No recent event has been quite as disruptive as the ongoing COVID-19 pandemic. While the business sector as a whole has been hit hard by the outbreak, a few companies have used this crisis point as an opportunity to finally pursue digital transformation.
Only a year prior, digital transformation stumped most organisations. While it was a stated priority for over 90% of Hong Kong companies, 59% lacked an internal roadmap to make digital transformation happen. [1]
The pandemic’s disruptive effects may have forced their hand. In the face of increasing job cuts, dropping retail sales and a record HK$57 billion in relief loans or repayment extensions [2], digital transformation and its benefits have provided many companies with a much-needed lifeline, helping them address key business areas like the following:
- Customer Engagement: Restricted movement and supply chain issues have forced companies to rethink how they serve their customers – and digital solutions have provided elegant and cost-effective solutions. The online reservation service for surgical masks[3] and staff-run ecommerce shopfronts from a health care and beauty care chain store[4] are just a few examples of the pandemic-driven boom in digital customer engagement solutions. [5]
- Business Continuity: Post-COVID-19, a successful business depends on their ability to shift functions online and into the cloud. Increased uptake of work-from-home policies has increased the use of video conferencing tools, which saw its userbase climb from 10 million in 2019 to over 300 million users today. [6]
- Operational Efficiency: As the pandemic forces companies to do more with less, technological fixes must be found to improve internal efficiencies – for instance, using Robotic Process Automation (RPA) to take on simple and tedious tasks. Even conservative industries like banks have begun adopting digital technology for core processes, like online document submission and electronic know-your-customer (eKYC). [7]
Common factors aside, no “one-size-fits-all” approach exists for digital transformation – every company must find its own pace. Digital transformation is a journey, not just a destination. Decision-makers who feel uncomfortable with machine learning, for instance, might happily take on RPA, expanding adoption of other technologies in increments as they go. Different companies will have different maturity levels in terms of digital transformation. It’s very important to have management to drive it, and also an organisational culture that supports the initiative.
As Your Business Innovation Partner, FUJIFILM Business Innovation Hong Kong can help companies determine the proper pace and scope for their digital transformation initiatives, while supplying the business solutions that make it happen. If the COVID-19 pandemic has made digital transformation inevitable, FUJIFILM Business Innovation Hong Kong can ensure the process goes in the direction that yields optimal results.
Reference:
[1] "Unleashing the Potential of Digital Transformation." Workday. Workday, Inc., 2020. https://www.workday.com/content/dam/web/hk/documents/other/ig-idc-digital-transformation-beyond-dysfunction.pdf
[2] Liu, Nicolle. "Hong Kong warns of more severe economic hit from coronavirus." FT.com. Financial Times, April 5, 2020. https://www.ft.com/content/4d828bd6-8f98-47a4-9f22-61045f73e95d
[3] Lim, Amanda. "Digital acceleration: A.S. Watson underlines importance of its digital investments amid COVID-19 outbreak." CosmeticsDesign-Asia.com. William Reed Business Media Ltd., April 1, 2020. https://www.cosmeticsdesign-asia.com/Article/2020/04/01/A.S.-Watson-underlines-importance-of-its-digital-investments-amid-COVID-19-outbreak
[4] Ng, Eric. "Hong Kong retailers turn to staff-run online shops to boost sales hit by protests, Covid-19 pandemic." South China Morning Post. South China Morning Post Publishers Ltd., May 4, 2020. https://www.scmp.com/business/companies/article/3082650/hong-kong-retailers-turn-staff-run-online-shops-boost-sales-hit
[5] Huang, Claire. "Coronavirus: Boom time for digital services and e-commerce in Hong Kong as people stay home." Straits Times. Singapore Press Holdings, March 27, 2020. https://www.straitstimes.com/asia/east-asia/coronavirus-boom-time-for-digital-services-and-e-commerce-in-hong-kong-as-people-stay
[6] Bursztynsky, Jessica. "Zoom shares pop after users grow from 200 million to 300 million in a matter of days." CNBC.com. CNBC LLC, April 23, 2020. https://www.cnbc.com/2020/04/23/zoom-shares-pop-after-users-grow-from-to-300-million.html
[7] Dahl, Jacob et al. "Lessons from Asian banks on their coronavirus response." McKinsey.com. McKinsey & Company, March 25, 2020. https://www.mckinsey.com/industries/financial-services/our-insights/lessons-from-asian-banks-on-their-coronavirus-response
Alan Chan
Director, Marketing
FUJIFILM Business Innovation Hong Kong
Alan Chan is the Director of Marketing at FUJIFILM Business Innovation Hong Kong Limited. He is an innovative and visionary marketer with extensive experience in business management and marketing.
Alan believes that innovation-directed and honed by effective leadership-can revolutionise an organization. He leads with vision, but keeps his feet firmly grounded by managing through data.
Alan's experience in both global enterprises and local companies has enhanced his understanding about the requirements of customers, as well as giving him a unique, holistic perspective of market needs that he draws on to deliver value to customers. Whilst at FUJIFILM Business Innovation Hong Kong, he has led the drive to leverage the use of different technologies to enable clients' success through digital transformation.