The new page of digital globalization
CITIC Telecom CPC’s Hong Kong Solutions Day 2019 earlier this July gathered top experts from the technology and different industries to explore the boundless possibilities of smart technologies for Hong Kong
Smart technologies have turned a new page in today’s flourishing digital world, many enterprises are now realizing the fundamental opportunities and possibilities which digital transformation presents, and are eager to keep up with their fierce competitors, leading to a trend of digital globalization.
Kick starting the solutions day is Jacky Kwok, Chief Commercial Officer, CITIC Telecom CPC, shared on how digital globalization is happening on both a global and local scale. “Digital transformation is taking off, and we have seen an explosion of global data volume. A research estimated that there will be a 5.3 times digital data growth from 33 ZB to 175 ZB by 2025,” said Kwok.
“This will produce tremendous opportunities for businesses. For context, global e-commerce sales grew by 13% annually, and have surged to a whopping $29 trillion in 2017 (UNCTAD). This is possible due to many new innovations which have enabled short-cuts such as smarter logistic systems that are superior in speed, flexibility, and sustainability,” continued Kwok.
Next, Rob Koepp, Director, The Economist, shared on the keynote topic of how Asia’s digital economies are ushering in a new era. “Asia’s digital landscape is changing rapidly. When you purely look at internet penetration, Asia is behind, but if you take into account the number of population, you can see that the concentration of the global internet citizenry has shifted decisively to Asia,” said Koepp.
Looking at the inclusive internet index of 2019, Asian countries such as China only rank at no. 42, nowhere near the top of the list, but Koepp looks at this another way. “These figures reflect that Asian countries have huge potential for growth in regards to digital transformation. China in particular has been experiencing a huge expansion of e-commerce, showing signs of domesticated growth. Chinese smartphone brands sales are up 71%, and brand quality and marketing sophistication are also improving,” continued Koepp.
Smart technologies can have a massive impact on businesses in all walks of life. Understanding this, G2000 (Apparel) Limited have elevated their customer service quality and experience to a whole new dynamic. “We are proud to introduce our ‘BLAACK Made-To-Measure (MTM)’ customized suit service empowered by the new technology. With this new technology, the system can capture up to 200 measurement points in just seconds, providing more accurate and faster measurement experiences for customers. Today, technologies are changing so fast and competition is so fierce that it is essential for companies to keep up. With that being said, we are also aware of the importance of data security, which is why we have chosen CITIC Telecom CPC’s information security services to protect our data and to win customers’ full confidence,” said Andy Wong, CIO, G2000 (Apparel) Limited.
Although exploring new technologies are important, one must exert great diligence when doing so, as there may be many potential challenges and threats ahead. Daniel Kwong, Chief Information & Innovation Officer, CITIC Telecom CPC, shared on how data security is paramount in any new technology. “Do you know how many data records are lost or stolen every day? Brace yourselves, it is a whopping 6 million records. Traditional network and application level security tools are no longer effective, and are prone to surgical assaults from various viruses, worms, and Trojans,” said Kwong.
“AI, Blockchain and IoT are popular new areas that are explored by many today, but being so complex, you must have sufficient cybersecurity and good technology, on top of an advanced security infrastructure and great compliance in place for it to work, and we provides planning and design such as vulnerability assessment service that is coupled with a range of prevention, detection and correction information security solutions to ensure that our clients have a seamless technological experience,” said Kwong.
A riveting panel discussion between the guest speakers also took place during the event, examining the fundamental issue of how digital decisions should be made for globalized businesses. “Amidst today’s digital globalization, embracing new technologies is inevitable to stay competitive, but it must be done step by step and cannot be rushed, putting in place proper infrastructure and talent management to execute these technologies,” remarked Kwong.
Diego Xu, Sales Director, South East Asia, MEGVII, concured. “Many companies simply look at the return these technologies provide, tempted by the examples of successful companies, but they must also realize that a lot of work are put in behind the scenes to contribute to this,” said Xu.
Vincent So, Chairman, Hong Kong Retail Technology Industry Association, also encouraged companies to do proper research before executing. “Say ‘yes’ to new ventures, but back them up with proper support and don’t be overshadowed by the desire for prompt results,” said So.
Daniel Yuen, COO, OpenCertHub, reminded companies that synergy is paramount in times of digital globalization. “Everyone needs to have high DataQuotient to make intelligent use of data to compete in today’s digital world,” said Yuen.
Last but not least, Frank Yam, Chairman & CEO, Focus Strategic Group Limited, stressed the importance of exchange and cooperation for digital globalization. “Digital transformation on a global scale is a long and complex path, and we are only at the beginning of the road. To succeed, we must join hands and excel together,” said Yam.
Digital transformation has come a long way. Today, it has reached a point where it has a substantial impact on our world, leading to digital globalization. However, how we choose to move forward is entirely up to ourselves. Food for thought.