Databases crucial for businesses development: conference

Monday, Jul 18, 2022 16:09

Utilising data effectively is crucial for developing business activities, including exporting, according to experts. — Photo

Making use of internal and external databases is important for researching potential partners and developing businesses activities, especially exporting, a conference has heard.

Tran Xuan Trang, head of the Investment Trade and Promotion Centre’s training department, speaking at the conference on utilising databases held in HCM City last week, said data was an important asset for any business, and knowing how to manage and make use of databases was useful for decision making, growing business activities and allowing them to better adapt to changes in the market and customer demands.

Phi Anh Tuan, deputy chairman of the HCM City Computer Association, said businesses that utilise databases could minimise risks related to exports.

Speaking about the importance of data, Nguyen Khanh Nhat, general director of STS Company, said her business received an overseas order for US$30 million worth of medical protective suits over three months when the COVID-19 pandemic first began in China.

However, since it did not have enough data on businesses in the textile industry, it was unable to find partners to produce the required volume and ended up losing the order to another business.

“Authorities and business associations need to focus more on building industry databases as a shared resource so that businesses can make use of them, especially exporters.

“Businesses [then] need tools to search this information and analyse data to improve their competitiveness.”

Nguyen Viet Thang, general director of credit reporting agency Crif D&B Viet Nam, said his agency’s Business Information Report was a good source of data for businesses to research the financial capabilities of potential partners.

Other experts at the conference also pointed out that carefully recorded internal data on suppliers and customers is beneficial to all departments at a business, such as for tracking customer orders and payments and monitoring quality of materials. — VNS

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