{"id":5332,"date":"2023-12-07T07:38:47","date_gmt":"2023-12-07T07:38:47","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=5332"},"modified":"2024-02-09T04:24:56","modified_gmt":"2024-02-09T04:24:56","slug":"asean-businesses-in-2024","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/ap\/blog\/asean-businesses-in-2024\/","title":{"rendered":"What\u2019s Next for ASEAN Businesses in 2024?"},"content":{"rendered":"\n

This year marked a watershed moment for the tech industry. The introduction of generative AI brought AI use to the fore, and it is now dominating the business agenda. <\/p>\n\n\n\n

While 2023 has been a year of AI innovation, 2024 will be a year in which AI transforms the enterprise. By 2025, AI won\u2019t be an auxiliary technology but the core around which successful businesses revolve, ushering in a new era of unparalleled transformation.

Amid this, how businesses operationalise AI<\/a> will be critical next year. Businesses that fail to adapt will risk being left behind. In the year ahead, what else can businesses in ASEAN expect, and how can they get ready to leverage the opportunities in this new era of work? <\/p>\n\n\n\n

In my view, here are some trends that will shape the dynamic business landscape in ASEAN:<\/p>\n\n\n\n

#1 AI delivering a golden opportunity for ASEAN businesses to leapfrog<\/h2>\n\n\n\n

AI has the potential to contribute nearly S$1.36 trillion<\/a> to the ASEAN economy by 2030. Capitalising on the AI opportunity and new use cases across sales, marketing, commerce, and IT interactions will allow businesses to leapfrog and supercharge growth on a global stage. <\/p>\n\n\n\n

The time is now, especially with ASEAN being seen as a favourable business destination, amid geopolitical tensions elsewhere. Global enterprises such as Hyundai<\/a> and Procter & Gamble<\/a> are already investing in the region with new factories and R&D centres, and more are expected to follow.<\/p>\n\n\n\n

ASEAN countries are also making steady progress toward AI adoption, with Indonesia and Thailand recording one of the biggest improvements in overall AI readiness across the region. Much of the growth is attributed to government AI readiness, with the introduction of new national AI strategies and policies. However, business AI readiness has stagnated. The missing piece? A lack of trusted and secure tools that enable businesses to harness AI\u2019s potential. <\/p>\n\n\n\n

Businesses in the region will need a trusted digital advisor, with access to trusted technology and a thriving ecosystem, to set themselves up for success.<\/p>\n\n\n\n

#2 Companies Need to Lay the Right Data Foundation to Leverage AI<\/h2>\n\n\n\n

AI’s full power relies on accurate, comprehensive data, making a company\u2019s AI strategy only as strong as its data strategy<\/a>. The AI revolution has turned the spotlight on data, highlighting the need for companies to develop a robust data strategy to harness its benefits. <\/p>\n\n\n\n

With over 71% of a company\u2019s applications disconnected, enterprises will need to unify data across disparate sources for AI to deliver the right predictions and recommendations. As ASEAN organisations still have untapped data, it is projected that more companies will lay the groundwork for AI by 2024. To build a strong data foundation<\/a>, corporate leaders will need to prioritise data harmonisation, eliminate silos to extract value from data sources, democratise data for personalised insights, and ensure data privacy and compliance. This requires businesses to put in place strong data governance frameworks, well-defined policies for data collection, storage, and use, and constant monitoring and auditing of training data.<\/p>\n\n\n

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A framework that makes trusted data sharing the default, without jeopardising data sovereignty, can help enhance competitiveness in the region and unlock ASEAN\u2019s next phase of growth. <\/p>\nSujith Abraham<\/cite><\/blockquote>\nSVP and General Manager for Salesforce ASEAN<\/span>\n