Businesswomen Embrace Technology for Development

10:48:44 AM | 25/6/2019

The Fourth Industrial Revolution or Industry 4.0 has opened up plenty of opportunities for businesses, including women-led businesses. Technology helps businesswomen narrow the gap and integrate more deeply into the world economy.

200% effort

Technology 4.0 not only changes the way of operation and communication, but also changes the system of human resources when machines are applied more. The popularity of technology also makes the market more open and consumers can access many brands as well as various goods. That means stronger competition in the market. To obtain success in the Industry 4.0 era, women-owned businesses need to work with 200% of their capacity as compared to men as they have to adapt to social changes and constantly update new techniques and technologies, while these fields seem to be the forte of men.

Ms. Pham Hoang Lan, Director of Hoabinhgroup, said, “Technological Revolution 4.0 brings a wealth of challenges to enterprises in general and women entrepreneurs in particular, not just the application of advanced technology to production and business activities, but also competitiveness in an increasingly open market. Currently, many women-owned businesses still lack knowledge of laws, technology and applied techniques, so their scale are quite small and unlikely to be upgraded to enterprises. Even, when they become enterprises, their operations are no longer effective again.”

VCCI statistics show that more than 30% of production and business entities in Vietnam are owned by women, ranking top in Southeast Asia and sixth out of 54 countries with highest rate of women-led businesses in the world. Many women-led companies have achieved impressive business results, including Truong My Lan - President of Van Thinh Phat, Nguyen Thi Phuong Thao - CEO of Vietjet Air, Thai Huong - Founder of TH True Milk Group, Cao Thi Ngoc Dung - President of PNJ Corporation, and Nguyen Thi Nga - Chairwoman of BRG Group. They have built, administered and operated leading brands in Vietnam and elevated their brands to the world class. However, a majority of women-owned businesses are still classified small or medium in scale. If they master technology, women-led companies can absolutely boost their production and business scale.

How to capture the opportunity?

Dr. Duong Kim Anh, Deputy Director of the Vietnam Women's Academy, said, “The digital era will open up many opportunities to develop the knowledge economy and new business forms. This is an opportunity for women. So, instead of worrying, women need to boldly change and take initiative in seizing opportunities.”

With the popularity of the internet and other modern technology applications that increase access to information, resources, materials, partners and customers, women have more opportunities to start a business.

However, in order for a businesswoman to grasp opportunities, make breakthroughs and achieve success, it is not only necessary to have reasonable support policies from the government, the care, support and understanding from their families, but also necessary to have their own effort and desire to acquire and embrace new technologies.

“Technology has made the path to business success much faster than the conventional business path. This does not mean we deny traditional business practices. But, in the digital age, businesses must always update and change business strategies in order to catch up with the new context,” said Ms. Nguyen Thi Tuyet Minh, Chairwoman of the Vietnam Women Entrepreneurs Council.

Concurrent with Ms. Minh, Nicholle Linder F Fin, Director of Financial Technology and Services Asia Pacific, said, “Women should be encouraged, especially the youth, to improve their capacity with professional training courses. Having good training, learning programming and getting familiar with technologies helps women gain more knowledge, skills, confidence and network of relationships to build their companies.”

However, to capture the opportunity, businesswomen not only need to apply modern technology to production, business and management activities, but also protect and promote traditional values.

More than 30% of Vietnamese factories and companies are women-led, ranking top in Southeast Asia and 6th in the world.

Ms. Ninh Thi Ty, President of Ho Guom Group, stressed that women need to integrate many factors to start successful businesses, including care, intelligence and prestige. They need care for their employees and for community and society. Intelligence enables them to find their own way for their businesses, not follow the crowd. And, prestige, as usual, is the most important factor in business as it determines the success or failure of the whole business.

Needless to say, Technological Revolution 4.0, despite posing a lot of challenges, is also an opportunity for sharp, resilient and industrious women to go beyond their capacity. The application of modern technology plus the preservation and promotion of traditional values ​​will help strengthen business development led by women and affirm women’s role as one of the two powerful labor forces of the world.

Giang Tu