Navigating Business Use for Thailand’s Artificial Intelligence (AI) Landscape
The recent 54th Annual World Economic Forum (WEF) meeting in Davos was the centre of discussions on Artificial Intelligence (AI) and the significant presence of technology companies showcasing their AI capabilities and initiatives. As businesses shift from AI pilot studies to AI operationalisation in 2024, delving into the AI revolution will uncover the significance of data; the impact of AI on Thailand’s business ecosystem and AI’s complementary (and potentially transformative) role in reinforcing human capabilities.
We underscore the growing influence of AI in Thailand’s business landscape, and feature use cases across industries.
AI Revolution: Uncovering the Significance of Data
The 2023/24 ASEAN Enterprise Innovation Survey found that in the next 2-4 years, 78% of ASEAN enterprises are eyeing big data analytics investments, and 76% are planning to invest in AI & ML. However, 36% report challenges with data visibility and accessibility. Underscored by vast amounts of data, advanced algorithms and analytics, the symbiotic relationship between AI and data management is taking centre stage.
With the integration of generative AI for business use, enterprise data management has adapted to allow for better visibility and usability in 2023. Moreover, businesses leverage generative AI to gain deeper insights, changing the way information is managed. In 2024, a continued focus on data quality remains critical for improving AI performance and obtaining reliable insights.
The Power of AI in Thailand’s Business Ecosystem
The global conversation on AI at the 54th World Economic Forum Annual Meeting at Davos in January 2024 emphasised the need for innovative governance in the face of the transformative potential of AI.
In Thailand, the Ministry of Digital Economy and Society aims to propel the country into becoming a regional AI hub. The transformative power of AI is set to reshape Thailand’s business ecosystem through a comprehensive national program, AI Thailand.?
This initiative, which focuses on strengthening critical infrastructure for AI development, is aimed at driving economic growth and strengthening global competitiveness. The approval of Thailand’s national AI strategy and action plan for 2022-2027 underscores the government’s dedication to build an effective AI ecosystem, promising real progress in both the economy and quality of life by 2027.
5 main pillars:
领英推荐
The strategy consists of five main pillars and fifteen work plans, covering everything from ethical and legal considerations in implementing AI to build robust infrastructure, enhancing human capabilities, driving technological innovation, and encouraging widespread adoption of AI in the public and private sectors.?
An International Monetary Fund (IMF) report also highlighted the risk of up to 60% of jobs in developed countries which will be impacted by AI, reinforcing the importance of balanced governance, ethical considerations and skills development.
"Our internal transformation process is to improve the way of our work to be more efficient. I think the trend is now AI, so we did a lot of research in AI, and even created products, for example, the face recognition software we are using in our K+ mobile banking, with over 22 million users."
- Jarung Kiatsupapong, Vice Chairman, KASIKORN Business-Technology Group (KBTG), 44th ASEAN Innovation Business Platform Conference & Exhibition, September 2023, Winner of 2023 ASEAN (Thailand) Enterprise Innovation Awards: KASIKORN Business-Technology Group: Building a Strong Foundation for KBank's Digital Future
In a strategic move, KASIKORN Business-Technology Group (KBTG), the technology arm of Kasikorn Bank in Thailand, has launched a $100 million KXVC fund, targeting global AI, Web3 and fintech startups. The initiative is aimed at investments for consumer-focused AI, cybersecurity, AI/ML tools and problem specific startups, strengthening Thailand’s commitment to becoming a regional AI innovation hub.
Showcasing Impactful Use Cases of AI Across Diverse Industries in Thailand
More importantly, AI is reshaping Thailand’s diverse industries, notably in the consumer segment and e-commerce, where online marketplaces including Lazada and Shopee are using AI to improve user experience. A 13% growth is projected for Thailand’s online retail industry which is expected to reach THB 600 billion this year.?
The influence of AI is also well integrated into everyday life in Thailand, reshaping industries and improving everyday experiences - from providing diverse street food recommendations, to revolutionising agricultural practices, facilitating smart transportation, and optimising traffic management.?
At the 2023 ASEAN (Thailand) Enterprise Innovation Awards, a winning case study from PTT Global Chemical Public Company Limited: Digital Transformation Pathway "From Good to Great” - has established a strong digital foundation and executed projects across four key areas: Smart Plant, Smart Sales & Marketing, Smart Work Process, and Smart Workplace. Under the Smart Plant initiative, the focus lies in optimising operational competitiveness, emphasising cost, quality, agility, and safety by integrating cutting-edge technologies such as Advanced Analytics, Robotics, AI/ML, and Digital Twins.The global chemical company’s SCYLLA project also included innovation through AI-driven remote pipe inspection, resulting in extended asset lifespan and substantial cost savings.
Through concerted effort from public and private organisations, Thailand aims to develop a dynamic AI landscape, foster innovation and generate major economic impact.
Thailand’s commitment to driving digitalisation and innovation is underscored by the transformative impact AI will have on the country’s economy and quality of life by 2027, placing the country at the forefront of the AI revolution in the region, demonstrating the potential for innovation, economic growth and positive social change driven by AI technology.
In light of the anticipated business value driven by AI in Thailand, we are gathering industry leaders for a closed-door focus discussion and networking session on 28 February 2024 in Bangkok. Complimentary delegate passes are limited to 15 seats for Thailand’s local enterprises, do RSVP here or reach out to us at [email protected] or [email protected] to find out more!