Digital transformation strategy for businesses (Part 1)

Digital transformation trends: Focus on the critical moments

Welcome to the era of digital! This is a perfect time for new technology fields and trends to explode such as AI, Cloud, Mobility, IoT, 5G, Big Data. All these things have gathered and developed together to make continuous changes in life as well as production and business activities, etc.

This also means that a lot of work still needs to be done. To benefit managers, investors, brands need to accelerate their innovation at a rapid pace and must be fast enough to meet the needs of the workload as well as improve competitiveness. But that’s not all. They need to take advantage of the latest technology and technology resources, and also control the supply chain to ensure customer experience. And this is not an easy job.

Many businesses are engaged in the digital transformation

One of the most reliable indicators of company strategies is the level of interest from the management. Survey results show that 85% of businesses are willing to participate in digital transformation if a CEO is aware of the importance of this. The percentage of businesses interested in them has also increased by 7% compared to the past, meaning that more and more managers have been paying more attention to the digital transformation process for their businesses.

Not only have the vision of leaders been expanded, the level of contribution to their process has also improved significantly. In 2016, only 1 in 5 companies supported the implementation of digital transformation (with large denominators, this ratio is less than 18%). The number increased to 29% in 2018.

Major brands around the world are investing in digital transformation

Infrastructure constraints, such as network connectivity or outdated applications, are no longer suitable for new systems that have affected the digital transformation activities of 75% of businesses. Therefore, the fact that big brands and brands are prioritizing investment in digital transformation is a good sign. Surprisingly, 99% of the major brands surveyed confirmed that they are investing in their own infrastructure and ecosystem including cloud computing, Big data, data analysis, Artificial intelligence and enterprise solutions.

For any digital transformation, investors have to start by building systems that can help the company withstand future changes. Old and outdated technology platforms will inhibit the development of businesses. It is important to build your system to the core goals so that the company can be ready to provide the necessary support in the future.

Respondents then said that the second largest investment was for the areas of manufacturing innovation and customer care including: Internet of Things (IoT); intelligent digital supply chain; additive manufacturing and automation, as well as building ideas and designs. Once these investments with customers are made, it will bring ever better products and services to customers.

Lastly, many well-known brands are also investing in new e-business models such as subscription services; Data solutions from IoT and innovation, enhance production capabilities and accompanying services.

(To be continued)

Productivity and Quality Office