Two in three (66%) business leaders in Hong Kong believe they need to transform into a digital business to succeed in the new economy, but only 22% have a full digital transformation strategy, research from Microsoft indicates.
A survey of business leaders in Asia found that while 50% of Hong Kong respondents are in progress with specific digital transformation initiatives for selected parts of their business. 28% of respondents have very limited or no strategy in place.
Six in ten Hong Kong business leaders also agree that new data insights can lead to new revenue streams for their organizations.
In addition, 70% believe that cloud computing and the falling cost of devices have made it more affordable for customers of any size to transform digitally.
But business leaders believe that the top five barriers to digital transformation are a lack of organizational leadership; a lack of supporting government policies and ICT infrastructure; cyberthreats and security concerns; lack of digitally skilled workforce; and an uncertain economic environment.
“The Microsoft Asia Digital Transformation Study has shown that business leaders have started to act on the need for digital transformation to address the challenges and opportunities of the 4 th Industrial Revolution in the region,” Microsoft Hong Kong GM Horace Chow said.
“We urge organizations of all sizes to digitally transform themselves amidst changing demands externally and internally, to stay relevant. At Microsoft, we believe this involves transformation in four key pillars – empowering employees, engaging customers, optimizing operations and transform with new products, services or business models, and data and the cloud are key enablers of these.”
A separate Microsoft Asia Pacific survey found that 85% of IT leaders in Hong Kong believe that in the longer term, the cloud will be safer.
“People don’t use technology that they don’t trust. This is a golden rule that applies to organisations and individuals alike as we live in a mobile-first and cloud-first world,” Chow said.
“Ensuring security, privacy, and compliance are key to enabling businesses to carry out digital transformation with confidence. With the rise of mobile workers introducing new devices, apps, and data into organizations today, protecting sensitive company data requires a new and integrated approach, all of which we have invested in significantly.”