Ho Chi Minh City, July 9, 2019, the Information & Communication Committee (ICT) of AmCham Vietnam alongside with British Business Group Vietnam (BBGV) and Singapore Business Group in HCMC co-organised a half-day workshop “Digital Transformation - Less Hype More Practicality” at the Renaissance Riverside Hotel Saigon.The event mainly addressed the digital transformation strategy: benefits of embracing digital transformation, approaches to help companies kick-start their own journey, the right mindset to adopt, common challenges during the digitalisation, and last but not least, emerging trends and sectors that will likely experience the fastest growing.
Speakers from various tech-related companies were invited, including Mr. Rick Yvanovich (CEO & Founder of TRG International), Mr. Seck Yee Chung (Partner, Baker & McKenzie Vietnam), Mr. Andrew Duck (Founder and CEO, Aversafe), Mr. LeX Nguyen (Lead of Sales & Service, VinaData), and Mr. Rob Creekmore (Vice President of Program Management, Tiki).
Photo: Mr. Rick Yvanovich, CEO & Founder of TRG International, delivers opening speech at the event
At the beginning of the workshop, LeX Nguyen pointed out that consumers are far ahead of business in terms of technology adoption. Hence, it is critical for businesses to digitalise now. But how? According to Mr. Nguyen, digital transformation starts with a company culture that embraces experiments and responds quickly to failures. Once having this mindset, companies can start innovating, begin with setting an ultimate goal to enhance customer’s experiences then work backwards. In parallel with establishing a digital culture, organisations should also adjust their structures to align with changes without being dragged by their own legacies. Finally, digital transformation cannot go without the adoption of new technologies.
To re-confirm the importance of having a ready mindset for digital transformation, Andrew Duck, CEO of Aversafe, brought to the table various technology disruption case studies. He said that disruption could be initiated in any circumstance, such as how Amazon, Netflix, and Uber have redefined their respective business sectors; or it could stem from unusual conditions, such as small scale, counter intuitive, highly niche segments (i.e. Google Maps, In-car GPS) or unexpected competitions (i.e. Brex vs The Banks). Mr. Duck also mentioned the emerging threats from AI & Machine Learning, Biotech & Genomics, and Blockchain. Facing a world that is constantly changing, Mr. Duck affirmed “Think Different” is the go-to motto today.
During the panel discussion session, facilitated by Rick Yvanovich, CEO & Founder of TRG International, many interesting questions were raised.
Photo: The panelists board of the event
What are the common mistakes and challenges businesses face during the digital transformation?
For this question, Mr. Duck mentioned the overuse of technologies without establishing clear metrics to properly evaluate the impacts of those tools on the business. In addition, he also worried SMEs without an effective differentiation strategy having to compete against global giants during the war to achieve complete customer satisfaction and personalisation today.
How does digital transformation affect the GDP of Vietnam?
According to speakers, GDP growth of Vietnam can increase 1.4% annually over the next 30 years if Vietnam only invests in technology and R&D. If this is conducted, it is expected that Vietnam can be among high-income countries in Asia alongside Japan, Korea, and Taiwan by 2054. Also, the Internet economy in Vietnam will be the 2nd fastest growing in Asia, accounting for 4% GDP of Vietnam.
What sectors do you think will advocate digital transformation the most?
Banking (mobile wallet), fintech, finance, advertising (video creation, data analysis), e-government are sectors that speakers most agree on.
How can ICT law/ regulations support the development of digital transformation?
According to Mr. Chung, governments understand the importance of digital transformation and they are willing to support companies, especially startups in terms of regulations. However, the law is still a few steps behind the pace of digital development.
How to start having a digital transformation mindset?
Mr. Creekmore advised companies to observe early adopters and your competitors and try to figure out why they transform or innovate their business. Other elements are encouraging employees to contribute ideas, thinking about customers’ pain to solves their problems, adopting a mindset of constant change.
The workshop ended by restating the importance of adopting a digital transformation mindset. The Information & Communication Committee (ICT) of AmCham Vietnam, with a mission to strengthen the AmCham community through regular events to update and share knowledge, will organise the next digital transformation workshop tentatively in November.
The main focus of the next event is to look at the whole digital transformation from business model aspect: How do disruptive companies create their success by building a disruptive business model, starting with thoroughly examining the entire consumer journey?
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About TRG International
TRG International is an IT, Talent and F&B company. We help people and businesses to shine. We help people be the best they can possibly be by selecting the right people for the right job and developing them to their full potential. We help companies by providing an IT solution that works quietly and brilliantly in the background, freeing them up to focus on their core and not having to worry about their IT systems. We do this for more than 1,000 clients in 80 countries.