Companies in Viet Nam ranked higher than the global average in taking a strategic, consistent or radical approach to digitalising customer experience and engagement, said Singapore-based financial services group DBS.
At 68 per cent, Viet Nam ranked second in this area out of the 10 markets surveyed, four per cent higher than the global average.
The research said that about 63 per cent of Vietnamese companies were satisfied that digital transformation was helping them achieve overall profitability, followed by providing improved customer insight at 61 per cent and overall competitiveness at 57 per cent. More than half said they have been using digital technology in customer service and engagement effectively.
The findings also revealed that 35 per cent of Vietnamese companies were in the ‘developing leaders’ category in terms of digitalising their customer engagement, with great potential for high transformation performance down the road. Some 12 per cent were categorised as ‘transformation leaders’ that were consistently outperforming the global average when it came to digitalising their customer engagement, with only 9 per cent classified as ‘laggards’, restricted by multiple challenges from transformation.
“Our research findings augur well for Viet Nam given its aspiration to become a developed and high-income country by 2045, with digitalisation being a key driver of economic growth. We believe that Viet Nam’s ambitions will drive the strategic priorities of forward-thinking Vietnamese companies. It is important that these businesses set well-defined goals for digital transformation to capitalise on favourable long-term market prospects and stay competitive. Advancing on digital transformation will also give these companies the agility to embrace new businesses and operating models, and help them adapt to changes in external demand,” said Joo Young Park, head of Institutional Banking Group, DBS Vietnam.
According to the research, the companies’ most important goals for digital transformation were increasing efficiency, such as through automation, followed by improving collaboration across functions and teams. More than half have effectively embedded a culture that supports shared adoption of a strategic vision to drive successful digitalisation.
Key barriers preventing Vietnamese companies from making faster progress in digital transformation were gaps in talent at 42 per cent and data privacy concerns at 35 per cent.
“Building strong internal data infrastructure, developing robust data governance policies, and investing in enabling technology such as cloud and advanced analytic tools, will help the digital leaders in Viet Nam to realise their potential, and cement the country’s place as a leader in digital transformation,” Park added.
The research was completed by 1,225 respondents between June and August 2022, from a total of 15 industry sectors and 22 markets worldwide. — VNS