Key survival issue Currently, digital transformation is taking place worldwide. According to a recent survey by International Data Group, nearly 90% of businesses have started their conversion with different steps, from research to implementation. More than 30% of business leaders surveyed considered digital transformation a vital issue, confirming the immediate effectiveness brought about by digital transformation in many aspects: superiority in customer understanding, increased productivity, ensuring competitive prices and speeding up creativity. If enterprises and organisations are slow in shifting, it will lead to consequences such as inferior labour productivity, decision-making delays, a lack of sensitivity to seize opportunities and not being closely associated with customers. In fact, there are large enterprises with a development history of hundreds of years but have not caught up with "digitalisation", or have the desire to transform but have not succeeded, have lagged … [Read more...] about Vietnam on the verge of digital transformation
Digital transformation strategy
Vietnamese SMBs eager for digital transformation push
Luong Thi Le Thuy, managing director, Cisco Vietnam The Index, developed by global research firm IDC based on an independent survey of 1,340 respondents, looked at digital maturity of SMBs across four business dimensions: technology adoption and application, digital transformation strategy and organisation, processes and governance, and the capability to source, manage and retain the right talent to enable their digital transformation. Taking into account the four dimensions, SMBs in ASEAN, with the exception of Singapore, were classified into the ‘Digital Indifferent’ stage of digital maturity. The stage is defined as being one where companies’ digital efforts are often reactive to market changes, rather than driven by a proactive tactical approach. As SMBs in Vietnam become more digital, it is not surprising that Cloud is the top technology they are investing in (18 per cent). This aligns with the trend of cloud adoption across the region as the technology allows … [Read more...] about Vietnamese SMBs eager for digital transformation push
Vietnamese enterprises to boost digital transformation
Viet Nam News HÀ NỘI — Increasing profit a few hundred per cent, saving billions of dollars in technology costs, operating complex data systems in real time, transforming appropriate business models, improving operational efficiency and personalising customer experience on large-scale digital platforms at fast speed were the benefits of digital transformation, said Dr. Phương Trầm, FPT head consultant on digital transformation and former DuPont CIO at a seminar in Hà Nội this week. Digital transformation in organisations and businesses is the process of changing from traditional models to digital enterprises by applying new technologies such as Big Data, the Internet of Things (IoT) and cloud computing. It also changes operation and leadership methods, working processes and corporate culture. Digital transformation brings many benefits such as cutting operating costs, reaching more customers in a shorter time, quicker and more accurate … [Read more...] about Vietnamese enterprises to boost digital transformation
Banks concerned about legal risks from digital transformation
Banks concerned about legal risks from digital transformationBy Vu Dung Vietnam Prosperity Joint Stock Commercial Bank is one of the pioneers in digital transformation in Vietnam with the launch of its Timo digital banking service - PHOTO: THANH HOA HANOI - Most local banks have strongly invested in digital transformation, and legal risks are their greatest concern for this process, said Pham Tien Dung, director of State Bank of Vietnam’s Payment Department, at a seminar on banking digitalization on November 1. At the seminar, titled “Banking digitalization: breakthrough opportunities,” Dung stated that up to 94% of local banks have drawn up their digital transformation strategies. Digital technologies have gradually changed the business model of banks, remarked SBV Deputy Governor Nguyen Kim Anh, adding that the development of near field communication and biometric technologies has helped banks develop new products and services, such as internet banking, … [Read more...] about Banks concerned about legal risks from digital transformation
Profit figures mark significant impact of digital transformation
Companies that embrace digital transformation are up to 26 per cent more profitable than their competitors and enjoy up to 12 per cent higher market valuation, according to a recent survey by ManpowerGroup—the leading global workforce solutions company. In the “From C-Suite to Digital Suite” research, ManpowerGroup shares that by 2020, 30 per cent of industry revenue will come from new business models and transforming quickly can make the difference between success and failure. However, C-Suite is not enough to lead through businesses digital transformation. It requires the Digital Suite: a community of digital-ready, analytically-minded, and connected leaders dedicated to creating the necessary culture and capabilities within the organisation to unlock opportunities and drive successful digital transformation. The good news is digital leadership is not a total replacement of the fundamental attributes underlying leadership effectiveness. Instead, 80 per cent of the … [Read more...] about Profit figures mark significant impact of digital transformation