Unlocking AI's Potential: A Guide for Thai Organizations in the Digital Age

In an exclusive interview, Chotima Sitthichaiviset, Business Innovation Director of MFEC Public Company Limited and CEO of Venture Lab Company, a leading expert in business innovation, shed light on the current state of AI adoption in Thailand and offers valuable insights for organisations looking to harness its power.

"We are entering the era of technological revolution, where the future of every company is being written by AI," said Chotima, who goes by the nickname Toon. "This will leave many gaps in competitiveness between organisations who know how to implement AI and the ones who don't."

 

 

The Thai AI Landscape
Recent research paints a stark picture of this divide. A survey by CrowdAbout, a Venture Lab subsidiary, found that over 80% of Thai individuals are alert to AI's emergence, with 70% having used tools like ChatGPT or Gemini. However, when it comes to organisations, only 15% of Thai organisations implement AI into their operations.

While there is widespread recognition of AI's importance among Thai people, the challenge lies in driving its adoption to deliver tangible operational efficiency at the organisational level. 

 

 

Importance of AI Adoption
We are entering an era of a "technological revolution" where the future of every company is being shaped by AI. A significant competitive gap will emerge between organisations that know how to harness AI and those that do not, spanning areas such as speed, operational efficiency and business costs. 

The reluctance to fully integrate AI could lead to substantial opportunity costs, putting organisations that delay adoption at a competitive disadvantage.

 

"These organisations risk missing out on opportunities to enhance existing business operations, generate new value for customers, and, crucially, advance employees' skills and potential to stay competitive in the AI era," she said. 

There are three key benefits in AI adoption:

• Empowering Employees: AI can augment human capabilities by handling repetitive tasks, allowing employees to concentrate on high-value work and engage in critical thinking to create a greater impact on the organisation. This approach not only enhances efficiency but also significantly improves customer satisfaction.
• Streamlining Core Processes: AI can help organisations make their core business processes faster, better, and more cost-effective. For instance, pharmaceutical company, Pfizer, used AI in the development of Paxlovid (a COVID-19 antiviral drug), which accelerated the drug development process by 90% and reduced the development time from 10 years to just 4 months.
• Creating New Business Opportunities: AI can enable organisations to the development of a New S-curve. Luka, a software company originally developing a chatbot, came up with a new idea when the founder trained the AI using past conversations with a late friend, resulting in a virtual companion that mimicked the friend's tone. This evolved into a new business called Replika, which now generates approximately $2M per month in subscription revenue.

 

Avoiding Common Pitfalls
Despite its advantages, AI adoption can be fraught with challenges. Chotima identified several common mistakes organisations make: 

• Technology-Led Strategy: Organisations often mistakenly let technology drive business decisions instead of identifying business challenges, customer insights, and pain points to address specific business needs.
• Data Unreadiness: A lack of data preparedness can undermine AI effectiveness. Quality data is crucial for AI to function properly; without it, AI may make flawed decisions or generate false outputs, known as hallucinations. As noted, “Just as insufficient blood impairs brain function, inadequate data limits AI's ability to provide accurate insights.”
• Ignoring Risks: Failing to address potential risks, such as data security, privacy violations, and cyber threats, can lead to ethical and legal concerns.
• Stakeholder Misalignment: Successful AI implementation necessitates changes in internal processes, including executives and employees, otherwise the effectiveness of AI adoption will be compromised.

 

 

Strategies for Successful AI Implementation
To successfully implement AI, businesses can safeguard against AI adoption challenges through some strategies.

Chotima emphasised the "Why – How – What – Who" AI strategy, beginning by articulating clear business objectives (Why) and pinpointing use cases that align with the organisational context (How).

Next, select the appropriate AI technologies or tools that will effectively address these objectives (What), and recruit domain experts to facilitate implementation (Who) for optimal outcomes.

Focusing on “managing, utilising, and safeguarding data”, gives rise to a second data strategy. 

Organisations should systematically store both internal and external data while implementing effective data management practices to enable comprehensive AI analysis. Valuable insights stem from usable data rather than mere volume. Additionally, it's essential to prioritise data security and user privacy

Also, the Change Management Strategy focuses on clearly “communicating the organisation's vision, developing AI literacy, and fostering a sustainable AI culture.” Leaders must prepare employees for transformation by enhancing their skills and cultivating a sustainable AI culture within the organisation.

For employees concerned about their future in an AI-driven workplace, Chotima advocates developing the "fusion skills" to effectively work alongside AI.

“To collaborate effectively with AI, one must master three skills: commanding it through natural language, questioning its outputs to verify accuracy, and training it through feedback to create a continuous ‘feedback loop’ that enhances its performance,” she explained.

She encouraged Thai companies to foster a culture of innovation, noting that it is important to promote a mindset of continuous learning and experimentation and equip employees with the necessary skills to work effectively with AI.

Despite the challenges, Chotima remains optimistic about the potential for Thai businesses to successfully embrace AI.

“AI is not the future, it is the present that is already unfolding," she stated. "While applying AI does involve risks, the individuals and organisations most at risk are those who have not yet embraced implemented AI.”

For Thai businesses looking to remain competitive in an increasingly AI-driven world, MFEC, a Thailand’s listed leading Tech company, is ready to deliver innovative solutions that enhance data management, drive insightful analytics, and implement AI technologies effectively to maximise business values, she said.

 

 

More information please contact https://www.mfec.co.th/