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Forbes
6 days ago
- Business
- Forbes
Forget 'Digital Transformation'—For SMEs Today, It's Digital Survival
Thanh Pham is the CEO of Saigon Technology, a global software development company. "Digital transformation" for a Fortune 500 company is about optimizing a sprawling empire. For small- and medium-sized enterprises—for your business—it's not about optimization. It's about survival. It's about carving out a future when the landscape shifts underfoot faster than ever. Forget the glossy brochures and abstract frameworks. This is about gritty reality, about staying alive and, if you play your cards right, thriving in a market that shows no mercy. Today's customer, conditioned by the seamless experiences offered by market leaders, doesn't care if you have a global HQ or a single storefront. They demand immediacy, expect personalization and want frictionless everything. Fail to deliver on that expectation, and they're gone. Empowering People, Not Replacing Them This isn't about replacing the handshake with an algorithm. It's about making that handshake matter more by offloading the admin work that burns out your best people. • The clock is ticking faster. How many hours does your team burn wrestling with invoices, manually tracking inventory or fielding the same 10 customer questions every day? Each hour spent on a task that a machine could do is an hour not spent on growing the business. Automate those processes. Free up your sharpest minds. • Know thy customer (for real). Are you guessing or knowing what your customers want? A modern CRM isn't a glorified Rolodex; it's a living database of preferences, behaviors and buying signals. It turns anecdotes into actionable intelligence. Suddenly, you're not just reacting to customer needs; you're proactively connecting and predicting, building loyalty that your competitors might not have. • See around corners. Running a business on gut feel is admirable, but in today's market, it's a gamble you can't afford. Digital tools can provide clear, real-time data on sales trends, operational bottlenecks and emerging opportunities before they become obvious to everyone else. • Become a chameleon. Remember needing a massive, depreciating server room? That's history. The cloud is your near-infinitely scalable infrastructure. You can ramp up for a seasonal rush or pivot the entire company to remote work. This agility isn't just a convenience; it's a strategic defense against market shocks. • Punch above your weight. While your larger, slower competition is stuck in approval meetings and buried under legacy systems, you're already sprinting. You're delivering. You're reaching customers in places and ways they never expected. Digital agility is the ultimate equalizer. It isn't just about keeping pace; it's about setting a pace that your bigger rivals can't match. The Gritty Playbook: A No-Nonsense Guide 1. Define your "why." Before you consider a single piece of software, nail down the specific problem you are solving. Write it down as a clear, measurable goal: "We will cut time spent on manual invoicing by 50% within three months" or "We will increase our qualified sales leads by 25% this quarter by automating our follow-up process." 2. Take your digital pulse. Get a brutally honest assessment of where you are right now. This isn't a critique; it's your battlefield map. Here's how: • Inventory your tools. List all software, apps and platforms your business currently uses. What are you paying for? What's collecting dust? Where are the information silos? • Hunt for manual work. Walk through your core operations—from lead to invoice—and identify every point that requires manual data entry, a printed form or a copy-paste email. These are your prime targets for automation. • Survey the troops. Anonymously ask your employees: "What is the most inefficient or frustratingly repetitive task you do?" Their answers are a goldmine for identifying the biggest pain points and the easiest wins. 3. Think small, win big. Forget massive, multi-year "rip and replace" projects that drain morale and capital. Pick one thing. Automate one report. Digitize one form. Get a quick, undeniable win. This approach is your best weapon against a team's natural resistance to change, as it replaces fear with tangible proof of progress. Build momentum and earn the buy-in for the next step. 4. Go cloud-first. Your own servers are a relic. Embrace the cloud. It's flexible, secure and usually affordable. It's where all modern, collaborative software lives. No more monstrous upfront capital investments, just predictable operating expenses. 5. Arm your people: Your tech is only as good as the team that wields it. Upskill them without a formal training budget: • Host "lunch and learns." Have a team member who has mastered a new tool show everyone else how it works. • Use vendor resources. Most modern software providers offer extensive free video tutorials, knowledge bases and webinars. Make them part of the rollout. • Appoint "digital champions." Designate a tech-savvy person on each team as the go-to expert for new tools. This empowers them and supports their colleagues. 6. Lock down your digital doors. More digital means more vulnerability. Strong passwords, multifactor authentication and automated data backups are non-negotiable. Train your team relentlessly to spot phishing emails. A single data breach can destroy customer trust and a reputation you've spent years building. 7. Don't go solo; vet your guide. You don't have to become a tech guru. Lean on consultants or freelancers, but choose wisely. The cost of a bad partner is far greater than their fee; it's months of wasted time and money spent on wrong turns. Ask them pointedly: "Can you show me case studies for businesses my size and in my industry?" "How, specifically, will you measure the success of this project against our business goals?" "What does your support and hand-off process look like after we launch?" Why The Time To Act Is Now The digital future isn't some abstract concept on a PowerPoint slide anymore. It's here. It's gritty. For every SME that embraces it with purpose and pragmatism, it's not just about surviving another year—it's about fundamentally reshaping what's possible, grabbing a bigger slice of the pie and finally unlocking the true, human potential that's been trapped under a mountain of analog processes. The time for hesitation is over. It's time to jump in. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
Forbes
