How AI is transforming business in Cambodia

How AI is transforming business in Cambodia

The advent of Artificial Intelligence (AI) is on the cusp of transforming the way businesses are conducted in Cambodia, said Sopheakmongkol Sok, Chairman and Co-Founder of Codingate Technology to Khmer Times on Wednesday.

Highlighting the infinite advantages of AI, he said, “Let’s say we need a hundred people to perform a single task but with AI, productivity can be increased ten times using the same resources.”

In business, the right technology has to have the right timing as well. Things are changing so fast that some products may not work at a certain time. So when this happens work needs to stop and the resources need to be shifted to other products. Some products may even have to be shut down for a certain time.

The policy of the Royal Government of Cambodia has been very conducive to businesses. The government’s policy encourages businesses, both public and private to go digital. The need for technology development in the financial sector has increased tremendously and people need technology more than before. The new generation may have different academic backgrounds but they feel the need to use technology.

AI may be a big boon to us, but at the same time we need to know how to make the most of it. In marketing, the role of digital marketing is unquestioned in this day and age and people are increasingly acknowledging and leveraging the use of AI. “However when it comes to Cambodia, the standard needs to be stepped up. We know that AI can help us a lot but we need to be able to use it properly to get the most from it,” he added.

“There could be many reasons for companies to lay off employees but it can be linked a lot with productivity increase due to the use of AI. However it could also be due to the growth of the economy that could impact the competition prompting businesses to play it safe,” Sopheakmongkol said. He advised businesses to focus more on their improving their products and services rather than cut jobs.

Getting talent is anything but easy, so in his estimation it could all be about saving cost, particularly for the bigger players in the market. However given that they are already big companies, they should ideally be utilizing their resources in building more and better products and services. “For me as an entrepreneur talent is really important to come up with innovative products and better services,” Sopheakmongkol added.

Speaking about the impact of Covid on the IT industry, he said that the money is still in circulation and going from one industry to another. “Tourism industry went down but where is the money going? It’s going to the medical industry, retail and food supply. In every economy, the situation may change but the money will remain in circulation,” he said.

Cambodia needs ten years more to completely understand how to use AI to their professional advantage. It takes time to fully understand how AI can be used to maximize their professional performance. One advantage that Cambodia has, is that its new generation is savvy in the English language. This presents a big opening in the way forward, he added. khmertimeskh

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