Data-driven and AI-powered managerial decision-making.

On the morning of October 11th, in Hanoi , the Vietnam Association of Corporate Directors (VACD) organized the Vietnam Corporate Governance Forum 2024 with the theme "Data-driven and Artificial Intelligence (AI)-based Management Decision Making".

This is an annual event aimed at connecting, engaging in dialogue, and sharing in-depth research on business and management among managers, business leaders, researchers, experts, and others.

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

According to Dr. Han Manh Tien, Chairman of VACD, data-driven and AI-based management decision-making is a matter of great interest to the business community, especially in the context of the Fourth Industrial Revolution, which has created, is creating, and will continue to create entirely new production capabilities and profoundly impact the economic, political , and social life of the world.

Dr. Han Manh Tien, President of VACD, delivered the opening remarks at the Forum.

He argued that the Fourth Industrial Revolution, with its combination of big data technology, cloud computing, and the Internet of Things, will drive the development of automated machinery and intelligent manufacturing systems; thereby significantly influencing the business decision-making of entrepreneurs and business leaders.

"Faced with the AI ​​storm, the initial development of the technology may be frightening, but it is crucial to understand and master the technology," the VACD Chairman stated.

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

He observed that the world is currently in a phase of integrating many transformative processes of the era, such as high technology, green development, and global connectivity, posing a major challenge for business managers.

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

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

Every day, approximately 2.5 quadrillion bytes of data are generated worldwide, but within that enormous volume, identifying which data is useful and can be used by businesses to create value is no simple task.

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

Data is not designed in the way we want, and we have to spend a lot of time processing and cleaning it. This is a challenging problem for administrators, but this challenge can be addressed with the help of AI.

According to the Director of Cloud Kinetics, an automated data platform integrating AI-generated technology can help "unlock" business value in several traditional sectors, such as retail (using AI to analyze sales or inventory data, enhance customer experience, and analyze risks...).

Mr. Le Hong Quang, Deputy General Director of MISA Joint Stock Company, assessed that data-driven and AI-based financial decision-making brings clear benefits to businesses, as exemplified by companies such as Netflix, Coca-Cola, and 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," Mr. Le Hong Quang emphasized.

Ms. Tieu Yen Trinh, CEO of Talentnet, presented on "Future Human Resources Trends & AI Applications in Human Resource Management".

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

Source: https://nhandan.vn/ra-quyet-dinh-quan-tri-dua-tren-du-lieu-va-tri-tue-nhan-tao-post836159.html