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Fintech firm steps up efforts to drive China's digitization

By Fan Feifei | chinadaily.com.cn | Updated: 2021-11-09 11:26

Han Xiangdong, CEO of Beijing Yuannian Technology Co Ltd. [Photo provided to chinadaily.com.cn]

Beijing Yuannian Technology Co Ltd, a provider of financial management software and services designed for enterprise information management, is speeding up efforts to help accelerate the digital transformation of Chinese enterprises.

The digital transformation is driven by a new generation of information technologies, including big data, cloud computing, artificial intelligence and internet of things, said Han Xiangdong, CEO of Yuannian Technology, while highlighting the importance of the data-driven transformation in enterprise management.

Han said digitization has greatly helped companies optimize the business process and improve management efficiency, and also revolutionized the communication modes between customers and enterprises as well as the internal management and operation model of enterprises, thus creating new business models.

Nowadays, more and more companies have recognized that digital technologies have become an important driving force for the transformation of enterprises.

According to Han, Yuannian Technology has established its own Platform as a Service (PaaS), which plays a vital role in promoting the digital transformation of enterprises, and solving the problems of the management of several cloud platforms. It has been applied in the fields of real estate, retail, finance and energy.

PaaS is a cloud computing model in which a third-party provider delivers hardware and software tools — usually those needed for application development — to users over the internet. A PaaS provider hosts the hardware and software on its own infrastructure.

Han said the biggest problem for enterprises is how to combine technologies, such as the underlying cloud platform and artificial intelligence algorithm technology with business management.

Yuannian Technology has been engaged in management accounting for nearly 20 years, and stepped up efforts to expand its presence in the digitization of enterprise management in recent years.

According to market consultancy International Data Corporation, the worldwide public cloud Infrastructure as a Service (IaaS) and PaaS market is forecast to have revenues of $400 billion in 2025 with a compound annual growth rate of 28.8 percent during the 2021-25 forecast period.

By 2022, IDC anticipates that almost half of an enterprise's products and services will be digital or digitally delivered, increasing business reliance on infrastructure such as computing, storage and networking, to support more than just traditional business applications.

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