Using data is key to business success
VIETNAM, June 25 –
A panel discussion as part of the Vietnam Data Summit held in HCM City on June 24. —VNS Photo
HCM CITY — In the age of digital technology, data analytics has become one of the cutting-edge technologies capable of changing many aspects of the world, especially in the field of business.
Therefore, leveraging new technologies to improve business competitiveness is essential for future growth. However, not all companies know how to turn available data into useful information, delegates said at Vietnam’s first data summit held in Ho Chi Minh City on June 24.
Lâm Nguyễn Hải Long, President of HCM City Computer Association, said that according to Internet Day 2021 statistics, Việt Nam is among the top 20 countries with the highest number of internet users in the world. Internet penetration in Việt Nam is 70.3% compared to an average of 51.4% worldwide. Therefore, Việt Nam is considered the most promising big data market in Asia.
“However, the exploitation of big data in the country is still not living up to its potential,” Long said.
“Once businesses get the most out of data, they will have a better chance of succeeding,” he said.
Companies that started to treat 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 drivers of digital transformation are data and analytics. When data is unlocked and properly harnessed, it will help companies achieve breakthrough developments. »
Võ Thị Trung Trinh, Deputy Director of Information and Communications Department of HCM City, said the city has identified promoting comprehensive digital transformation as one of the most important tasks to develop the local economy. .
It focused on creating shared and open databases and linking all governance-related databases, she said.
She expects the business community to share ideas to help the city use and apply data more effectively.
Toni Kristian Eliasz, senior digital development specialist at the World Bank, said government support was increasingly crucial to enable 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 its peers, Việt Nam has been able to develop a reasonable cybersecurity response to minimize risks, but there are concerns about privacy protection and an overly restrictive environment for digital businesses,” said he declared.
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 and faster decision making for organizations and businesses.
However, few companies know how to extract value from their data sources.
To take advantage of data, companies must cleanse, combine and prepare internal and external sources with an infrastructure adapted to their needs.
They must promote collaboration between all profiles, from data science to professional users and master the language of data, while guaranteeing transparency and good governance.
Hosted by HCA and Western Digital Việt Nam, the summit also covered building a data processing team for enterprises and case studies of companies that have successfully leveraged their data pool.
It also featured a “data room” where experts can provide SMEs and individuals with free advice on building a data culture, how to use data to drive digital transformation, data processing and human resources development. —VNS