At Deloitte’s recent INspire HK – Digital Day, industry leaders forecasted Hong Kong as the next GreenTech hub and identified digital transformation as essential for business survival in this new normal.
Deloitte Digital hosted an INspire HK – Deloitte Digital Day in February 2023 bringing together industry leaders to convene on the latest digital transformation trends shaping the post-pandemic future, identifying how sustainability plays not only an essential role in the new normal, but also has a projected market capitalisation of US$47 trillion by 2070 in the Asia Pacific region (APAC) alone.
Allen Wong, the Leader of Hong Kong Consulting and Deloitte Digital, touched on fulfilling customer expectations with “hyper-personalisation” through data analytics, and how businesses can utilise data to engage customers via the Metaverse and social media channels, bringing them into the new Web3 wave. He also identified multi-channel customer interaction, artificial intelligence (AI), regulation and compliance, app and infrastructure modernisation, as well as sustainability as key players in the customer “digital journey.”
Mohit Grover, a Partner, Climate and Sustainability lead at Deloitte Hong Kong shared on how collaborative innovation is essential for achieving a future of digital sustainability and decarbonisation.
Naming climate change “the defining issue of our time,” Mohit emphasised the importance of consumers, regulators, executives, investors, and employees’ broadening their understanding of this global crisis in order to turn “climate risks into opportunities to create long-term, sustainable impact.” As more awareness is raised, a 2023 Deloitte CxO Report found that two thirds of those surveyed were very concerned about climate change, with 97% declaring their companies negatively impacted by it, with 81% personally affected and 88% calling for immediate action.
Deloitte’s research also identified the the top five sector benefits of decarbonisation across APAC to 2070 as new energy, public and private services, retail and tourism, construction, and water and utility. New energy leads this with a projected valuation of US$7.6 trillion by 2070.
Deloitte also debuted GreenSpace Tech, an industry-leading initiative to accelerate sustainability through climate technology ecosystems in Hong Kong, with Mohit identifying the prospective for the city to become a GreenTech hub as it continues to promote innovation and work towards the city’s net zero carbon emissions by 2050 goals.
Sam Roddick, the Global Leader of Deloitte Digital, emphasised the significance of digital transformation in market caps, revealing the results of a recent study of 4,651 organisations’ US Securities Exchange Commission 10-K filings. It was found that businesses identifying digital change capability, digital strategy, along with tech aligned to their strategy achieved as much as a 5% market cap lift. Companies that aligned digital strategy and tech investments without change capability risked as much as a 9% market cap erosion, demonstrating the importance of adoption planning. Firms which aligned with Deloitte’s three core strategies “unlocked” up to US$1.25 trillion in market capitalisation for Fortune 500 firms.
Pascal Hua, the APAC Leader of Deloitte Digital, concluded the event by exploring the alignment of data security and customer agendas to create strategic digitally-enabled sustainable solutions.