Forging a strong data foundation in Vietnam

Industry experts and executives joined forces at a recent conference to delve into the transformative power of data in driving business transformation. These experts also shed light on the critical importance of this endeavour, particularly in relation to Chief Financial Officers (CFOs) and their pivotal role in the process.

The conference discussed how to build a data foundation for more accurate financial reporting planning organised by the Vietnam CFO Association, Microsoft, TC Data, and TD Tech Data, as insights were shared on the digital transformation journey of tech companies, emphasising the pivotal role of robust leadership in instigating change.

Over 80 industry experts and high-ranking executives gathered at the conference on June 29 in Ho Chi Minh City. The discussions were centred around the transformative power of data and the necessity of a data-driven culture in today’s rapidly evolving business landscape.

Takeshi Murakami, CFO of Microsoft Thailand and Vietnam, revealed that Microsoft’s data-driven culture was fostered even before their digital transformation. The company can quickly adapt to technological advancements and fosters a culture of continual learning among its employees. This culture helped Microsoft to respond well to the COVID-19 pandemic, swiftly instigating a work-from-home policy for their employees.

Lai Thi Thu Thao, CFO at Bachy Soletanche Vietnam, explained the benefits of automating financial reports, allowing CFOs to focus on analysing trends and making swift, informed decisions based on real-time data.

Tin Dang, founder of TC Data, also stressed the importance of a centralised data foundation for financial and accounting departments. He suggested the need for a data source that can be utilised by all departments, highlighting the future of businesses that centralise their data collection and management.

Dang also introduced the ‘4D’ model to illustrate the progression of data-driven operations; Dream, Define, Deliver, and Data Culture. These forward-thinking strategies are poised to shape the future of digital transformation in the business landscape.

Microsoft’s Murakami identified fostering a data-driven culture as the major challenge. He emphasised the need for consistency in Key Performance Indicators across all departments, to ensure alignment in decision-making processes.

A representative from a US multinational corporationin Vietnam underscored the critical role of selecting suitable platforms for achieving a comprehensive digital transformation. He also highlighted the importance of having a profound understanding of enterprise architecture to create customised solutions, rather than solely relying on external partners or consulting firms.

Another crucial aspect is the handling of data. This US corporation evaluated options like Azure Synapse Analytics or Chat Analytics. Making the right platform choice in this area directly impacts a company’s ability to efficiently process, analyse, and utilise data to inform business decisions.

“Smart automation is another significant area of focus. In our case, we decided to develop this capability internally with a small team consisting of 4–5 individuals, resulting in highly efficient processes,” he stated.

Integration also plays a vital role in the overall digital transformation puzzle. Seamless and accurate connections across all system components ensure the smooth and coordinated operation of the entire business.

The representative further emphasised the spotlight on security. Rigorous protection of these systems is of utmost importance, with the use of firewalls and antivirus software deemed essential to achieve 100 per cent security.

Lastly, contingency planning is deemed essential. It is crucial to maintain a comprehensive backup file to safeguard data in worst-case scenarios. As stated by the representative, the ability to recover from catastrophic events should be a central element of any digital transformation strategy.

Tri Lam – VIR