Businesses applying 4.0 digital technology in operations
In the context of strong fluctuations caused by the pandemic and significant changes in the global economic environment, many businesses still choose to maintain their current operating methods. This can put companies at risk of disruption, as falling behind on the digital transformation journey will make them vulnerable to competitive pressure. Therefore, the most important thing for businesses today is to invest in digital technology 4.0 to build new business models for strong long-term growth.
Mục lục
1. What is digital technology 4.0?
Digital technology 4.0 is the fourth industrial revolution, marked by the emergence of a new set of technologies. Unlike the third industrial revolution, digital technology 4.0 focuses on digital technology, technologies related to cyber-physical systems, and the Internet. The core elements of this digital technology are: the Internet of Things (IoT), Artificial Intelligence (AI), and Big Data.
The hallmark of digital technology 4.0 is the combination of various technologies, aiming for automation and blurring physical boundaries. The fourth industrial revolution has created favorable conditions for building smart factories, allowing people anywhere in the world to connect with each other anytime, anywhere through the Internet of Services via mobile devices.
2. Why do businesses need to apply digital technology 4.0 to innovate?
Research by Deloitte shows that, if implemented correctly, digital transformation can increase an organization’s revenue by up to 22%, with a significant increase in ROI. Furthermore, the returns from investing in digital technology transformation can grow more quickly. The research indicates that two years is typically sufficient to observe the initial financial impacts, whereas it can take up to five years to achieve similar results from more conservative methods.
After the severe impacts of the Covid-19 pandemic, many Vietnamese businesses have become more aware than ever of the importance of digital technology 4.0 for their survival. This has compelled leaders to quickly devise strategies for innovation and transformation to adapt to the current era.
A 2020 survey by the Vietnam Chamber of Commerce and Industry (VCCI) revealed that: 50.9% of businesses had applied digital technology 4.0 before the Covid-19 pandemic occurred; 25.7% began applying digital technology when the pandemic started and intend to continue using it; 3.1% began applying digital technology since the pandemic but will revert to their old structure after it ends. However, 17.3% had not yet applied digital technology but became interested in it since the pandemic, and 3.1% have not applied digital technology and have no plans to do so in the future.
3. Barriers causing businesses to hesitate in applying digital technology 4.0
3.1. Not knowing where to start
Many businesses today delay digital transformation due to concerns and obstacles surrounding questions such as: where to begin the digital transformation, which stage to start with, what preparations are needed, what the actual effectiveness will be, how to plan for human resources and finances, and where to find technical and financial support.
3.2. Weak technology foundation
Additionally, the technology foundation in some Vietnamese businesses is still weak, requiring a significant budget, human resources, and a long time to upgrade and meet the demands of the modern era. This consequence causes small and medium-sized enterprises to fall into a state that Cisco calls “digital indifference.” Cisco explains this as a period where a company’s digital efforts are more reactive to market changes rather than being developed through proactive methods.
3.3. Overly cautious leadership in digital transformation
Information technology experts also suggest that the digital transformation process in Vietnamese businesses began relatively early but has progressed slowly because many business leaders are overly cautious and risk-averse. The perception of digital transformation among many leaders is primarily technology-focused, but in reality, the transformation must begin with the business model and leadership mindset.
Read more: Common mistakes businesses make during digital transformation
4. Accelerate the application of Industry 4.0 digital technology in businesses
The Industry 4.0 revolution is having a strong impact on most industries and specific sectors such as business, manufacturing – automation, transportation, finance – banking, education, etc. This is both a challenge and an opportunity for businesses that know how to leverage the advantages of Industry 4.0 digital technology. Therefore, businesses need to quickly find integrated technology solutions that help reduce cost pressure, increase labor productivity, operational efficiency, and competitive capacity.
With countless software solutions available on the market, price and cost savings are always prerequisites for businesses to choose a suitable solution that proves effective in their practical conditions. One of the reputable software solutions, trusted by many businesses today and delivering tangible results, is 1Office.
1Office provides a management system that helps automate business administration while simultaneously solving 3 fundamental business management challenges:
– Work Management (WorkPlace): Track progress and control the work quality of all personnel on a single online system.
– Human Resource Management (HRM): Supports businesses in managing human resources: Recruitment, and digitized storage of personnel records.
– Sales – Marketing Management (CRM): Manage and optimize all pre-sales, sales, and post-sales activities, thereby enhancing the business’s operational efficiency.
1Office brings businesses benefits such as:
- Standardize and synchronize processes
- Save management costs
- Diverse and intuitive reports
- Work anytime, anywhere
- Unified and synchronized data
- Enhance work performance
- Promote internal communication
Applying Industry 4.0 digital technology in business management is now considered one of the most optimal and important solutions for business operations. Currently, the 1Office all-in-one business management platform is trusted by over 3,500 businesses and used by more than 300,000 Vietnamese users. We are proud to be one of the comprehensive business management solutions that meet all the needs of businesses in their digital transformation journey for sustainable development.
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