Digital transformation helps businesses turn their business models aroundDigital transformation helps businesses turn their business models around

According to experts, in the context of the Covid-19 epidemic is the time for businesses to seize opportunities and trends in technology and digital transformation to become a driving force for businesses to transform their business models and adapt to the new development context.

Digital transformation helps businesses overcome crises

According to Mr. To Hoai Nam – Vice President of the Vietnam Association of Small and Medium Enterprises (VINASME), in the context of the Covid-19 epidemic, many enterprises operating in traditional ways have encountered difficulties. In that context, the requirement to apply technology in finding customers and exporting goods online is an inevitable direction. Applying technology to promote online trade, bringing more technology into operating the management and business apparatus will help businesses connect with each other better, have conditions to restore production, and expand markets.

Previously, VINASME often chaired national trade promotion programs by organizing Vietnamese business delegations to participate in international trade fairs and exhibitions. But now, to adapt to the new situation, VINASME has quickly adjusted its trade promotion support to online for businesses.

As a unit supporting digital transformation for businesses, Ms. Dinh Thi Thuy – General Director of Misa Joint Stock Company said that in the difficult context of the epidemic, this is an opportunity to promote businesses to increase digital transformation in their businesses. In recent times, many businesses have had to dissolve and go bankrupt. However, businesses that still exist and have opportunities to develop still have needs and are interested in new technology solutions.

Misa Joint Stock Company is currently providing a unified business management platform Misa Amis, working entirely in an online environment, integrating all management operations in businesses from accounting, sales, human resources… suitable to the needs of all types of businesses. Of these, about 20,000 businesses are applying business management platform technology solutions and about 150,000 customers are using accounting software and electronic invoices…

According to Mr. Hoang Van Thuan – Chairman of the Board of Directors and General Director of EFY Vietnam, to overcome the Covid-19 storm and anticipate development in the coming years, businesses that need digital transformation must calculate, research and find bottlenecks in their operations; From there, invest in digital solutions suitable to the company's capacity and ensure there are enough resources for long-term implementation.

EFY Vietnam is an information technology enterprise providing 4 main services including: Digital transformation platform services for Government and businesses; electronic social insurance services; electronic invoice service; Public digital signature authentication service. The unit's products and services have reached more than 140,000 customers who are state agencies, schools, hospitals and businesses.

“Currently, EFY Vietnam has built a set of solutions “Speed digital transformation”, supporting businesses to quickly and economically transform digital operations in business administration and management activities, increasing sales” – Mr. Thuan said.

Towards a total management solution

To effectively transform the number of businesses, Mr. Dau Anh Tuan – Head of the Legal Department (Vietnam Chamber of Commerce and Industry) said that trade protectionism and developments in the Covid-19 epidemic are requiring businesses to constantly innovate, modernize technology and restructure development strategies to change operating models, including focusing on digital transformation, especially training human resources to meet requirements.

Businesses of any scale, large or small, must aim for international standards of innovation and sustainable development. In the integration trend, Vietnam's abundant and low-cost labor resources will no longer be a competitive advantage in the coming decades. Therefore, innovation and creativity are inevitable trends. Innovation must start from businesses, in which digitalization in business operations management is something that needs appropriate attention.

In fact, if in the past, business management was supported by a number of individual software such as accounting, retail, warehouse management…, now, businesses are aiming for a comprehensive and unified management solution for all business activities. This solution will bring flexibility and respond to continuous changes in the scale and operational structure of businesses.

According to Mr. Vo Tri Thanh – Director of the Institute for Brand Strategy and Competitiveness Research, Vietnamese enterprises are facing new development trends and ideas. Even during the Covid-19 pandemic, there are both opportunities and creativity in production and business. It is about transforming products to suit new market requirements. The way of marketing and connecting with partners and with the market is also changing significantly. In particular, businesses are actively engaged in digital transformation to join the 4.0 Industrial Revolution, in order to participate more strongly in the global value chain.

 72% of small and medium-sized businesses are looking to digitally transform

Cisco's 2020 study on the digital readiness of small and medium-sized enterprises (SMEs) in the Asia-Pacific region said that up to 72% of SMEs in Vietnam are looking to digitally transform, a significant increase compared to 32% in 2019.

According to the HSBC Navigator survey published in early December 2020, 68% of Vietnamese businesses said they had made changes to cope with the epidemic. Businesses say they will continue to invest in technology to improve speed to market, reach new customers and increase automation and operational efficiency.

Duc Viet – TBTCVN