20231019

<Tech Trend>The Pace of Digital Transformation

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Digital transformation is an important issue faced by enterprises, especially after the epidemic, which has accelerated enterprises' attention to digital transformation. According to the statistics, more than 90% of Hong Kong companies put digital transformation as their top priority. Digital transformation refers to the use of digital technology and information technology by enterprises to change their business models, operational processes, products and services. It can bring a variety of benefits, including streamlining workflows, reducing costs and creating new business models. 

Digital transformation can include several aspects of transformation. The first is to use the latest communication technology, such as instant messaging tools like Microsoft Teams and Zoom, which can greatly improve the efficiency of internal and external communication. Secondly, electronic payment and electronic payment platforms are increasingly widely used in Hong Kong, from traditional Octopus and credit cards to emerging Apple Pay, Alipay and WeChat Pay. This is an essential transformation for retailers. For online stores, online shopping has become an irreversible trend, and physical stores will transform into online stores in the next few years. For small retailers who have just started their business, online stores can bring higher profits than physical stores and rely on digital technology to support the entire business process. Finally, there are big data, cloud and artificial intelligence. These technical solutions can improve the business performance of company effectively. 

Although companies recognize the importance of digital transformation, fewer companies are actually implementing it than expected. According to the statistics, although 90% of the companies surveyed regard digital transformation as a top priority, less than 30% actually formulate and implement internal plans. Another statistic shows that only 7% of companies in Hong Kong are leading digital transformation, lagging behind 11% in the Asia-Pacific region. Analysis shows that most businesses that do not successfully implement digital transformation face several issues. Firstly, enterprises are limited by traditional frameworks, especially those that have achieved success, and are worried that they will not be able to achieve the same results after transformation. Secondly, there is a shortage of talents. Digital transformation requires a large amount of talent support. Thirdly, companies lack persistence, and it takes time to implement transformation. Some companies may not be able to persist and choose to continue operating in traditional ways. 

Digital transformation can theoretically increase the competitiveness of an enterprise, but each situation of enterprise is different. Before planning or making a decision to transform, you must evaluate whether the current company's situation is suitable for transformation.


Ringus Solution Enterprise Limited 


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Ringus Solution Enterprise Limited
HANTEC I.T.
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Units 1817-1820, 18/F., Tower 1, Grand Century Place, 193 Prince Edward Road West, Mongkok, Kowloon, HK

 

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