What do businesses need to do in a difficult situation to keep the pace of growth?

According to experts, 2023 is a difficult year for the world economy and it is forecast that the software and technology services industry will also be greatly affected. “This means that we still have many opportunities to look back on the importance of scientific and technological research in the coming time to be able to ‘surmount the storm’.” Actions will determine the winner in the market, winning against the uncertain context of the world economy,” shared Ms. Nguyen Huong Quynh, Co-Founder and CEO of BambuUP Open Innovation Connection Platform. So how can technology businesses still maintain and keep their growth rate? The answer lies in: Businesses need to change and adapt to the context!

The difficult market context is creating a problem that makes technology businesses “headaches” looking for answers on how to adjust their strategies, retain current customers and improve their competitiveness on the Internet. market. And here are solutions to help businesses turn difficulties into opportunities!

ADJUSTING STRATEGY, CAREING ON EXISTING CUSTOMERS BY ENHANCED REGIONAL COMPETITIVENESS

It can be seen that the business environment is changing from product competition (using product features as the spearhead) in the past to service competition (using accompanying services as spearhead) and today. is to compete by experience throughout the journey. From the perspective of providing technology services to domestic enterprises, businesses need to study and evaluate this trend to change their production and business methods effectively. Enterprises determine to focus on customers as the center and take specific actions, focusing on designing synchronous solution packages, integrating innovative solutions to solve the overall and complete needs. help improve customer experience and business efficiency.

Along with that, changing the training of customer-centric personnel. When customers have value, it will bring revenue to the business. In addition, it is necessary to change the design of the automated tool process to improve the customer experience in the digital environment and increase business productivity. The most important thing for businesses in the technology field is to understand the needs of customers, the problems that businesses are facing. In the context of customer difficulties, service providers will also face difficulties. Therefore, identifying and focusing on existing customers, helping them to apply effectively, operate well, improve their competitiveness, can develop and provide other services to bring customers more benefits. This will be easier than investing in the development of new products and services.

Sharing this view to maintain growth, Mr. Hoang Trung Thien Vuong, co-founder and marketing director of Base.vn, said: “During the exciting market period, the strategy of businesses is to grow based on search. find new customers. However, in the context of a difficult and defensive market, rather than taking risks, service providers need to adjust their strategies, focus more on the current customer base and optimize operating costs. Risk reduction is a priority in finding new customers”.

FAITH IN DIGITAL TRANSFORMATION OPPORTUNITIES

Commenting that the technology industry is facing a very large association, Ms. Nguyen Thi Thu Giang, Vice President and General Secretary of VINASA said that currently, from the Government to all levels of ministries, branches, localities, state-owned enterprises The private sector is taking practical action, actively promoting digital transformation, increasing technology application to increase labor productivity, transforming business models, and increasing customer experience.

Not only in the country, the international market is also opening up huge opportunities for software and technology service businesses. Besides Japan, the US market is having good growth and development. For example, with FPT, if in previous years the Japanese market was a large export market accounting for 56% of revenue, by 2022, the US market’s revenue will be equal to the Japanese market. In the European market, countries look for service providers from other markets to fill the gap. Or in the Vietnamese market, Viettel, with its experience, deployed in particularly difficult markets, remote areas, and rural areas in the country to take advantage of the “rural encirclement of the city” strategy and start begin to exploit the more difficult markets outside.

That shows, businesses in the technology industry are having great opportunities to expand markets, build brands, and customer trust to accelerate sustainable development, help businesses affirm their reputation, quality.
It can be said that in the context of global economic difficulties and challenges, technology enterprises still have great opportunities. The point here is to find a way to overcome difficulties to succeed. To maintain growth in the current difficult context, businesses need to have faith in the digital transformation trend and be confident that they can overcome it. Digital transformation is a spearhead industry that is focused on promoting in Vietnam, so businesses in the industry need to take advantage of this opportunity!

APPLICATION OF OPEN INNOVATION IN THE BUSINESS

The innovation strategy and organization of technological innovation of the enterprise is one of the important inputs of the innovation process of the enterprise. Identify S&T and innovation as the main driving force for sustainable growth and development. “Thanks to the application of science and technology and innovation, the company’s revenue next year is always higher than before, especially in the period of 2020-2021, when the COVID-19 pandemic broke out strongly, the business still grew from 15% -18%, profit increased by about 17%” – according to Mr. Nguyen Doan Ket, Vice Chairman of the Board of Directors, Deputy General Director of Rang Dong Lamp Joint Stock Company. 

By type, state-owned enterprises have the highest percentage of technological innovation and improvement strategies in most categories, followed by non-state enterprises and FDI enterprises. In addition, to solve this problem, many large enterprises in the world have applied the open innovation model, allowing external organizations and businesses to participate in the process of improving and creating new products. their services. This model allows them to leverage external innovation resources to shorten innovation time, launch new products, help improve efficiency, save costs and stabilize the market in difficult times! One of the most successful Open Innovation businesses in the world is Samsung. Not only has the R&D department invested heavily, but Samsung also conducts a lot of open innovation cooperation projects, especially with startups. Samsung’s Open Innovation is divided into 4 categories: partnership, venture capital, acclerator and M&A. Through this activity, Samsung has successfully attracted many ideas and then created products that can be integrated into Samsung’s main product, creating value for both parties.

And the opportunity will expand even more when businesses seize the opportunity to take advantage of Innovative solutions in production. If businesses are having difficulty finding the market, still want to maintain growth in the context of many cost reductions, or register immediately to BambuUP’s Challenge Hub program to get solutions to the problem. Sign up here: https://bambuup.com/innovation-challenge-hub