01-07-2025
- Business
- Forbes
Future-Proofing Fintech Companies With AI, Automation And Outsourcing
Thanh Pham is the CEO of Saigon Technology, a global software development company. Fintech development companies are under increasing pressure to support AI, automation and the growing demand for smarter, faster digital experiences. To stay competitive, they must innovate continuously. One way that many companies are working to achieve this is by outsourcing AI and machine learning (ML) development. This approach helps serve as a strategic driver for transformation, operational scalability and long-term resilience. In this article, we explore how organizations can ensure an effective approach to outsourcing AI/ML development to accelerate fintech growth. Outsourcing AI/ML Development To Accelerate Fintech Growth Fintech companies that outsource AI and machine learning development often find it as a strategic path to rapid innovation and scalable growth—without the overhead of building large in-house teams. Partnering with specialized software development firms can help fintechs unlock key advantages: • Access to top-tier talent across data science, natural language processing (NLP) and machine learning engineering. • Accelerated time-to-market through rapid prototyping, agile workflows and scalable resourcing models. • Reduced investment and risk, avoiding the high costs and long-term commitments associated with building internal AI teams. • Expertise in fintech-specific requirements, including regulatory compliance, cybersecurity and industry standards. In today's landscape—where digital experience is a key competitive differentiator—outsourcing has evolved from a cost-saving tactic to a strategic enabler of innovation and resilience. A Framework For Building High-Performance, AI-Driven Fintech Solutions Drawing from real-world fintech projects—including our work building an AI-powered financial advisory platform—I've found that five key elements consistently drive success when moving forward with this approach: Define clear business outcomes, from customer personalization to operational automation, and align them with long-term goals. In one project, this clarity helped accelerate development despite internal limitations in AI expertise and intense pressure to deliver a minimum viable product (MVP) quickly. A skilled technology partner with fintech-specific AI/ML capabilities, strong security practices and regulatory know-how can be the difference between delay and delivery. In our experience, outsourcing enabled rapid deployment of predictive models and automation of key processes like Know Your Customer (KYC), credit scoring and fraud detection. In today's digital economy, fintech success hinges not only on technological innovation but on building a resilient, scalable ecosystem through strategic partnerships. Leveraging cloud-native microservices allows for quick iteration, seamless integration and future-ready scalability. This architecture was critical in enabling the advisory platform to grow securely while maintaining resilience. Ethical AI practices and robust model governance frameworks are essential for regulatory compliance and long-term trust. Lifecycle management was key to maintaining model performance and transparency in the advisory platform rollout. Designing AI-driven experiences that are intuitive and user-focused ensures that the technology enhances—rather than complicates—the customer journey. Intelligent interfaces played a major role in building trust and engagement with the platform's users. How AI/ML Is Helping Fintech Today To illustrate the impact of AI/ML in action, here are examples of solutions helping fintech companies accelerate innovation and enhance operational efficiency: Fintech companies often struggle with large volumes of paper-based documents such as invoices, contracts and customer records. AI-driven optical character recognition (OCR) solutions help digitize these documents, enabling faster data retrieval, streamlined workflows and improved compliance tracking. Python-based NLP libraries, such as NLTK and spaCy, provide powerful APIs for tasks like text summarization, intent detection and similarity matching. Fintech platforms use these tools to enhance customer service chatbots, automate document review and personalize digital communications—all with minimal development overhead. While originally developed for healthcare use cases, image analytics and anomaly detection systems now play a growing role in fintech. Visual AI can power features such as ID verification and fraud prevention—bringing enhanced security and convenience to digital financial services. Leadership That Bridges Technology And Strategy Innovation isn't just about adopting the latest technologies—it's about aligning those technologies with business strategy to drive sustainable success. Effective leaders focus on building multidisciplinary teams, fostering a customer-centric mindset and continuously delivering value in a fast-changing digital economy. Beyond technology, innovation is about delivering strategic value that drives lasting success. Final Thoughts When it comes to AI and outsourcing, the goal shouldn't be to find a vendor and check a box. It's about finding a partner. A real one. If they aren't as obsessed with your goals as you are, the likelihood of failure increases. They need to get it—what you're building, why it has to be rock-solid secure and what it actually feels like for the person on the other end of the screen. However, it's also important to remember that the solution isn't to just outsource everything. That's a huge mistake. You have to know when to keep your cards close to your chest. Is the AI you're developing the actual secret sauce of your business, the thing that makes you unique? Then for goodness' sake, build it yourself. That's an investment in your own people that will pay back tenfold. The same goes for any project that has to mess with your ancient, sensitive internal data. The risk and the sheer headache of bringing in a third party just aren't worth it. At the end of the day, this "build versus buy" question is one of the big ones. It forces you to be honest about your team, your ambition and what the work really demands. Nail that decision, and you're not just staying in the game—you're getting ready to write the next rules for finance. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
Forbes
01-04-2025
- Business
- Forbes
Digital Transformation In Vietnam: Leading The Charge Into A Tech-Driven Future
