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Vietnam businesses go digital in corporate governance

The Ministry of Information and Communications in a press release said that Vietnamese businesses understand that digitalisation is a must in the digital technology era. However, for many reasons, the modernisation of financial information remains unsuccessful in the country.

According to a report on business transformation in 2018, 55% of start-ups use digital technology to run businesses effectively, compared with 38% of businesses, helping them increase revenue by 34%.

Big data (58%), mobile technology (59%) personal cloud computing storage (53%) and public cloud computing storage (45%), application program interface (API), and embedded technology (40%) are the technologies mostly utilised by enterprises.

The release said that an industry expert pointed out businesses can avail big benefits by using technology to create, process, and store information.

Firstly, they do not have to use spaces to store documents, so they lease smaller offices and, therefore, save money. Subsequently, the expenses for paper and ink are also lower.

Secondly, with digitalisation, business officers do not have to spend time printing and arranging documents. It also will be easier to look for documents.

Finally, officers will never ‘forget’ documents, because documents are always stored in the cloud and they are accessible anytime and from anywhere.

Digitalisation can be applied in all activities of businesses, which can be implemented in two steps: first, transform physical documents into digital-format ones and second, directly create digital documents, and completely remove the use of paper.

OpenGov reported earlier that the Vietnamese Prime Minister launched an e-Cabinet system that aims to shift governance from a paper-based working model to an electric, modern, transparent, and efficient working environment.

He acknowledged the difficulties in applying the new method of working, which will be overcome by the determination to build the e-government. If the country wants to successfully build a digital-based economy and a digital-based society, it is crucial to build the e-government and the development of the e-Cabinet is the first step, he said.

The government is working toward cutting 30% of average meeting time and using 100% of e-documents (apart from confidential ones) at governmental meetings by the end of 2019.

Automation and business intelligence (BI) are considered tools that will help the digitalisation process the most.

With automation, the work which previously was done manually now can be implemented with computers.

The number of works to be done manually would decrease from the current 48% to 35% by 2030. By 2035, the number of works to be replaced by machines in fields related to production, transport, goods storage, and retail would account for 35-50%.

BI is a technology integration process that businesses use to control the huge data volume from different sources and use data effectively.

However, in Vietnam, some obstacles hinder the implementation of the process.

Digitalisation may lead to big changes in companies’ staff. Some posts may be cut because they can be undertaken by machines.

Another reason is the lack of money. It is expensive to set up a sufficient modern system at once. Therefore, businesses have been advised to choose systems with functions that will be useful to them.

The release said that Vietnamese businesses will need two to three years to overcome these obstacles.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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