CMC TS Expert: Many business leaders still lack a clear understanding of the value of digital transformation
Digital transformation is no longer confined to just ideas or futuristic visions. However, there are still difficulties and challenges that compel businesses to take decisive action to achieve it. According to the 2022 annual digital transformation report by the Ministry of Planning and Investment, 48.8% of enterprises have previously utilized a digital transformation solution but no longer use it due to its unsuitability or lack of current need. Only 2.2% of enterprises have taken ownership of technology and management software to analyze data and automate decision-making in their business operations.
Despite many businesses in Vietnam increasing their awareness of the importance of digital transformation and making efforts to implement their own digital transformation initiatives, the reality shows that the level of digital readiness among businesses still has many limitations.
The first reason comes from the awareness of business leaders. Mr. Nguyen Duc Thang - Deputy Director of the Digital Transformation Consulting Division at CMC TS emphasized: "There are many leaders who still don't fully understand the value of digital transformation, still confuse definitions and concepts of digital transformation and digitization, or use terms that are considered equivalent. Or many businesses are following the trend of digital transformation without a specific roadmap that is suitable for the context and goals of the organization."
Financial resource limitations are also a reason why many businesses, especially small and medium-sized enterprises, have not invested adequately in digital transformation. A report from the Ministry of Planning and Investment shows that less than 40% of businesses have budgets to meet digital transformation needs from moderate to full extent. Over 20% of businesses do not allocate budget for digital transformation.
To overcome these challenges, apart from government support, it's crucial for Vietnamese businesses to change their mindset, invest in digital solutions and technologies, enhance skills and retrain their workforce. They should also collaborate with reliable partners who can provide guidance and support throughout the digital transformation process. At CMC Corporation, we are committed to delivering comprehensive solutions and services to help organizations and businesses overcome these challenges and succeed on their digital transformation journey.
