Cut Costs Immediately with AI: Spend $25 on ChatGPT to Reduce Employee Salaries by $500

This is an example of applying AI (artificial intelligence) in the Vietnam Blockchain Association (VBA) shared by Mr. Phan Duc Trung - VBA Permanent Vice Chairman, in the talk show "Journey to Mars and Our Future".

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“Every individual in the company must embrace AI”

Mr. Phan Duc Trung – Vice Chairman of the Vietnam Blockchain Association (VBA) stated that in early 2024, VBA plans to implement an educational program that will impact all existing companies in Vietnam by applying AI. For example, a company with high costs can request all employees to try working with AI through the VBA’s Blockchain and AI Training Institute. Afterward, the company can evaluate its workforce.

From there, business owners can determine how many staff members can be reduced and the remaining positions that must utilize AI. VBA has experimented and found that labor productivity after this trial period has increased by four times.

The benefits of this plan for businesses, as explained by Mr. Trung, include the opportunity to expand the scale of operations and immediately cut costs.

“Every individual in the company must embrace AI, that’s my perspective“, Mr. Trung added, “For those who have just graduated and are unfamiliar with AI, it is a huge disadvantage”.

Mr. Phan Duc Trung – Vice Chairman of the Vietnam Blockchain Association.

According to Mr. Phan Duc Trung, from the beginning of 2024 until now, 85 technology companies, including giants like Microsoft and Google, have laid off nearly 24,000 high-level employees. Microsoft alone has laid off about 1,900 people in the first 30 days of this year.

“What are these leading technology companies doing? They are prioritizing AI. They don’t need to convince other businesses too much. They are cutting down on personnel,” Mr. Trung stated.

As evidence of the effectiveness of AI application, Mr. Phan Duc Trung said, “In the Vietnam Blockchain Association, we continuously invest in ChatGPT accounts. Many people think that spending $25 is expensive to buy a ChatGPT account. However, with $25, we can significantly reduce the $500 salary paid to our employees”.

However, there are still concerns about the potential obstacles of implementing AI in businesses that can arise from people around them. Mr. Phan Duc Trung emphasized, “I can immediately advise businesses on this issue. For example, to start implementing AI in a company, we will begin with executive secretaries. When the secretaries fail to meet the double productivity target within the set time frame, business owners will question the necessity of retaining these employees.

Mr. Trung added: “In reality, all business leaders do not want to learn new technologies like AI, but they are pleased if they can reduce costs and increase their employees’ productivity”.

Illustration of AI

Mr. Phan Duc Trung is the founder and Chairman of Decom Holdings, an organization specializing in investing in blockchain applications and digital assets. He is also a co-founder of the Blockchain Outreach Forum with over 35,000 members, aiming to share blockchain knowledge with the community.

In 1993, Mr. Phan Duc Trung was one of the top 10 outstanding graduates at the Hanoi University of Technology, majoring in investment and database programming. He has over 20 years of experience in senior leadership positions in financial institutions, investment funds, and leading technology corporations in Vietnam, such as Techcombank and FPT.

Currently, he holds the position of Vice Chairman of the Vietnam Blockchain Association.

SOURCEcafef
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