Governments and companies across the globe are realizing the essential opportunities and possibilities afforded by digital transformation. Many enterprises are now working actively to keep pace with their competitors. This has lead to a trend of digital globalisation.
At a recent event held in Hong Kong, an expert discussed how digital globalization is happening on both a global and local scale. Digital transformation is taking off, and the world is seeing an explosion of global data volume.
Research estimates that there will be a 5.3 times digital data growth from 33 ZB to 175 ZB by 2025. This will produce tremendous opportunities for businesses.
For context, global e-commerce sales grew by 13% annually, and have surged to a whopping US$29 trillion in 2017 (UNCTAD). This is possible due to many new innovations which have enabled short-cuts such as smarter logistics systems that are superior in speed, flexibility, and sustainability.
Another expert noted that Asia’s digital landscape is changing rapidly. When observing internet penetration specifically, Asia is behind. However, when observing population size, it is evident that the concentration of the global internet citizenry has shifted decisively to Asia.
Looking at the inclusive internet index of 2019, Asian countries are nowhere near the top of the list. However, these figures reflect that Asian countries have a huge potential for growth in regards to digital transformation.
Smart technologies can have a massive impact on businesses in all walks of life. Thus, while exploring new technologies is important, Hong Kong enterprises must exert great diligence when doing so, as there may be many potential challenges and threats ahead.
One expert shared how data security is paramount in any new technology. He noted that traditional network and application-level security tools are no longer effective, and are prone to surgical assaults from various viruses, worms, and Trojans.
AI, Blockchain and IoT are popular new areas that are explored by many today. However, being incredibly complex, enterprises must have sufficient cybersecurity and good technology, on top of advanced security infrastructure and great compliance in place for it to work.
Also examined was the fundamental issue of how digital decisions should be made for globalized businesses. It was noted that amidst today’s digital globalization, embracing new technologies is inevitable to stay competitive. However, it must be done step by step and cannot be rushed, putting in place proper infrastructure and talent management to execute these technologies.
One expert concurred that 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 is put in behind the scenes to contribute to this.
Another pundit said companies must do proper research before executing; encouraging them to Say ‘yes’ to new ventures that must be backed with proper support and shouldn’t be overshadowed by the desire for prompt results.
Companies were reminded 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.
One expert stressed the importance of exchange and cooperation for digital globalization. Digital transformation on a global scale is a long and complex path, and the world is only at the beginning of the road. To succeed, everyone must agree to join hands and excel together.
There is no denying that digital transformation has come a long way. In its current state, it has reached a point where it has a substantial impact on the world. This has led to digital globalization. However, the path that is still to be forged is entirely dependent on the choices we make as a global civilisation.