Data use key for business success

In the digital technology era, data analysis has become one of the leading technologies, capable of changing many aspects of the world, especially in the business field.

A panel discussion as part of the Vietnam Data Summit that was held in HCM City on June 24. — VNS Photo

In the digital technology era, data analysis has become one of the leading technologies, capable of changing many aspects of the world, especially in the business field.

Therefore, taking advantage of new technology to improve the competitiveness of enterprises is essential for future growth. However, not all businesses know how to process available data into useful information, delegates told the first Vietnam Data Summit held in HCM City on June 24.

Lâm Nguyễn Hải Long, president of the HCM City Computer Association, said, according to statistics at Internet Day 2021, Việt Nam is among the Top 20 countries with the highest number of Internet users in the world. Internet penetration in Việt Nam stands at 70.3 per cent compared to 51.4 per cent on average in the world. Therefore, Việt Nam is considered to be the most promising Big Data market in Asia.

“However, the exploitation of Big Data in the country is still not commensurate with its potential," Long said.

“Once firms make the most of data, they will have greater chances for success,” he said.

Companies that have started treating information as an asset would have a competitive advantage, he added.

Trương Bá Toàn, country general manager of Western Digital Việt Nam, said, “digital transformation plays an important role in the development of a country and a business. Among the five most important factors in digital transformation are data and analytics. When data is unlocked and properly exploited, it will help businesses make breakthrough developments.”

Võ Thị Trung Trinh, deputy director of the HCM City Department of Information and Communications, said the city had identified promoting an all-round digital transformation as one of the most important tasks to develop the local economy.

It was focusing on building shared and open databases and linking all databases related to governance, she said.

She expected the business community to share ideas to help the city use and apply data more efficiently.

Toni Kristian Eliasz, senior digital development specialist at the World Bank, said government support was increasingly crucial in enabling the digital transformation.

“Harnessing data for value creation will require enabling data sharing, transparency, privacy and dynamic digital markets.

“Data sharing remains limited due to legal, technical and institutional challenges. Compared to peers, Việt Nam has been able to develop a reasonable cybersecurity response to minimise risks but there are concerns about privacy protection and having a too restrictive environment for digital businesses,” he said.

According to Albert Antoine, CEO of Avaiga, data is everywhere, and it is exploding.

Every interaction in the digital world generates massive data that can provide insights and inform better, faster decision-making for organisations and businesses.

However, not many firms know how to extract value from their data sources.

To capture value from data, businesses need to clean, combine, and prepare internal and external sources with an infrastructure tailored to their needs.

They need to foster collaboration among all profiles, from data science to business users and be conversant in the language of data, while also ensuring transparency and proper governance.

Organised by HCA and Western Digital Việt Nam, the summit also discussed building a data processing team for businesses, and case studies from businesses that have successfully exploited their data pool.

It also featured a ‘Data Room’ where experts can provide SMEs and inpiduals with free consultancy on building a data culture, how to utilise data to drive digital transformation, data processing, and human resource development. — VNS

Source: VNA
vietnamnews.vn

Related News

Hanoi Customs connects data to ensure customs clearance and management requirements

Hanoi Customs connects data to ensure customs clearance and management requirements

VCN - Hanoi Customs always proactively monitors and promptly handles problems of businesses, especially problems with automobile imports, stopping goods passing through surveillance and screening areas.
Enterprises accelerate production and business activities after Tet holiday

Enterprises accelerate production and business activities after Tet holiday

VCN - Following the Tet holiday in the year of the Wood Dragon 2024, numerous enterprises have resumed their production and business operations, swiftly ramping up with a plethora of orders from the very start of the year.
Deploy business support programs at the Customs unit with a turnover of "hundreds of billions of dollars"

Deploy business support programs at the Customs unit with a turnover of "hundreds of billions of dollars"

VCN - The spirit of considering businesses as partners, always "side by side" with the business community through dialogue, troubleshooting, and timely support activities has widely immersed by the Department's leaders to each unit leader of the Bac Ninh Customs Department, thereby maintaining the leading position in turnover of "hundreds of billions of dollars".
Trade promotion focuses on market development

Trade promotion focuses on market development

VCN - In 2024, trade promotion activities will continue with the goal of expanding new export markets and exploiting FTAs; Digital transformation is associated with green transformation in trade promotion to develop sustainable foreign trade.

Latest News

Packaging among sectors with highest growth in Vietnam: insiders

Packaging among sectors with highest growth in Vietnam: insiders

The packaging industry, which is projected to expand 15-20% in the next few years, is among sectors posting highest growth rate in the country, experts said at a press conference held in Ho Chi Minh City on February 29 to introduce the 17th International Processing and Packaging Exhibition and Conference for Vietnam (ProPak Vietnam 2024.)
US extends investigations into wooden cabinets from Vietnam

US extends investigations into wooden cabinets from Vietnam

The US Department of Commerce (DOC) has announced the extension of the deadline to issue the final conclusion on the investigation of the product scope of wooden cabinets imported from Vietnam, according to the Trade Remedies Authority of Vietnam (TRAV).
Will Vietnam

Will Vietnam's seafood pass the IUU inspection in April 2024?

