HKUST Business School Magazine

Digitize Hong Kong for Good Biz@HKUST Biz@HKUST 14 15 // Cover // Thought Leader Talent is a Challenge Looking into the future, Yue says that the outlook for data use is bright, and digital transformation can be whatever companies want to make of it. But for now, the best approach for companies is to put the right talent in place if they plan to harness the power of data. According to the Smart City Digital research findings, talent continues to be one of the challenges that businesses will face when they drive digital transformations and acceleration. Talent supply should come from both reskilling and upskilling in-house, as well as from education. “The role of the educator is to continue to inspire curiosity,” says Yue. Both the private and public sector should join forces to create learning environments that foster agility. Students can build new digital skills through practical applications, and complement those with great experiences, he notes. Yue says that digital transformation must stem from positive role modelling. He extols the virtues of reverse mentoring – where executives can learn from a junior – calling it a powerful tool that can create a positive learning culture. You must create a good experience for the user and build trust The pandemic has triggered an immense increase in digital solutions and game-changing moments for both private and public sectors to rethink and reset the journey ahead. Overall, both residents and businesses recognize the value of technology and products powered by artificial intelligence (AI), according to Google Hong Kong’s Smarter Digital City research findings. The latest economic impact report by AlphaBeta, commissioned by Google, shows that if leveraged fully, digital technologies could create an annual economic value of HK$387 billion (US$50 billion) by 2030. To put this in perspective, this is equivalent to two- thirds of the annual economic value-add of the city’s financial services industry today. Equally important, both private and public sector shall join hands to promote trust in technology for good, embrace new security models and modernize their approach to protect user privacy, as well as help people understand how their data is being used and how to manage their digital footprint. If the pace of its digital skilling efforts is accelerated over the next decade, the smarter workforce with digital skills can contribute up to a fifth of the city’s GDP in 2030. Building data capabilities across the business helps make smarter strategic decisions, while bridging the knowledge and talent gaps bring long- term success. Michael Yue General Manager of Sales and Operations, Google Hong Kong (Kellogg-HKUST EMBA Graduate) M O R E