Resilience and agility are keys to sustainability and resilience in the changing market, experts say
Companies must not only respond quickly to changing conditions in the market but also collaborate to create meaningful impacts.
Sustainability and resilience are becoming increasingly important in today's fast-paced business world. Companies must not only adapt to the changing market but also be prepared to overcome any obstacles that may arise. In order to stay ahead of the competition, companies must develop resilience and agility, which will give them a competitive edge in the long run.
Deloitte Partner Falcon Chan, who also works as a leader of the company’s M&A Consulting Services in Southern China, has been advising multinational corporations, private equity funds, and Asia-based conglomerates across various sectors. He pointed out that organisations have already invested in ways to make their businesses future-proof. However, they will continue to face challenges in market access and talent shortages, amongst others.
According to Chan, resilience and agility are key to the success of companies in today's uncertain market. Companies must have the ability to respond quickly to changing conditions and be able to make decisions that will help them remain sustainable in the long term. Chan stated that companies must be able to anticipate and adapt to changing market conditions in order to remain competitive.
Similarly, EY Partner Andrew Lee has stressed the importance of collaboration in making meaningful impacts on sustainability. Lee has over 20 years of experience in management consulting, wherein he specialised in business transformation and development, digital innovation, and experience design across various industries. He leads the EY HK wavespace in adoption for innovation, through collaborating with experts across the field.
Lee stressed that companies must work together to achieve their sustainability goals, sharing resources, knowledge, and expertise to create a more sustainable future. For the EY Partner, collaboration is essential in order to tackle the complex challenges that arise in the business world.
PwC Hong Kong’s Asia Pacific, Mainland China, and Hong Kong Consumer Markets Leader Michael Cheng has likewise taken note of the challenges faced by organisations today. Cheng has had extensive experience in speaking about the Hong Kong retail market. He has over 36 years of professional experience in Hong Kong and the United Kingdom, wherein he specialises in IPO advisory, business and due diligence reviews, asset injections, and M&A activities in Hong Kong and Mainland China. He also holds other positions as a member of the Hong Kong Institute of Certified Public Accountants and Institute of Chartered Accountants in England and Wales and Hong Kong Retail Management Association’s Digital Advisory Panel, as well as the chairman of the Audit Committee for UNICEF Hong Kong.
For Cheng, the current market uncertainty has raised doubts about the resilience of the supply chain. Companies are facing increasing pressure to ensure that their supply chains are sustainable and resilient, in order to withstand the impact of any potential disruptions. As a result, companies must be proactive in their approach to sustainability and must be prepared to adapt to changing market conditions.
In light of these challenges, KPMG China Partner Alice Yip has stated that Industry 4.0 is driving the future of Hong Kong as a smart city. Yip, who is also KPMG China's Head of Audit Consumer & Retail for Hong Kong, has more than 25 years of experience in handling initial public offerings. She has helped as well in fundraisings and professional services of clients in the consumer, retail, and industrial sectors.
Yip stated that by embracing Industry 4.0, the production of tools that enable start solutions, companies in Hong Kong can become more sustainable, resilient, and agile, thus positioning themselves as leaders in the business world. Despite the competition, organisations need to work and share insights, as well as have longer-term visions to survive and be sustainable.
In conclusion, companies must develop resilience and agility in order to remain competitive in today's uncertain market. Collaboration and the integration of advanced technologies are key to achieving sustainability and overcoming the challenges that arise in the business world.
Falcon Chan, Andrew Lee, Michael Cheng, and Alice Yip were the judges at the Made and Designed in Hong Kong Awards 2022. To know more about the awards programme, click here. If you want to join the 2023 awards programme and be acclaimed for your exceptional products that are proudly manufactured and designed in Hong Kong, please contact Jane Patiag at [email protected].