Opportunity looms as enterprises turn to homegrown tech

Time: 2019-08-28
Summary: chairman of Yonyou Network Technology Co Ltd

China's domestic software industry is on the cusp of a strategic opportunity, as local enterprises increasingly embrace homegrown cloud computing to accelerate digital transformation, said Wang Wenjing, chairman of Yonyou Network Technology Co Ltd.

"The enterprise software market is facing huge historical opportunities amid the current trend of digitalization, localization and globalization," Wang said.

According to him, homegrown software and cloud service providers are now at the forefront of the world in terms of innovative products and services for next-generation technologies.

As local companies consider shifting to cloud services to accelerate digitalization and achieve industrial upgrades, they also increasingly embrace domestic platforms over foreign ones amid concerns over information security, Wang said.

"Nowadays, moving business to the cloud is an important way for companies to push forward digital transformation. Yonyou will build a cloud-based application platform where companies can access different software to meet their specific needs," Wang added.

Founded by Wang in 1988, Yonyou is best known for its accounting software in China, where the Beijing-based company accounted for 24.6 percent of the local market last year. Later, its business expanded to more management software products, including enterprise resource planning.

In the first half of this year, Shanghai-listed Yonyou recorded about 3.3 billion yuan ($461 million) in revenue, up 10.2 percent year-on-year. Specifically, its cloud service revenue surged 114.6 percent year-on-year.

As a leading software company in China, Yonyou has great advantages in enterprise application services. "We have a professional track record, a big customer base, sales channels, talented staff with ability and experiences and our brand," Wang said.

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