One of the biggest challenges facing businesses in Hong Kong is the need to adapt to the expectations of digital-savvy customers. Technology blogger Bernard Marr notes that businesses that manage to drive successful digital transformation understand that it involves incorporating the customer experience. This necessitates businesses to invest in digital technologies that enable them to provide a seamless and convenient customer experience, regardless of the channel.
Staying up-to-date with new payment methods is another challenge faced by businesses in Hong Kong. Traditional payment methods such as cash and credit cards are being replaced by digital payment methods such as e-wallets and mobile payments. PwC report in 2021 predicted that the volume of cashless transaction will more than double by 2030, implying that businesses must keep pace with the trend by offering more convenient payment options to avoid being left behind.
Regulatory requirements are also changing in response to digital transformation. Businesses must stay current with changing regulations and ensure compliance with new requirements. According to Kate Lister, the President of Global Workplace Analytics, it is expected that 70% of workforce will work remotely by 2025. Therefore, it is crucial for businesses to prioritise compliance, cybersecurity and data privacy, especially as businesses gather and utilise more customer data. This underscores the importance of ensuring that all remote work arrangements are secure and compliant with data privacy regulations to protect sensitive information from potential cyber threats.
Notwithstanding the challenges, what is your opinion on the role of technology in improving efficiency and reducing costs? The use of technology is crucial for businesses to improve efficiency, reduce costs, and remain competitive in today’s market. By investing in technology and innovation, companies can streamline their operations, automate processes and reduce the need for manual labour, thereby cutting down expenses. Even small businesses need to keep up with consumer demands and disruptive competition by leveraging technology to offer fast and convenient services accessible through multiple channels. Overall, technology plays a vital role in helping businesses operate more efficiently and cost-effectively.
Digital transformation can be a game-changer for businesses, helping them discover new revenue streams. Given that almost 70% of customers compare prices before making a purchase, it is necessary to have a good grasp of competitive pricing points. Utilising data-driven strategies and AI-based technology can help businesses offer customers reasonable costs. Moreover, by leveraging data and analytics, companies can gain insights into customer behaviour and preferences, which can be used to create new products and services that align with customer needs.
In conclusion, digital transformation offers both challenges and opportunities for businesses in Hong Kong. Businesses can unlock new revenue streams, reduce costs, and provide a seamless customer experience by embracing digital technologies and adopting a strategic approach, collaborating with trusted partners and vendors, and keeping pace with evolving regulations and customer expectations. At HKBN Enterprise Solutions, we recognise the significance of innovation and collaboration in navigating digital transformation. We offer IT・Simplified, a one-stop-shop technology enablement service for general business; and AegisConnect, the all-in-one carefree network solution for corporates connectivity redefined with Reliability + Transparency, to help businesses address the challenges of digital transformation. With the right strategy and mindset, businesses in Hong Kong can thrive in the digital era and remain competitive in an ever-changing world.
