Lesson 1 Digital transformation - the journey of the present and the future: It's time for digital transformation

The draft Socio-Economic Development Strategy 2021-2030 clearly states: “Innovation strongly... focusing on research and application of core technology and digital technology. This is one of the important stages for the digital economy to form and develop. This is also one of the many new features in this draft document of the 13th Congress.

Most recently, at the first Vietnam International Innovation Exhibition (January 9-10, 2021), at Hoa Lac Hi-Tech Park, Prime Minister Nguyen Xuan Phuc also emphasized that one of the The Government's priority focus is on promoting innovation as this is the "key to success" and one of the most important "benefits" in the development strategy.

"Innovation is an important endogenous factor to drive growth, it is new technology, along with the right human resources, who are able to use and control the new technology is the decisive factor for growth. In the long term, it is the key for us to make a breakthrough in development and escape the middle-income trap," emphasized Prime Minister Nguyen Xuan Phuc.

In fact, digital transformation has gradually become an irreversible trend, opening up to each country, each economy, each organization and each individual unprecedented development opportunities, associated with challenges and requires self-regulation.

As shared by Deputy Prime Minister Vu Duc Dam at the opening session of the Ministerial Conference of the member countries of the International Telecommunication Union (ITU), within the framework of the Digital World Conference and Exhibition 2020 (ITU Digital World) according to In the form of online form at the end of October, digital transformation is not only a transformation of technology but more importantly a transformation of design thinking and policy content at both the macro and micro levels. Many things were true yesterday and today but will have to change and must change very quickly.

“As a developing country, over the past 30 years, Vietnam has maintained a stable environment, cooperation, development and growth rate among the fewest countries in the world. In that effort and result, there was an important contribution - at times it was paving the way - of the telecommunications and information technology industries. Identifying the need to promote digital transformation more strongly to serve people, so that no one is left behind, the Government of Vietnam has issued a National Digital Transformation Program with goals, solutions, and objectives. specific measures” – Deputy Prime Minister informed.

Digital transformation has been a hot topic at conferences around the world for many years, and this period is predicted to be an important time for leaders to plan and execute this transformation in all industries.

Most senior executives acknowledge that the role of digital technology is changing from driving efficiency to being a catalyst for innovation in the business. In the future, businesses need to innovate and digitally transform so as not to become lagging behind competitors inside and outside the industry.

85% of key business decision makers say they only have 2 years to master digital transformation. Therefore, for successful digital transformation, businesses have to start this journey at least a few years early.

In an age dominated by consumers, the adoption of technologies that track, measure, and react to important changes in consumer behavior will play a big part in the failure. or the success of a business. Automation and AI are playing a big role in understanding and observing customer needs, behaviors, and insights.

To succeed in the future, digital leaders need to prioritize optimizing customer experience and driving business results across multiple channels, connecting the key points between people, information, and systems. .

Of course, while technology is at the heart of digital transformation, technology is not everything. Managers, senior executives need to nurture the right agency culture, corporate culture that values ​​talent. In addition, building an effective governance structure for the organization is also essential.

The rapid development of the 4.0 revolution is having many impacts on development. In it, there is content about digital transformation. In the 4.0 era and the global digital economy, every organization is interested in digital transformation because of its economic and social effects and benefits. Governments and many large businesses have been using digital technology to drive efficiency improvements and develop new value creation to increase customer satisfaction and find new markets.

In the world, digital transformation has been mentioned as an inevitable trend. Governments and many large enterprises have been using digital technology to promote efficiency improvement and develop new value creation to enhance customer satisfaction as well as find new markets.

Therefore, digital transformation is an opportunity for Vietnamese businesses in particular and the country in general to develop an economy that still has "backwardness" and accelerate progress, keeping up with the trend of the times. . But this is also a big challenge for the country when currently, businesses, especially small and medium enterprises, have not properly understood the role of digital transformation in the 4.0 revolution.

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