Businesses across Asia are recognizing the benefits of smart technology and its many facets. The term smart technology refers to the use of solutions like artificial intelligence (AI) within a network wherein technologies may communicate with one another. Thus, many consider it an area of interest and are attempting to establish long-term programs.
In 2020, Vietnamese IT service provider FPT Software collaborated with the Mila AI Institute to create AI Residency, an incubation program that aims to help promising researchers and Vietnamese talent develop their AI and machine learning (ML) skills.
Recognizing that smart technology can provide several advantages, expect businesses across various industries to further explore the application of solutions such as AI and ML.
Business Application of AI Technology
Throughout Asia, both private and public sector businesses that operate across several industries have utilized smart technology. Specifically, AI technology has been of interest as its flexibility can help users address a diverse set of challenges while also optimizing a specific area of operations.
For instance, in the YCP Solidiance white paper “Vision Artificial Intelligence: The Future of Advertising,” a case study analyzing the use of Vision AI to increase outdoor display advertisement revenue was conducted. Via the installation of cameras with AI capability, the following benefits were discovered: (1) targeted marketing based on gender and age of crowd, (2) conversion tracking which helped measure eyeball engagement and customer awareness, and (3) big data intelligence that allowed for testing of advertising campaigns.
Meanwhile, in a separate YCP Solidiance white paper entitled “The Future of Smart Hospitals in Thailand,” AI technology was applied to traditional processes such as primary screening sessions and patient admission via booking and check-in. The AI systems developed for these processes offered faster service and lower healthcare costs for patients, while also reducing the overall workload for healthcare providers.
Future of Smart Technology
The advantages offered by smart solutions like AI is only one of many reasons for businesses to consider utilizing such technology. Moreover, adopting smart technology as early as now will allow businesses to better prepare amid the ongoing digital revolution, or 4IR, wherein stakeholders are more inclined toward digital spaces. Thus, from a macro level perspective, utilizing smart technology can be seen both as an investment in one’s business and its customers.
In line with the trend of digitalization, it is likely that smart technology will eventually become a common practice across Asia. As more businesses and investors in the region come to recognize the short and long-term value that smart technology can provide, interested parties should expect gradual adoption in the coming years.
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