Flexibility in technology adoption helps businesses adapt and gain opportunities in the “new normal”, said Mr. Hoang Viet Anh, FPT’s Deputy General Director.
According to a recent survey of the Private Economic Development Research Board (Board IV), problems related to cash flow, or the movement of money in and out of businesses, are facing several businesses. 76% of businesses have experience an unbalanced budget in which income is not equal to expenditure. 54% said their income is just a half of expenditure. The imbalance shows the vulnerability of businesses, even the risk of bankruptcy amid the pandemic.
It is necessary for businesses to have comprehensive digital transformation solutions and streamlined, flexible, adaptive approach to optimize operations and productivity, generate revenue and move towards a digital enterprise model, said Mr. Hoang Viet Anh, FPT’s Deputy General Director in digital transformation.
The FPT leader also shares 5 trends to help businesses operate effectively:
Personalized customer experiences
On the plus side, digitalization allows digital identification, analysis and personalized experiences for each individual. To understand customers, and be able to create new experiences, businesses have to move from the service providers to the partners that creates customized, personalized experiences.
As a result, businesses can create both personalized touchpoints and seamless interaction with customers, which is an opportunity to expand their loyal customer base.
For example, with the image recognition and image processing technology of FPT.AI Vision, Military Commercial Joint Stock Bank (MB) enable digitalization and acceleration of the data entry process while improving customer experience. Customers can update their personal information without going to the transaction counters.
According to a PwC survey, up to 42% of leaders in banking and finance sector affirm that investment in digital transformation will be the key to seamless customer experiences and sustainable growth in the next 12 months.
AI – Human coordination
Covid-19 has broken down barriers and accelerated the application of artificial intelligence (AI) in economy and society. The pharmaceutical industry is one of the industries that always keep up with the latest technological updates. Several pharmaceutical companies have used AI to promote research and development of COVID-19 related treatments.
Using AI in production and business activities allows businesses handle several tasks in operations, AI – Human coordination creates a wide range of innovative ideas that make a breakthrough in business operations in the future.
According to Accenture’s forecast, the global AI market is expected to reach $ 14.7 billion by 2025, increased by 154% in 2018. A successful AI solution can help businesses increase by 30% in revenue. One of the most popular AI solution today is virtual assistant. It is anticipated that virtual assistant users would surpass 1 billion by 2025.
Take Home Credit as an example. After 6 months of operation, FPT.AI Virtual Agent for Call center allows businesses to handle tens of thousands of automatic conversations a day, equivalent to more than 90% of customer inquiries.
Constant updates enable manufacturers to improve and add new features of their products. However, sometimes, users may get frustrated by bugs or interrupted, unfriendly experiences of the updated versions. Covid-19 has spurred the demand for smart products with new features, especially those related to health care.
The health technology company Kinsa can track and detect the spread Covid-19 in the US by using data collected by its smart thermometer, or measure users’ temperature and detect new Covid-19 cases by using smart ring. These solutions create a prospering market with potential expenditure, and tap in an ecosystems of smart software, applications and solutions for businesses.
Potential of robotic systems
Social distancing forces businesses, organizations and citizens to seek new solutions for contactless interaction. Against this backdrop, robots and machines stand the chance to switch from a controlled environment to an open one. UPS delivery drones can fly medical packages at the range of up to 120 kilometers and a speed of 240 km/h
Robotics companies are eager to bring robots to an unlimited scale. With the advancement of technology and connectivity, robots can handle several complicated tasks that are far beyond repetitive tasks, helping businesses to find new ways to interact with customers and improve operations.
From businesses’ perspective, the booming of robots is a driving force for productivity and potential. Such sectors as healthcare, manufacturing, or banking and finance, are at the forefront of AI application,.
According to Robo Global report, by the end of 2020, we expect the installed base of industrial robots to exceed 3.1 million units—a 1 million increase compared to 2017. Double-digit growth is expected to continue over the next five years, supporting more than 360 million manufacturing facilities around the world.
PwC’s report shows that innovation investment enables businesses achieve dual goal, including revenue and cost optimization. 69% of businesses surveyed affirm that innovation is the most important factor to generate revenue.
Covid-19 forces businesses to adapt and thrive after a pandemic.
With the FPT Digital Kaizen methodology, product ecosystem and FPT’s consulting capacity and experience in implementation of digital transformation projects, FPT is ready to accompany businesses on the roadmap of “big thinking, smart start and rapid replication” for businesses to transform into a digital business model.
FPT always updates new technology trends and accumulates experience to ensure that the business is on the right track on the digital transformation journey and adapt in the “new normal”, aiming to the future digital business model and digital economy.