How organisations can benefit from generative AI

How organisations can benefit from generative AI

The rise of generative AI has promised to be a major game-changer for businesses. RMIT Director of Enterprise AI and Data Analytics Hub Professor Kok-Leong Ong analysed how enterprises can embrace this trend.

What is generative AI?

Generative AI is a branch of artificial intelligence (AI) to describe a class of algorithms capable of creating new content including text, images, videos, and audio. This has been evolved from advances in deep learning to generate human-like text. ChatGPT is the latest development in the world of generative AI.

Generative AI has exploded in use and early-stage adoption. This powerful disruptive technology will be used in existing and new businesses in the near future to lower costs, deliver new services better and faster, and to create new production capabilities.

Generative AI: Opportunities and challenges for Vietnamese businesses

The Vietnamese economy is growing rapidly. World Bank data shows that the digital sector in Vietnam has expanded by 10 percent every year and could reach over 200 billion USD by 2045.

The Vietnamese government has made a clear strategic investment to develop Vietnam’s digital economy, including a close partnership with Australia. According to the draft National Digital Transformation Programme, Vietnam aims to ensure that the digital economy accounts for 30% of the country's GDP by 2030. With the move to a more digital economy, there will be lots of opportunities for local businesses. 

RMIT Director of Enterprise AI and Data Analytics Hub Professor Kok-Leong Ong spoke at the event: “What’s Next in Generative AI: Implications and Opportunities for Business” on 13 April 2023 in Ho Chi Minh City.RMIT Director of Enterprise AI and Data Analytics Hub Professor Kok-Leong Ong spoke at the event: “What’s Next in Generative AI: Implications and Opportunities for Business” on 13 April 2023 in Ho Chi Minh City.

RMIT Director of Enterprise AI and Data Analytics Hub Professor Kok-Leong Ong said, “the great thing about generative AI is that the technology is currently quite accessible to all.”

“Unlike early days of AI developments where you need significant in-house investment, this time round we are getting AI as a service. Businesses or anyone can easily tap into its capabilities and customise it for their own purpose,” Professor Ong added.

He also shared an example: “If you are a small tourist operator, you can connect ChatGPT to provide responses from enquiries around the world, such as suggesting personalised tours for customers. This back and forth can be time consuming and expensive to get humans to do.

“ChatGPT can replace this and reduce the number of humans in this process. And when the prospective customer is finally happy, the human can come into the picture to book the plane ticket, tours, and hotels.”

Professor Kok-Leong Ong pointed out potential challenges of using AI: “Businesses will still need to invest and understand what the technology is capable of. Using technology is the easy part, meanwhile, embedding business policies and legislative requirements from local governments into the AI as part of business workflow is much more difficult.

“Since companies are using another service, they also have to deal with the usual challenges, such as service level agreements, maintenance, and updates. Therefore, using something like ChatGPT is not a one-off investment but rather, companies still need to constantly maintain the technology like any digital system.”

Maximising efficiency in business with generative AI

Expectations from Vietnamese consumers and end users will rise. In a globalised economy, as Vietnamese become more well-travelled, they will expect to see similar level of efficiencies and service levels. Therefore, enterprises will need to embrace AI at some point in time. 

Panellists discussed about how organisations can benefit from recent AI advances.Panellists discussed about how organisations can benefit from recent AI advances.

The expert also underlined that the question of how soon, how much, or how to is very much dependent on the individual business but those that could develop a strategy around embracing AI will likely be winners in their own domain if they consider the risks and develop plans to manage them along the way.

“Learning from history, companies who embrace and look to leverage a new technology often go on to become very successful and usually benefit from absorbing those competitors who refused to change,” Professor Kok-Leong Ong affirmed.

According to him: “AI is not just about delivering efficiency for businesses. It will drive productivity through efficiency gains, but it will also drive ‘experience.’

“Increasingly, this is going to be particularly important as Vietnamese improve their quality of life as they benefit from the growth of the economy. Vietnamese consumers will want a smarter and more personalised experience on their interactions with an organisation’s digital shopfront, resulting in thinking about ‘experience’ that AI can enable on a massive scale.”

The Future Ready Business Series is organised with the purpose of providing an opportunity for RMIT to engage with business leaders and share knowledge and insight into the digital economy.The Future Ready Business Series is organised with the purpose of providing an opportunity for RMIT to engage with business leaders and share knowledge and insight into the digital economy.

“What’s Next in Generative AI: Implications and Opportunities for Business” was the theme of the first event in RMIT College of Business and Law’s Future Ready Business Series, hosted in collaboration with Global Victoria,RMIT Digital3 and RMIT Vietnam The Business School on 13 April 2023 in Ho Chi Minh City. Future events will take place in Singapore and India, with the purpose of providing an opportunity for RMIT to engage with business leaders and share knowledge and insight into the digital economy and emerging technologies, as well as their impact on global business practice.

Story: Dung Pham

14 April 2023

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