CEBU CITY – The Mandaue Chamber of Commerce and Industry (MCCI) explored using technology particularly artificial intelligence to improve enterprise productivity as the topic of interest during the Mandaue Business Summit 2024 on August 14 at Marco Polo Plaza Cebu as part of the Mandaue Business Month (MBM), an annual event of the Chamber in August with the speakers highlighting digital technology under this year’s theme, "Future Unleashed: Seize the Chance."
“The summit is an ideal venue where businesses can learn transformative strategies, network with peers, and learn from fellow entrepreneurs. Our presence here is our way of seizing chances to unlock a brighter future for our businesses and MCCI urges everyone to seize the learning opportunities at this summit and gain insights into innovating your business,” MCCI President Mark Anthony Ynoc said in his welcome address.
MBM 2024 Chairman Walter Ong, in his opening message said that artificial intelligence has significant impacts in doing business because this is an era where artificial intelligence is at the tips of the fingers and could help automate processes.
In the manufacturing industry alone, there are new technologies integrated into current systems, smart manufacturers, smart factories being built, and connecting machines and optimizing production processes through data analysis, Ong said.
Insights from the summit speakers
Distinguished speakers at the Mandaue Business Summit 2024, Dr. David Hardoon, chief executive officer of Aboitiz Data Innovation and Justin James, co-founder of Agencio and expert in LLMs and AI Solutions highlighted technology, artificial intelligence and digitalization are already part and integrated into the current business systems and processes.
Dr. Hardoon discussed the topic, “The Future of Enterprise Productivity--Empowering Business with AI Today.” He urged businesses to consider artificial intelligence (AI) and data technologies as opportunities, not threats.
Hardoon inspired the business sector to always seize the bigger picture and the opportunities Artificial Intelligence (AI) can offer in making businesses efficient, boost revenue, lower costs, uncover new and previously unrealized opportunities.
“AI is all about data and all the possibilities that come with it for a better future because Technology is Here!” Hardoon added.
Jobs are not disappearing because of AI, instead the specific tasks in jobs are changing, Dr. Hardoon pointed out and encouraged businesses to seize opportunities created by new technologies, specifically AI and data-driven economies.
Aside from creating new job opportunities, he stressed that AI and data technologies are essential for future growth. Businesses adopting these changes can focus on increasing revenue, saving money, and creating new possibilities.
Hardoon cited the rapid pace of technological advancement and urged businesses to recognize and leverage the potential of AI for personalized marketing and other applications. The challenge is in determining how technology can effectively achieve specific goals, highlights the rapid pace of technological advancement, urging the audience to recognize and leverage the potential of AI for personalized marketing and other applications.
Meanwhile, Justin James, co-founder of Agencio and expert in LLMs and AI Solutions, tackled the topic “Navigating the Fast Pace of Changes: Embracing E-Commerce Opportunities with Enhanced AI.
“Tools enable us to build scalable solutions. All of these technologies are powered by data. Make sure to collect data and use it effectively to give insights of your business. These tools are about bringing competitive edge. We can embrace these technologies to give businesses advantages,” James said.
He cited future trends such as AI-designed custom products, hyper-personalized virtual storefronts, emotion-based product recommendations, AI-generated virtual influencers and predictive returns management.
James said that the next AI generation is inevitable. Those who embrace it will gain advantages, at your expense if you remain inactive. Al systems that will be released later this year would be around $1 billion to train.
AI tools are designed to scale with the growth of the business, whether a company is a startup or an established enterprise, adopting tools and features can be used to meet evolving needs, ensuring continued success in the competitive e-commerce market.
“It’s all seizing AI, seizing all the
opportunities for everyone not to fear tech but to understand what it can do to
you,” James added. (Photos: MBCNewman)
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