Press room | 10-12-2021

According to a representative of Hung Thinh Corporation, digital transformation is a "survival" process that determines the endurance of each enterprise in the long-distance race.

Within the framework of CTO Summit 2021, at the discussion session with the theme "Why is digital transformation a vital opportunity for enterprises", according to Mr. Vo Van Khang, Deputy General Director of Hung Thinh Corporation, digital transformation was a story carrying the breath of the whole society and economy, no longer a single issue of an enterprise.


CTO Summit 2021 discussion session with the topic "Why is digital transformation a vital opportunity for enterprises?"


As a highly experienced person in the fields of financial technology and real estate, Mr. Khang has made great contributions to digital transformation and applied technology to improve governance and develop new business strategies.

Answering MC Quoc Khanh's question on the topic "Is digital transformation a vital opportunity of enterprises?", Mr. Khang affirmed that digital transformation was really vital. Most enterprises today agree that digital transformation is needed to improve business and production management efficiency, and to support quick decision making for adapting and surviving.

According to him, many enterprises were currently "swimming" in the digital environment, taking digital technology as a competitive strength. On the contrary, there were a number of traditional enterprises that were still living well even though they have not boldly implemented digital transformation. For some companies, digital transformation may even hinder their growth in the short term.

According to Deputy General Director of Hung Thinh Group, this was what consulting units, service providers and each enterprise need to consider, pay attention to and refine when applying digital transformation. Sometimes apply wrongly would make an ennterprise unable to withstand, leading to failure. Many companies had to stop their operation or business leaders have to leave when the digital transformation was not completed.

"According to McKinsey's statistics, up to 70% of digital transformation enterprises failed in 2020. However, we must see it as a trend, creating a new gene for enterprises to be competitive and exist in the long-term. In the short term, without digital transformation, we antill survive, but in the long-term, that enterprise may disappear," Hung Thinh Corporation's Deputy General Director said.

Back to the story of the business he is working for, Mr. Khang said: "Since 2018, when Hung Thinh started moving to a corporation model, we have begun to focus on digital transformation".

Mr. Vo Van Khang, Deputy General Director of Hung Thinh Corporation.


Accordingly, Mr. Khang generalizes digital transformation into three phases, including: carrying out works related to data digitization; business processes automation and comprehensive digital transformation. Considering this cycle, Hung Thinh is going half way. Digital transformation is applied at the end of second phase and beginning of third phase. And the more difficult area is in the early stages of gradual and firm digital transformation.

"Digital transformation is like 'putting hormones into the body' of enterprises, forming a new evolutionary gene, helping enterprises become mature and adapt quickly to the increasingly harsh changes of the market, especially in and after Covid-19 pandemic. But every hormone has 'side effects' such as habit change, big costs.... If it is applied incorrectly, just follows the trend and doesn’t have the right methodology, conducting digital transformation will fail", Mr. Khang analyzes.

The first challenge comes from the will of the leaders, way to turn that will into passion, so that it spreads to every cell of an enterprise, thereby successfully transforming digitally. Even enterprises need to consider turning difficulties and negative habits into motivation for digital transformation. For example, in the process of digital transformation at a unit, many employees do not like to use digital tools, but still use Facebook, watch YouTube, Netflix every day, etc. Therefore, according to some people, it is necessary to design and build so that users feel familiar and comfortable to access.

"The creation and communication of passion will be a very important factor to ensure the success of digital transformation," Mr. Khang concludes.


Hoai Phong
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