On the morning of October 11, in Hanoi, the Vietnam Association of Corporate Directors (VACD) organized the Vietnam Corporate Governance Forum 2024 with the theme "Making management decisions based on data and artificial intelligence (AI)".

This is an annual event to connect, dialogue and share in-depth research on business and management of administrators, business leaders, researchers, experts...

At the same time, it is a forum for experts and businesses to identify challenges and opportunities from the "AI storm".

According to Dr. Han Manh Tien, Chairman of VACD, making management decisions based on data and AI is an issue that the business and enterprise community is very interested in, especially in the context of the 4.0 Industrial Revolution that has, is, and will create completely new production capabilities and have a profound impact on the economic, political, and social life of the world.

Dr. Han Manh Tien, Chairman of VACD, delivered the opening speech at the Forum.

He believes that the Industrial Revolution 4.0 with the combination of big data technology, cloud computing and Internet of Things will promote the development of automated machines and smart manufacturing systems; thereby creating a great influence on the business decision-making of entrepreneurs and business leaders.

"Facing the AI ​​storm, the development of technology can initially make us panic, but the important thing is to understand and master the technology," the Chairman of VACD stated.

Sharing at the event, Associate Professor, Dr. Tran Dinh Thien, former Director of the Vietnam Economic Institute, emphasized the importance of governance to the survival and development of businesses and organizations.

He commented that the world is currently in a period of integrating many era-changing processes such as high technology, green development and global connectivity, posing great challenges for business administrators.

According to Mr. Do Phuc Anh, Director of CK Cloud Kinetics Vietnam Company - a provider of cloud computing transformation solutions and management services, data growth is currently far surpassing growth in terms of data value.

Mr. Do Phuc Anh, Director of CK Cloud Kinetics Vietnam Company shared at the Forum.

Every day, about 2.5 quintillion bytes of data are created around the world, but in that huge volume of data, determining which data is useful and which businesses can use to create value is not simple.

"What managers and business operators need is the necessary information to serve the decision-making process in business," said Mr. Do Phuc Anh. However, currently only about 32% of businesses are aware of the value that data can bring.

The data is not designed the way we want it, and it takes a lot of time to process and clean the data, this is a challenging problem for administrators, but this challenge can be handled with the support of AI.

According to the Director of Cloud Kinetics, the automated data platform integrating generative AI technology can help "unlock" business values ​​in some traditional areas, such as retail (using AI to analyze data on sales or inventory, enhance customer experience, analyze risks...).

Mr. Le Hong Quang, Deputy General Director of MISA Joint Stock Company, assessed that making financial decisions based on data and AI brings clear benefits to businesses, typically in the cases of companies: Netflix, CocaCola, Uber...

Accordingly, with data and AI, business leaders can analyze financial data, manage risks, manage cash flow, analyze costs, support budgeting, and suggest investment decisions. "Data and AI play a key role in improving financial decisions, helping businesses optimize risk management, predict trends, and optimize financial performance," emphasized Mr. Le Hong Quang.

Ms. Tieu Yen Trinh, CEO of Talentnet, presented on "Future HR trends & AI applications in HR management".

Within the framework of the Forum, delegates also listened to Ms. Tieu Yen Trinh, CEO of Talentnet, present future human resource trends & AI applications in human resource management; Mr. Dinh Kien Quoc, CEO of Gimasys, share the role of data and AI in supporting management decision making; Dr. Doan Xuan Truong, Lecturer at Hanoi Law University, discuss the improvement of Vietnamese labor law under the impact of AI...