Thanh Pham is the CEO of Saigon Technology , a global software development company. getty Vietnam's digital transformation is advancing rapidly. Its digital economy is growing over 20% per year, the fastest in Southeast Asia. The country is expected to rank among the top three in Southeast Asia and the top 50 worldwide in digital competitiveness and e-government development. As the CEO of a top software development company located in Vietnam, I've seen the country's ongoing digital transformation firsthand. With over 13 years of experience, we have established three advanced software centers to deliver cutting-edge solutions to global clients. I've seen how digital transformation in Vietnam is helping companies adopt new solutions. These solutions will improve their operations, provide better access to digital tools and resources, and spark more innovation. Vietnam's digital transformation strategy is a plan that will shape the country's future. It focuses on making Vietnam a leader in technology. The country's digitalization strategy is driven by the National Digital Transformation approved in 2020. This program has three key pillars: digital society, digital economy and digital government. Vietnam is investing in its digital future. The country has a potential $1.5 billion investment from SpaceX for Starlink satellite internet. As of October 2024, 88.7% of mobile subscribers in Vietnam used smartphones, and 82.3% of households had broadband fiber optic internet. The country's 4G coverage is 99.8%. This is important for the digital economy and better public services to flourish. But the plan isn't just about technology. A big part of this strategy is building a digital society. This means making online services easy to use for everyone. Pioneering Change: Vietnam's Public Sector Goes Digital Vietnam is rapidly advancing with its digital transformation efforts (led by the public sector), driving economic growth, connectivity and service efficiency. Transforming Public Services: A Digital Power In Action The public sector in Vietnam is using digital tools to improve services. The launch of e-government platforms is making accessing services easier. The National Public Service Portal is one such platform. It streamlines administrative processes with integrated public services and databases. This portal reduces the need to visit multiple offices in person. Individuals can log in to all public service portals at the national and provincial levels. The best thing is that they just need one account on They can then apply for online public services and send feedback anytime. These changes are part of the larger digital transformation in Vietnam. Fueling Growth: The Digital Economy Takes Center Stage Vietnam's economy is growing through digital transformation. The software and technology industry in Vietnam drive this growth. These centers help businesses innovate and improve. Digital tools are boosting production and making companies more competitive. Society is trending toward digital finance, e-commerce and smart production. This focus is helping Vietnam become a leader in the global tech world. Connecting Lives: Building A Digital Society Vietnam wants everyone to be part of its digital future. The country is running a project to boost digital literacy and train people for digital transformation by 2025 and has set long-term goals for 2030. The country is expanding high-speed internet and mobile networks as well. Deputy Minister Pham Duc Long stated that by 2025, Vietnam will have a wider, faster and safer internet. By 2030, 5G will cover the country. The goal is an inclusive digital society, ensuring everyone benefits from Vietnam's digital transformation. Catalysts Of Change: Sectors Leading Vietnam's Digital Revolution Vietnam is advancing rapidly in digital transformation, with finance leading the way. Vietcombank now uses AI and big data to improve customer service. Its VCB Digibank app comes with many advanced features, like in-app voice and video calls. Blockchain is modernizing the financial system. HSBC and Vietcombank completed Vietnam's first blockchain-based Letter-of-Credit transaction. As a result, they reduced processing time from days to just 27 minutes. Healthcare in Vietnam is improving with Industry 4.0 technologies. For example, the Central Endocrine Hospital (CEH) and VNPT are developing an AI-powered system to improve thyroid cancer diagnosis. The system analyzes ultrasound images. Based on the results, it determines if nodules are malignant or benign. Doctors can then make accurate diagnoses for effective treatment plans. Outsourcing Success: Navigating Digital Transformation In Vietnam Outsourcing the digital transformation in Vietnam allows business leaders to leverage the country's growing tech skills. This is how to make sure your journey is a success: • Understand The Goal Of Digital Transformation: Know your objectives. This is the first thing before you build a tech team in Vietnam. Are you aiming to improve how your business works or enhance customer experiences? Set clear goals to align with Vietnam ODC services. • Research And Select A Provider: Not every outsourcing provider is the same. Look for companies with experience in your industry. Check their history and reviews. Make sure they can meet your needs. • Set Clear Expectations: After choosing a provider, set clear expectations. Outline what work you want them to do and when. This helps keep the project on track. • Develop A Contract: Create a strong contract to protect your interests. It should cover rights and penalties for missed deadlines. • Stay In Touch: Keep in contact with your provider. This helps ensure the project moves forward as planned. • Monitor Progress: By keeping an eye on milestones, you can catch problems early and fix them. • Ensure Quality Assurance: Do not lower your standards. Check the quality at every stage to make sure the final product meets your needs. • Review And Iterate: When the project ends, review the results. Look for ways to improve for future projects. This approach ensures long-term success in digital transformation in Vietnam. Final Thoughts There have been great strides in bringing about digital transformation in Vietnam. Understanding these changes will help business leaders see Vietnam's future potential. With the nation positioning itself as a leader in the digital world, it will be interesting to monitor Vietnam's progress as it continues on in its digital journey. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
