Officiated by YB Yeo Bee Yin, Minister of Energy, Science, Technology, Environment, and Climate Change, the 9th Malaysia–China Entrepreneurs Conference (MCEC 2019)-cum-the 1st Malaysia–China Young Entrepreneurs Conference (MCYEC 2019) gathered a total of 128 participating companies on 12th October 2019.
With their impactful theme of ‘Breakthrough and Innovate’, they created a platform where young entrepreneurs from Malaysia and China can venture into new opportunities that attract new business funding and networks.
JurisTech’s inspiring leader and co-founder, See Wai Hun, had the privilege to be part of the panel dialogue, ‘How Can Business Benefit from Artificial Intelligence (AI)’.
The panel consists of established and esteemed tech players, each within their own niche market.
It was an interesting and thought-provoking dialogue as questions focusing on how Artificial Intelligence (AI) can revolutionise the workplace and workforce, were brought up by the moderator.
Wai Hun spoke about how AI can help improve the user experience. She gave an example of Amazon meeting their customers’ needs by providing and personalising their online shopping journey. Similarly, Netflix provides customised movie recommendations based on their users’ viewing behaviours.
Wai Hun also shared use cases of JD.com which is China’s largest online retailer.
She ‘wowed’ the audience by throwing this question to the floor – ‘Do you know that they own a warehouse that only needs 4 people to operate?’
Hence, if JD.com, one of the largest e-commerce platforms, has a warehouse that only needs 4 people to operate, it begs the question of whether AI would replace human workers.
The panel then went into serious discussion of debunking myths and common misconceptions surrounding AI.
AI may replace a lot of repetitive jobs. However, it also creates new jobs never before seen in categories such as digitisation, automation, and artificial intelligence. Many fear that the rise of AI will lead to machines and robots replacing human workers and view this progression of technology as a threat rather than a tool to better ourselves. However, when businesses understand the importance of utilising AI as a tool, it enhances business processes by crunching data faster to make strategic decisions.
Moreover, Wai Hun spoke about Chinese tech giants impacting different industries. She further supported her point with the following example: A doctor without programming skills used Baidu’s AI platform to develop a deep-learning tool capable of identifying 40 types of parasitic worm with 97% accuracy, which is now being clinically tested in Tibet.
Fascinating facts and big insights were discussed on how SMEs should start jumping into the AI bandwagon by delving into the data they care about with an unprecedented array of automated analytic tools. On top of that, the conference also discoursed how Malaysian enterprises can keep pace with the 5G ecosystem development globally.
The panel dialogue ended with Wai Hun releasing gold nuggets of advice to young entrepreneurs to first understand their business goals and what they are really good at. Then, use AI as a tool to help them double-down on those goals – lowering costs and creating higher impact.