Digital Transformation - Inevitable Trend of Businesses

11:21:16 AM | 11/5/2021

“The 4th industrial revolution and the pandemic have set a strong demand for digital transformation in all areas of social life, especially in the economic field. This is both an opportunity and a challenge for Vietnamese enterprises. However, this is an inevitable trend for many types of businesses if they want to survive and develop," affirmed Vice President Vo Thi Anh Xuan at the Vietnam Women Entrepreneurs’ Forum themed “Digital Transformation: From perception to action”.

The event was co-organized by the Vietnam Women Entrepreneurs Council (VCCI) in collaboration with the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) in Hanoi. The forum attracted more than 300 delegates who are leaders of the State, ministries, agencies, associations of provinces and cities, and outstanding female entrepreneurs across the country.

This is one of the efforts of the Vietnam Women Entrepreneurs Council, VCCI and UN Women to strengthen women's economic power through supporting women-owned businesses to transform digitally and restore business production, adapting to the context of the Industrial Revolution 4.0 and under the impact of the ongoing COVID-19 pandemic in the world and in Vietnam.

According to Vice President Vo Thi Anh Xuan, along with the cause of gender equality, the contingent of female entrepreneurs in Vietnam is growing stronger, accounting for about 26.5% of the total number of enterprises in the country, ranking 6th among countries with the highest number of female entrepreneurs in the world. Not only growing in terms of number, the capacity and qualifications of women entrepreneurs and the operational efficiency of women-owned enterprises has also continuously grown, in which, many enterprises have risen to the national and international level. Women entrepreneurs are continuing to overcome difficulties due to the impact of the COVID-19 pandemic, to help businesses be stronger in the coming time.

“I believe that female entrepreneurs will continue to promote the good tradition of Vietnamese women and the soft power of female entrepreneurs, turn challenges into opportunities, determine development strategies for their businesses, unite to create the common strength of the business community; proactively approach policies and contribute to policymaking and implementation; accelerate business restructuring, including digital transformation, to have sustainable development," said the Vice President.

According to Mr. Pham Tan Cong, President of VCCI, in the past two years, the COVID-19 pandemic has spread globally and claimed the lives of over five million people, devastating the economies of other countries. In this context, digital transformation is a lifeline for businesses. In fact, the businesses that are most resilient to the COVID-19 pandemic are the ones that do digital transformation the best. Smart corporate governance, digital operations, e-commerce, online negotiations and meetings are the ways for businesses to maintain uninterrupted operations.

Mr. Pham Tan Cong also emphasized that, from the perspective of the Party and State's policy on digital transformation, or from the perspective of "COVID-19", digital transformation is now a matter of survival for businesses, not a question of whether or not to do it.

According to the assessment, digital transformation is no longer a distant prospect, but is and will be an inevitable trend, and it is also one of the important solutions to help businesses adapt to the COVID-19 pandemic. In order to become a digital enterprise and take advantage of unprecedented opportunities of Industry 4.0, businesses, especially women-owned enterprises, need to be constantly innovating and ready to take action and make “breakthroughs”.

According to Mr. Nguyen Nhat Quang, Vice Chairman of the Vietnam Software & IT Services (VINASA), Chairman of Hai Hoa Software Technology Joint Stock Company, the digital transformation cannot be overnight but it needs a roadmap and must start from the mindset and perception of employers and employees.

The most recognizable benefits of digital transformation for businesses are cutting operating costs, reaching more customers in the longer term, providing direction more quickly, and more accurate decision making, which help to increase operational efficiency and improve the competitiveness of organizations and businesses.

According to Ms. Dinh Thi Thuy, General Director of MISA Joint Stock Company, digital transformation is the application of digital technology to work and daily life, helping individuals and businesses change the way they think, operate and thereby change labor productivity. “Enterprises should apply digital technology - it will save a lot of time. Digital transformation will help us handle work more professionally, efficiently and intelligently. I think for women, let's start with such a digital transformation,” shared MISA female CEO Dinh Thi Thuy.

According to Ms. Thuy, the specific solution for female businesses is to re-evaluate the current situation of their business, in essence what is most needed: sales, human resources, accounting, or production management. To manage the field which takes the most time and costs the most, we should think about technology. Next, we should look for digital technology suppliers and companies to help businesses transform digitally quickly and efficiently. In particular, when implementing, it is necessary to have a very clear mindset about the wishes and goals in the digital transformation roadmap.

By Lan Anh, Vietnam Business Forum