Artificial intelligence (AI) is playing a unique and powerful role in addressing the challenges of our time. With advancements in data infrastructure and processing power, the foundations are in place to fuel transformative applications and rapid innovation in AI. In this article, we will explore the state of the AI market in Vietnam and the actions necessary to drive successful AI implementation.
The Importance of AI in Business
According to the State of AI in the Enterprise survey, 94% of business leaders consider AI critical to their success over the next five years. However, challenges persist in achieving scalable outcomes. Proving the business value of AI is the top challenge reported by organizations starting new AI projects, accounting for 37% of respondents.
Action 1: Invest in Culture and Leadership
Culture plays a crucial role in the success of AI initiatives. Workforce optimism about AI opportunities is increasing, with organizations that foster AI-ready cultural characteristics experiencing higher levels of success. Rather than focusing on replacing jobs, organizations are recognizing the benefits of augmenting the workforce with AI. Only 30% of surveyed organizations expressed a strong desire to automate as many jobs as possible.
Action 2: Transform Operations
Adopting operational leading practices is essential for successful AI implementation. High-outcome organizations are more likely to adopt these practices, which can significantly impact AI efforts. Managing AI-related risks is a top concern for 50% of respondents, but only 33% have aligned AI risk management with broader organizational risk management efforts. Engaging external vendors for independent audits of AI systems is a practice adopted by 33% of high-outcome organizations and 29% of low-outcome organizations.
Action 3: Orchestrate Tech and Talent
AI presents the need to plan technology and talent investments together, creating a unified human-machine workforce. The survey indicates that the majority of respondents (65%) acquire AI as a product or service rather than building their own solutions in-house (35%). Co-development with vendors is a common practice, allowing organizations to create customized AI systems and processes.
Action 4: Select Use Cases to Accelerate Value
Different sectors within the consumer industry face distinct challenges and value drivers. Smaller consumer products and manufacturing firms struggle with staff shortages and hiring skilled operators, while larger firms face challenges in managing costs across complex production processes. Successful AI adoption varies within sectors, with smaller firms benefiting from virtual operator assistants on the shop floor, and larger firms finding value in AI-enabled value chain optimization to uncover opportunities and cost savings.
In conclusion, as we observe these rapid changes taking place, we recognize the possibilities that lie within current challenges. However, we have also noticed that many business leaders have limited their ambitions, resulting in falling short of the immense potential offered by AI. The competition today is no longer focused solely on adopting AI or automating processes for efficiency. It now revolves around extracting value, achieving desired outcomes, and unlocking the boundless potential that AI holds to create new opportunities for our businesses, employees, and society as a whole. It entails breaking free from the constraints of traditional business practices.
Key Points Summary
- AI is critical to the success of businesses in Vietnam, with 94% of leaders recognizing its importance.
- Proving AI’s business value is a top challenge for organizations starting new AI projects.
- Fostering an AI-ready culture and nurturing workforce optimism are key factors for success.
- Operational leading practices and effective AI risk management are crucial for scaling AI projects.
- Orchestration of technology and talent is necessary for building a unified human-machine workforce.
- Acquiring AI as a product or service and engaging in co-development with vendors are common practices.
- Selecting use cases based on sector-specific challenges can accelerate value and drive success.
We hope that this report not only assists your business in realizing the potential of AI but also inspires you to envision how much further it can propel you.
To leverage the power of AI and drive successful implementation in your organization, contact our Vietnam team for expert support. We are dedicated to helping businesses navigate the AI transformation and unlock its full potential in the Vietnamese market.
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