FPT : Vietnam alongside the world on the digital transformation journey

Speaking at the 'Share your Digital Transformation story' event on June 4, 2021 in HCMC, Mr. Truong Gia Binh, Chairman of the FPT Corporation, affirms: 'Digital transformation enables wiser leadership and is crucial to the continued existence of the corporation '.

The crux of digital transformation is whether a corporation can operate in real-time or. Mr. Binh takes the example of FPT being present in 26 nations, but from anywhere in Vietnam, with a single smartphone app, the corporate leadership would still be able to check up on every single detail on profits, revenue, operational costs, growth comparisons with the same period of the prior year and projections for the upcoming months for every branch office. That is real-time corporate operation. Thanks to digital transformation in processes, in the year 2020, FPT had optimized VND170 billion in operational cost.

According to the FPT leadership, the current situation for most Vietnamese corporations is the removal of IT systems from the administrational. Only when these two are merged together, will that corporate's digital transformation bear fruit.

Mr. Truong Gia Binh likened digital transformation to a revolution. 'There will be no revolution if there's no one to lead it. The first order of business for corporations wanting to embark on digital transformations is to change the mindset of both the leadership and the employees', said Mr. Truong Gia Binh.

Agreeing with the Chairman of FPT, Mr. Co Gia Tho, Chairman of Thien Long, shared several stories of his own company's digital transformation: 'Prior to digital transformations, the leadership was indecisive and hesitant. But when Covid-19 crashed down on us, we were left with no other options. If we don't hurry up with digital transformation, or corporations will be left in the dust'.

FPT and Thien Long signed a digital transformation consultancy contract

The Chairman of the Brands Vietnam club, leader of the TTC Group, Mr. Dang Van Thanh opines: 'We are living in the age of wireless phones, and auto-driven cars. The economic cycle is restructuring on a global scale, presenting both an opportunity and a challenge to Vietnamese corporations. If we can catch the digital transformation wave, Vietnam will stand the chance of starting alongside the rest of the world, or else we will have to face the reality of rejection'.

Technology is helping corporations reduce risk and grow faster. Instead of making decisions based on gut feelings and personal experiences like we used to, AI, Big Data is able to analyze data in real time and deliver statistics and projections, thus helping to reduce stagnant stockpiling, and balancing supply and demand in the market.

All in all, the most special aspect about digital transformation is that each corporation and each organization have their own path to embark on. 'Unlike in the past, a fast-moving corporation can complete its digital transformation within 5 months, 7 months for a slow one. But with digital transformations, if we fail to make the change or fall short at any stage, our corporation will be left behind with no chance of catching up to our adversaries. That is the harsh realities of digital transformation', Mr. Binh warns.

According to IDC, investing into direct digital transformations is still steadily rising for the period of 2020 - 2023, with an estimated total of USD 6,800 billion when many are taking advantage of new technology to become digital corporations of the future.

Per IDC projections, by the year of 2022, 65% global GDP will come from digital transformation. By the end of 2022, 70% of corporations and organizations will pick up steam in digital transformation, in order to change up their current operational processes to increase their level of interactivity with the customer, increasing work efficiency, and improving their own recovery potential.