Strategies for innovation to adapt and seize opportunities by enterprises
- 201
- Enterprise
- 11:16 20/07/2024
DNHN - Our businesses have affirmed creativity and flexibility through applying innovative strategies, enhancing competitiveness. Therefore, the business community is well aware of the importance of innovation to adapt and seize opportunities.
With today's innovative strategies, it is not only a trend but also a necessity for businesses to survive and develop in an increasingly competitive business environment. Businesses are actively applying advanced methods such as digital technology, automation, and sustainable development to enhance productivity, optimize production processes, and create new products/services to meet market demand quickly. At the same time, these strategies also aim to seize opportunities from changes in the lifestyle and consumer thinking of modern consumers, thereby expanding the market and increasing profits.
One of the important innovative strategies that Vietnamese businesses have implemented is focusing on improving quality and innovating products and services. Instead of just focusing on producing cheap goods, businesses have invested in research and development to create high-value-added products and services, meeting the increasingly diverse needs of customers. At the same time, businesses also create differentiation with competitors by applying advanced technology and creative design. This helps them attract and retain customers, while enhancing brand value and competitiveness in the market.
Businesses have also seen the importance of innovation in production and management processes. By applying new technologies and advanced processes, businesses have enhanced production efficiency, minimized waste, and increased flexibility in production processes. For example, applying automation and artificial intelligence in production processes helps improve efficiency and product quality, while minimizing errors and production faults. Additionally, businesses have used advanced management technologies to optimize work processes, enhance data analysis and management capabilities, thereby making accurate and quick strategic decisions.
Not only innovating in products and processes, Vietnamese businesses are also promoting innovation in business models. Instead of just focusing on traditional sales, businesses have expanded their business scope by developing digital services and creating online platforms. This helps businesses reach many customers and new markets, while enhancing interaction and access to information. Businesses also leverage the power of social networks and media platforms to promote and build brands. Moreover, innovating business models also includes establishing strategic partners and participating in supply chains to leverage resources and expertise from partners.
Furthermore, an important factor in the innovative strategy of Vietnamese businesses is focusing on human development. Businesses recognize that to successfully implement innovative strategies, they need a workforce with appropriate knowledge and skills. Therefore, businesses have invested in training and developing employees, while building a working environment that encourages creativity and innovation. Innovation does not only come from technology but also from people, and Vietnamese businesses have clearly recognized this.
Vietnamese businesses have shown flexibility and creativity in applying innovative strategies to enhance competitiveness and sustainable development. From innovating products and services, production and management processes, to business models and human development, businesses have seized opportunities and challenges to achieve success. With these efforts, Vietnamese businesses are contributing to building a strong economy and promoting sustainable development in the new era.
Nghe Nhan
Related news
#strategy
Why do Vietnamese businesses need an ESG strategy to maintain success?
The implementation of ESG (Environmental, Social, and Governance) standards is identified as the key to business success for Vietnamese enterprises.
“Greener” with carbon credits
Experts from the School of Business, RMIT University Vietnam, emphasized that establishing a mandatory carbon credit trading platform is crucial for the national environmental strategy.
Strategies for cost management to benefit businesses
In an increasingly competitive and demanding business environment, reducing management costs plays a crucial role in the success of a company. Here’s why businesses should focus on reducing management costs.
Practical applications of carbon credits in the economy. Part XI: Bridging policy and strategy for the carbon credit market
To develop the carbon credit market, the Government and businesses must improve cooperation and communication. The Government needs to provide clear policies, while businesses must adopt emission reduction strategies and leverage carbon credits.
Bac Giang has developed a strategy to increase the consumption of lychee and other essential agricultural products, particular in 2022
To promote lychee consumption in domestic and international markets, as well as to promote and introduce the province's key products, characteristics, and potentials, the Bac Giang provincial People's Committee has recently implemented a plan to organize the promotion of lychee consumption and key agricultural products in 2022.
Đọc thêm Enterprise
Institutional obstacles "tie up" enterprises and challenge economic growth
During a session discussing the 2024 socio-economic development plan, National Assembly deputies emphasized that institutional barriers remain a significant "obstacle" for businesses.
More than 1,000 new real estate businesses established in Ho Chi Minh City, transactions grow
In the first nine months of 2024, Ho Chi Minh City's real estate market witnessed the establishment of over 1,000 new businesses and recorded 1,600 property transactions, signaling a positive recovery trend.
Foxconn expands investment with additional $80 million for chip production in Bắc Giang
Shunsin Vietnam Technology Co., Ltd., a subsidiary of Foxconn, will invest an additional $80 million in Quang Chau Industrial Park in Bắc Giang Province to manufacture chips.
Developing an ecosystem to support sustainable business for SMEs
A new draft circular from the Ministry of Finance is designed to promote sustainable business activities in the private sector.
Dr. Nguyễn Văn Thân, Chairman of Vinasme: The 15-17% preferential tax rate fails to truly support small and micro enterprises
Dr. Nguyễn Văn Thân, Chairman of Vinasme, argues that the proposed 15% tax rate for micro enterprises and 17% for small enterprises lacks sufficient appeal.
Vietnam emerges as a new hub in the global semiconductor industry
Amid the backdrop of the Fourth Industrial Revolution, Vietnam is rising as a new semiconductor industry hub.
Numerous policies supporting businesses in opening shipping routes through Nghi Sơn Seaport
Nghi Sơn Seaport is capable of handling vessels with a capacity of up to 100,000 tons and can manage hundreds of millions of tons of cargo annually. It features numerous general-purpose docks, specialized berths, and a well-planned logistics system.
Corporate bond fundraising faces numerous challenges
The corporate bond market is emerging as a vital capital-raising channel, particularly with the rise of large enterprises.
What should real estate businesses do during a recession cycle?
When the real estate sector enters a recession cycle, businesses in the industry face significant challenges.
Textile and garment exporters fully booked until year-end
The chairman of VITAS is confident that this year's textile and garment export turnover will definitely reach the target of $44 billion, despite the challenging global economic backdrop.