecast based on data. Mr. Le Hong Quang believes that, in the context of strong technology development, the application of modern analytical tools, especially artificial intelligence (AI), will provide businesses with a "digital assistant" to support reporting, analyze data immediately and regularly, monitor and control cost risks, forecast revenue or cash flow, thereby making timely and accurate decisions.
Keeping up with the trend of applying AI in management, MISA has successfully researched and developed the MISA AVA Artificial Intelligence Assistant integrated into the MISA AMIS Unified Enterprise Management Platform to support all operations in the enterprise. The MISA AMIS platform includes more than 40 specialized applications, helping businesses comprehensively digitally transform core operations such as: Finance - Accounting, Marketing - Sales, Human Resources, Digital Office.
MISA AVA artificial intelligence assistant integrated into MISA AMIS unified enterprise management platform supports all operations in the enterprise.
With the MISA AVA assistant integrated into the platform, business owners can quickly ask questions about data, reports, analysis, etc. without having to wait, synthesizing information from many sources. The digital assistant will provide accurate and instantly updated data shown through reports and intuitive charts - a solid foundation to help the leadership make strategic decisions quickly and effectively.
In addition, data analysis technology combined with AI also helps MISA AVA instantly detect abnormalities in expenses, identify and warn of potential financial risks. This technology allows businesses to effectively evaluate the use of resources, prevent waste and improve budget management.
At the end of his presentation, Mr. Le Hong Quang emphasized: “Enterprises need to have a culture of making decisions based on data to optimize financial management. This is an essential requirement to help businesses grasp trends and adjust strategies promptly, increasing competitive advantage and operational efficiency.”
To do this, businesses need to carry out strong digital transformation, especially in converging and consolidating data to create a rich and accurate database. Applying modern analytical tools and AI will help businesses maximize the value of data, provide detailed information, and help make more accurate and optimal financial decisions.
General Director Le Hong Quang participated in a panel discussion with the topic "Harnessing the power of AI to make data-driven strategic decisions".
In addition to the presentation, General Director Le Hong Quang also participated in a panel discussion with the topic "Harnessing the power of AI to make data-driven strategic decisions" with speakers: Mr. Damian Khoo - Vice President, Head of Oracle NetSuite Solution Consulting; Mr. Nguyen Thanh Liem - CFO of PNJ; Mr. Vishnu Bhan - Director of Techcombank Initiatives; Mr. Le Thanh Liem - Member of the Board of Directors and CFO of Vinamilk. During the panel discussion, Mr. Quang proposed a number of strategies to leverage AI without overshadowing human expertise: First, build a collaborative working environment between AI and humans, in which AI is seen as a supporting tool, not a replacement. Second, develop and enhance human skills in parallel with the development of AI. Third, have a plan to integrate AI into work processes in stages for a smooth transition, but without disruption. Fourth is to ensure transparency and explainability of AI decisions. Fifth is to build a mechanism to strictly control and monitor the operation of AI.
Some other photos at the event:
Guests visit MISA booth.
Guests visit MISA booth.
Guests visit MISA booth.
MISA interacted with guests at the event.
MISA representative took a souvenir photo with Mr. Nguyen Ngoc Bach - Chairman of CFO Vietnam (fourth from right) and other guests at the event.
With 30 years of experience in the technology field, MISA hopes to accompany the Vietnamese business community in mastering AI technology and effectively applying it in financial management. Thereby, helping businesses improve their capacity, competitive advantage and quickly seize opportunities to "overcome difficulties" in a challenging economic context.
| MISA AMIS is a comprehensive business management platform, supporting more than 250,000 Vietnamese enterprises in digital transformation, with solutions to optimize finance - accounting, marketing - sales, human resources, and digital office. Integrating intelligent AI through MISA AVA Assistant, MISA AMIS helps leaders query data instantly, make quick decisions, improve efficiency and competitiveness. |
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