AI is an essential tool in the modern economy

Humans are no stranger to the concept of Artificial Intelligence (AI). AI is applied to many solutions to automate a great deal of tasks and increase labor productivity. In the current age, it is not scale, but rather speed, that matters. Businesses therefore will have to “go fast or go home”, especially if we are talking about the importance of digital transformation.

The COVID-19 pandemic lasts long and has a profound effect on all industries. The disrupted supply chain, the paralyzed distribution channel, and the supply-demand imbalance have caused difficulties for many businesses. Large enterprises and corporations are suffering the loss of billions of dollars, and many small and medium ones are also facing difficulties or on the brink of bankruptcy. It’s time for companies to evaluate their business performance and look for alternatives to innovate their operating processes and save costs to survive and develop.

The best way for small and medium enterprises to survive and thrive is to catch up with the global trend in technology and apply digital transformation solutions. The COVID-19 pandemic is both a challenge and an opportunity for businesses to innovate their thinking and operation to operate effectively. A flexible company with foresight can navigate the business through the instability in the pandemic by changing normal activities to a “wartime” model.

AI solutions for small and medium enterprises

Chatbot – A “multifunctional” consultant

At this time, chatbots built on Artificial Intelligence can study by themselves to become smarter over time, improving the quality of communication with customers. With the ability to operate 24/7/365, a chatbot can automatically receive and process hundreds of thousands of requests from customers every day. 

Chatbots support in consulting, answering questions, and immediately providing information about products and services to customers.

With chatbots, medium businesses can optimize their human resources. Chatbots take care of manual, repetitive work that takes time and effort, so that consultants can focus on the more professional tasks. Therefore, chatbots help businesses optimize costs and improve work quality.

In Vietnam, many companies and large corporations have used FPT.AI chatbot as a powerful assistant to improve the productivity of the customer care team. The chatbot has helped many companies automatically process up to 90% of transactions, and increased 60% of operating efficiency. In particular, the integration of chatbots and many communication channels such as Website, Facebook Fanpage, Zalo, Viber, etc. increases the ability to reach customers, to take care of and retain customers and create a new potential customer base.

Chatbot FPT.AI
SHB Finance chatbot consults on credit loan packages for customers.
OCR – Simplify the process of extracting customer information and storing customer data

OCR is optical character recognition technology that converts images of printed or handwritten documents into soft copies (word files). OCR is widely used in extracting information on personal documents such as ID Card, Driver’s license, Passport, etc. After the information is extracted, it is automatically stored in enterprises’ CRM system.

FPT.AI Vision is an OCR solution with AI that helps many businesses to simplify the data input process and quickly verify documents. Thanks to OCR, manual workload has been significantly reduced, the amount of time for processing documents is shortened, thereby bringing positive experiences to customers.

These two technologies are suitable for all businesses, and an investment in them with low costs can bring high efficiency in the long term. Mr. Le Hong Viet – CTO of FPT confirms: FPT is also trying to find paint points of businesses, and help them choose and effectively apply technological products. Those of FPT on the market can be bought as subscription, at the rate of just a couple dollars for one user. Therefore, SMBs can utilize these products, without heavy investments in IT infrastructure. “The business can immediately start using without any initial cost.”

With synchronous investment in technologies, businesses will quickly speed up restructuring, optimize productivity and reduce costs. Applying AI solutions to digital transformation is an indispensable path for companies that create breakthroughs to become a strong business in the future.

FPT Tech Sharing an annual Artificial Intelligence writing competition organized by TechInsight. National and foreign participants have the chance to get support from product and technology development experts in panel. In the first race, FPT Tech Sharing #1 will take place with the theme “Pitching AI for business”. TechInsight looks forward to receiving the submissions from August 12 to September 25, 2020. Participants can share their viewpoint of AI adoption in business operation in the present and future; and experiences in AI deployment to optimize productivity, save costs, and create a competitive advantage for businesses. For more details, please visit here.

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