2020 is a year of challenges, volatility and uncertainty. While tens of thousands of businesses have gone bankruptcy, several others have seized opportunities and optimized their operations to adapt and get over the unprecedented challenges.
Mr. Phan Thanh Son who has more than 25 years of experience in business management, marketing development and ICT consulting shares his viewpoint about specific trends, challenges as well as methods to create a breakthrough in business operations amid COVID-19.
Traditional operating model in the fourth digital revolution
A research of McKinsey shows that traditional operating models are facing several challenges, which are fast-paced environment, increased demand of customers, suppliers and partners, high-profit margins and fierce competitors.
According to Son, we have witnessed a wide range of advancements in such technologies as Internet of Things (IoT), Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning and Deep Learning. Digitization and information sharing lead to the increased amount of semi-structured and structured data to be accessible to users, making many of the traditional business models to disappear, or be completely replaced by technology companies.
Especially, in Vietnam, after 99 days without community transmission, businesses have been adversely affected by the second wave of COVID-19.
Flexible operation – A key to breakthrough for businesses
Against that backdrop, businesses have to transform their operation models to meet the market demand. Son emphasized that the flexible operating model is considered to be an essential trend in the future.
According to McKinsey, agile businesses can quickly switch to a “wartime” model to keep up with market trends and cope with uncertainty in light of the pandemic. A new model with a strong “backbone” can combine both goals: stability and flexibility. This model contributes to the flexibility of the business, helping businesses to respond to continuous changes by designing flexible strategies and setting up emergency response teams.
The question is how to make a breakthrough in operation and build a flexible operations.
Technology – The remedy for optimal operating problem
There are five elements that help business transform to a flexible operation, which are mindset, businesses model, process optimization, human resource efficiency and tech investment. In particular, digitizing operations is the first strategic step for businesses to create a competitive advantage, streamline and optimize their existing operations.
A consistent investment in technology allows businesses to optimize their operations to save up to 60% of costs and up to 90% of time, help businesses adapt to a new wave of crisis as well as recover and breakthrough after the pandemic.
For example, a multidisciplinary company applying automated process and job assignment solution FPT SPro has saved 70-90% of the time and automated more than 50% of the tasks by RPA; each task has been finished in seconds, reduced by 99% compared to the traditional process.
Besides, FPT also owns a practical model with a toolkit of 16 solutions researched and developed by FPT, including many impressive solutions such as akaBot – a business process automation platform with RPA; Electronic contracts – FPT.eContract and FPT.AI – artificial intelligence platform. Technology not only provides businesses with measurable results, but also creates a flexible, streamlined and adaptive operation.
In a complex and challenging context, FPT continues to accompany and “unite” with Vietnamese business community, help businesses to optimize operating efficiency, make digital transformation real in their organizations and boost national digital economy.
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