ECONOMY | Staff Reporter, Hong Kong

COVID-19 sped up digitalisation, innovation in Hong Kong: survey

Some businesses are confident that their business will soon recover.

Almost 70% of Hong Kong organisations that were spurred by the COVID-19 pandemic would accelerate growth in digitalisation, according to a study by Microsoft-IDC.

Around 55% of business decision-makers in Hong Kong say that innovation is now a ‘must’ for effective response to market challenges and opportunities, and to ensure business resilience as they recover from the COVID-19 fallout.

The study also revealed that a third (34%) viewed the pandemic as an opportunity to perform better than their counterparts. They are said to be 1.3 times more confident that their business will recover within three months or faster, and 3.3 times more confident to grow revenues.

Organisations are also more inclined to make technology and people their top priority.

In a span of six months, Hong Kong organisations have matured in the culture of innovation by 8% than Asia Pacific organisations.

Interviews with organisations also showed that 35% will focus more on people as the most essential for business resilience and recovery.

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