HCM City (VNS/VNA) - In the future, the use of digital platforms bybusinesses will become a decisive factor in their success, delegates said at aconference in Ho Chi Minh City on October 12.

Chu Ngoc Anh, President of Vietnam Chief Sales and Marketing OfficerAssociation, said the world is changing quickly and that disruptive technologyhad shortened the lifespan of companies.

"The average lifespan of a S&P 500 company is now under 20 yearscompared to nearly 60 years in the 1950s," he said.

"Previously, information technology was defined as the use of computers,mobile devices and internet, but now, IT includes technology intelligence,including the Internet of Things, artificial intelligence, 5G, and machinelearning.

"Technology has become more pervasive, encroaching more and more onpeople’s lives, requiring businesses to invest in the right technologies tomeet requirements of customers.

"Otherwise they will lag behind," Anh said.

Nguyen Phuong Thao from Nielsen Vietnam said the development of technology hadchanged customers’ shopping behaviour and habits.

"Consumers now tend to shop online more, carefully learn about productsthey intend to buy before making purchases, and share their reviews on productsand services.

"Good reviews can help businesses a lot," she added.

Because of these trends, businesses should focus on developing better productsand services to meet customer demand and apply effective solutions to approachcustomers.

Many Vietnamese businesses are applying digital platforms to their businessesto increase their competitive advantage. But they have encountered challengesin doing so.

“I have met many Vietnamese companies and realized that the biggest issue indeciding to invest in technology is finance," Anh said. "They thinkthat bringing technology into their businesses will cost a lot of money. Butthat is not always true.”

Anh and Thao agreed that the importance was not in how much investment theyneed, but in choosing the right solutions to maximise investment efficiency.

“If they make the right investment, they will not spend much money,” he said.

Another problem faced by businesses when they invest in digital technology isthe number of solutions available in the market. "They do not know whichones to choose,” he said.

Other domestic and foreign speakers at the event pointed out that mostVietnamese businesses lack information about digital platform tools, or havenot combined them effectively, making the use of digital platforms slow andcostly.

They also shared new insights about the digital application process, includingdesigning websites, building customer relationships management (CRM) systems,chatbots, building a foundation for digital marketing, and attracting customerswith digital advertising platforms.

Vo Thanh My, marketing director of Mat Bao Corporation, one of the event’sorganisers, said through the event, they hoped to bring useful information tobusinesses, enabling them to better combine digital platform tools that couldhelp increase the number of customers and optimize customer services amidserious competition.

Co-organised by Mat Bao Corporation, Chili Asia, GetFly, CloydFone and NovaonX,and sponsored by the Vietnam E-commerce Association, the event, titled “DoingPractical Business in the Digital Age", attracted nearly 1,000participants. –VNS/VNA