VCN - The 5th inspection on combating illegal, unreported, and unregulated (IUU) fishing in Vietnam by the EC is scheduled for April 2024. Localities are focusing on conclusively addressing existing limitations and restrictions, with an emphasis on implementing urgent tasks and solutions, particularly by April 30, 2024.
Fruit, vegetable exports see green shoots, targeting 7 billion USD

Fruit, vegetable exports see green shoots, targeting 7 billion USD

Vietnam’s fruit and vegetable exports in the first two months of this year surged 38% to about 749.7 million USD, which is expected to peak at nearly 7 billion USD this year.

More News

Tra fish leads Vietnam’s seafood exports to strong January growth

Tra fish leads Vietnam’s seafood exports to strong January growth

Vietnam's aquatic product exports saw a strong start to the year, recording a 60.8% annual increase to reach 730 million USD in January, reported the Ministry of Agriculture and Rural Development.
Agro-forestry-fishery trade surplus up nearly 2.9-fold

Agro-forestry-fishery trade surplus up nearly 2.9-fold

Vietnam earned some 9.84 billion USD from agro-forestry-fishery exports in the first two months of this year, representing a year-on-year rise of 50.3%, and a trade surplus of 2.68 billion USD, up nearly 2.9-fold, the Ministry of Agriculture and Rural Development reported.
3 recommendations of seafood businesses were promptly answered by the Ministry of Finance

3 recommendations of seafood businesses were promptly answered by the Ministry of Finance

VCN - Recommendations of seafood enterprises on declaring, calculating and paying Value Added Tax (VAT) at the commercial business stage for scrap and discarded products; Invoicing for returned goods; VAT refund, has been specifically answered by the Ministry of Finance.
Expected to catch up with the recovery of wood and furniture exports from trade promotion activities

Expected to catch up with the recovery of wood and furniture exports from trade promotion activities

VCN - With great interest from manufacturing businesses as well as international buyers, VIFA EXPO 2024 is expected to open opportunities for businesses to capture the ongoing recovery in the wooden furniture market, world furniture.
Falling rice price is only short-term, upward trend to continue: Experts

Falling rice price is only short-term, upward trend to continue: Experts

The recent falls in rice prices are only short-term and the upward trend will continue in 2024 on limited supply, providing significant opportunities for Vietnam’s rice export, analysts have said.
Businesses urged to seize opportunities to boost rice exports to Indonesia

Businesses urged to seize opportunities to boost rice exports to Indonesia

Vietnamese enterprises should seize the opportunities to increase rice exports to Indonesia which has allocated an additional rice import quota of 1.6 million tonnes for 2024 as dryness linked to the El Nino delayed harvest in the country, according to the Vietnam Trade Office in Indonesia.
Vietnam eyes semiconductor powerhouse status with new workforce scheme

Vietnam eyes semiconductor powerhouse status with new workforce scheme

By 2045, Vietnam will become an important link in the global semiconductor industry value chain with a contingent of engineers and experts capable of meeting the industry requirements in both quality and quantity, said Minister of Planning and Investment Nguyen Chi Dung.
Vietnam’s FDI inflow surges nearly 39% in two months

Vietnam’s FDI inflow surges nearly 39% in two months

Vietnam has attracted more than 4.29 billion USD in foreign direct investment (FDI) in the first two months of 2024, a year-on-year increase of 38.6%, according to the Ministry of Industry and Trade (MoIT)’s Foreign Trade Agency.
Busy export shipments in early spring at southern seaports

Busy export shipments in early spring at southern seaports

VCN - Thousands of containers of export goods left Vietnamese seaports in the early days of Giap Thin spring have marked prosperity and expectations for a successful year.
Read More

Your care

Latest Most read
Packaging among sectors with highest growth in Vietnam: insiders

Packaging among sectors with highest growth in Vietnam: insiders

The packaging industry, which is projected to expand 15-20% in the next few years, is among sectors posting highest growth rate in the country, experts said at a press conference held in Ho Chi Minh City on February 29 to introduce the 17th International Processing and Packaging Exhibition and Conference for Vietnam (ProPak Vietnam 2024.)
US extends investigations into wooden cabinets from Vietnam

US extends investigations into wooden cabinets from Vietnam

The US Department of Commerce (DOC) has announced the extension of the deadline to issue the final conclusion on the investigation of the product scope of wooden cabinets imported from Vietnam, according to the Trade Remedies Authority of Vietnam (TRAV).
Will Vietnam

Will Vietnam's seafood pass the IUU inspection in April 2024?

The 5th inspection on combating illegal, unreported, and unregulated (IUU) fishing in Vietnam by the EC is scheduled for April 2024
Fruit, vegetable exports see green shoots, targeting 7 billion USD

Fruit, vegetable exports see green shoots, targeting 7 billion USD

Vietnam’s fruit and vegetable exports in the first two months of this year surged 38% to about 749.7 million USD, which is expected to peak at nearly 7 billion USD this year.
Tra fish leads Vietnam’s seafood exports to strong January growth

Tra fish leads Vietnam’s seafood exports to strong January growth

Vietnam's aquatic product exports saw a strong start to the year, recording a 60.8% annual increase to reach 730 million USD in January, reported the Ministry of Agriculture and Rural Development.
Mobile Version