CEO of Saigon Co.op: should not touch financial and resource limits

Mr. Nguyen Anh Duc, General Director of Saigon Co.op shared at the forum - Photo: HK

The Vietnam CEO Forum 2024 was recently held in Ho Chi Minh City, attracting the participation of thousands of CEOs and senior managers across the country.

Here, Saigon Co.op General Director Nguyen Anh Duc shared his experience on innovations in the retail market.

Mr. Nguyen Anh Duc said that in the retail industry there are different signs to recognize that a business needs to change, which is comparing itself with "competitors" in the same field and also comparing with people outside the field according to a certain ratio of business growth.

If Reno (Renovation) is understood as innovation, Ino (Inovation) means creating new models. In that context, businesses will choose which suitable model and evaluate how this affects their sustainable development.

If the situation becomes urgent to Inno (improve - PV) and innovate for the survival of that business.

According to Mr. Nguyen Anh Duc, culture sometimes needs improvement and reform, but it needs to go in depth, that is, it is necessary to distinguish what needs to be retained so as not to lose its essence.

Mr. Duc explained that Inno is setting new limits, carrying old cultural values ​​but serving a higher segment. "What should not be touched is financial and resource limits," the CEO of Saigon Co.op noted.

Is there any way to minimize risks for small and medium enterprises? Mr. Duc believes that innovation or reform does not have a common formula but has common steps.

"A business needs to be placed on a map made up of 6 pieces: resources - culture, business model, data, technology, strategy and action. Create your own strategy based on the elements you have," Mr. Duc explained.

To know whether the strategy is correct or not, Saigon Co.op's leaders believe that there are 3 aspects in the journey of improvement or reform, including: people directly affected (ie customers), increasing sales and internal operations.

All aspects are implemented simultaneously, but the destination of each stage must be prioritized. If the customer receives better value, that is the right action.

What "SOS signal" forces businesses to Ino ? The General Director of Saigon Co.op believes that businesses will rely on the saying: "When you observe and see that the rate of change outside is higher than inside", that is the sign to Ino or Reno.

There are also tools such as: daily and hourly observation data; growth rates related to trade, comparison rates of each competitor. The more urgent the level, the more drastic the change must be...

With the theme "Innovation or reform - what really creates sustainable growth", the Vietnam Business Forum 2024 attracted more than 1,000 business leaders to participate.

Faced with the challenges of the international context and the development trend of AI technology, Vietnamese enterprises must seek new, sustainable growth models that create added value based on innovation.

Because, if following the old "track", innovation only helps businesses expand the track, increase speed at a limited level. Therefore, there needs to be new movements for businesses to change in organization and operation to create many breakthroughs.

Source: https://tuoitre.vn/ceo-saigon-co-op-khong-nen-dung-vao-gioi-han-tai-chinh-va-nguon-luc-20240823153046024.htm