BEING PEOPLE IN THE INDUSTRY, DON’T COMMENT WRONGLY TO ACCOUNTANTS
A few years ago, as an undercover team in the e-commerce industry, Mr. Phung Le Lam Hai – Founder and General Director of Equitix Investing and his brothers His brother is associated with digital, platforms, websites and in 2017 introduced website products for customers to optimize web standards to push traffic up.
He thought everyone is like him.
1.5 years later, CoolMate created a website and devoted 80% of the focus to website traffic at a time when not many people were buying products via the web, at a time when people easily followed the crowd (depending on the trading platforms). electronics) rather than going against the crowd (making a website + single-mindedly focusing on the web) bravely like Coolmate, with the strong belief of founder Coolmate, they were successful and steadfast in their strategy – Awesome.
At that time, with the mindset of an undercover person in the industry, he thought: oh hey, I thought it was old, but the market is still very new?
2019 – 2021 in the period of digital transformation.
In an event where he was invited to share about digital transformation, he didn’t talk about technology (IOT, AI, epic ERP…), he talked about 5 information survey groups before starting the transformation. Digital transformation for entrepreneurs, he talked about analyzing for founders that the journey to a successful digital transformation project is investing 40% of time in money to evaluate readiness for implementation. ERP declaration, his message is, making software is not led by Tech; but rather the story of transforming readiness from the start-up stage to the professional and growth stage, the stage of optimizing management and governance issues.
It is impossible to maintain habits for the startup stage and adapt habits for a professional environment; Technology is a reflection of the company operating on a professional scale and process.
If Tech is compared to a Master’s degree, it must be admitted that the adaptability of teams in startups/SMEs in general is only at High School. Therefore, we spend a lot of time helping them upgrade before thinking about digital transformation.
2022 – 2023:
Mr. Hai recruits thousands of accounting jobs; The qualifications of an accounting team set up to serve a joint stock company are very scarce and there are signs that they themselves do not see their true value because their bosses do not have much professional requirements. service. For the boss, accounting is just a position that is not important enough. For the brothers, making money is more important than keeping money; Only in times of crisis do we see that no matter how hard we try to sell, it is not as good as spending reasonable efforts to have a reserve for rainy days; He discovered that the company’s accounting teams had not yet completed the manual work; When will the stage… software conversion come?
The bias of people working in the industry makes him think that something is old to him but very new to the market; So maybe for FPT and boss Tien, these issues are easy, small things for a business that has many achievements and understanding of management, administration and technology application, but for him, he is a Facing the world of most startups/SMEs in Vietnam, he sees that this transformation journey is actually quite far.
Saying that doesn’t mean we should be subjective and just take it slow. We should:
- Be aware of digital transformation readiness.
- Transform the entire organization’s capacity for management and administration; Solve business problems and money management capabilities before thinking about digital transformation.
- Find out the key factors for the success of a digital transformation project with an in-depth and methodical survey.
- Evaluate hidden fees when converting digitally, not just the raw/physical cost quote submitted by the CTO or product development team.
Even the leading FMCG corporations in Vietnam (Trung Nguyen, NutriFood, IDP, Masan, THP…) are converting digitally and ERP applications are still struggling, there is nothing to worry too much about.
Anxiety causes mental illness, just stay calm and improve your abilities every day.
However…
Do not deny an insight in the message shared by Mr./Boss Tien: The faster a company promotes digital transformation and is backed by a ‘library of knowledge about management and technology’, the sooner they will grow stronger and faster than other parties; becoming a symbol of difference from the majority of remaining businesses in the market, which are operating quite fragmented and making decisions only based on their own long-standing acumen.
Benchmark Case: 30Shine – Transforming founders’ decision-making acumen into that of the entire company.
What is the ‘library of understanding of management and technology as soon as possible’, which is the knowledge and understanding of actual operating processes when meeting the changing needs of adapting to the market from the sales team. , marketing, new product creation…) affects the response of the logistics team (HR, operations, warehouse, accounting, technology)…
It includes a lot of experiences, Trial and error and adjustment to feel the complexity between requirements and capabilities in terms of capacity and information infrastructure.
But if we/founders/BOD team do not visualize and feel carefully, we will have to pay the price with a lot of money and expenses, as well as your support for leadership if the project may fail and waste resources.
Anyway, to Mr. Hai; If a company is data-driven leadership by a strong finance and accounting team; they should be the team leading that digital transformation in the company. The final outcome of digital transformation is to cut costs and have standard financial reports that quantitatively evaluate the final effectiveness of shifting management capacity in the context of inflation and The year 2024 is still very hard; but there are also many opportunities… to stimulate and accelerate two basic motivations:
– Reduce costs
– Improve labor productivity to create products with competitive advantages at reasonable prices.
To prove the ability to exist and start the year 2025, there is a lot of excitement, but also a lot of fierce competition.
Opportunities or challenges come from our vision and ability to receive information.