The sudden arrival of the COVID-19 pandemic disrupted many business plans and affected industries across the market. To respond to fast-changing demand, companies have had to find new ways forward. Investing in technology and accelerating digital transformation have become essential business strategies.
The Hong Kong Government Promotes Business Transformation
Today, more companies rely on big data to plan operations, set goals, and measure performance. As demand for digital technology continues to grow, the Hong Kong government has introduced multiple funding schemes to accelerate innovation, technology, and related industries. These initiatives support promising startups, help them move beyond early-stage challenges, and encourage society to embrace innovation and new economic opportunities.
In the 2022 Policy Address, the government further stated that it would focus on developing new industries and building Hong Kong into an international innovation and technology centre. This includes promoting reindustrialization and making government services fully digital.
The government also aims to attract at least 100 innovation and technology enterprises to Hong Kong over five years, including at least 20 leading companies. This is intended to help Hong Kong’s innovation and technology sector reach an internationally competitive level.
It is also worth noting that the Hong Kong government is actively introducing measures to develop Hong Kong into a world-class smart city. This involves the coordination of technologies such as IoT, big data, and artificial intelligence. Open data is a necessary foundation for this direction, and enterprises play an important role in making it possible.
In addition to opening government department data in an orderly manner, the government is encouraging private organizations to follow the same direction. Wider use of open data can help the government develop more diverse electronic services and allow the industry to build more capable applications, creating a better living environment for Hong Kong.
A Highly Connected Business Ecosystem
Open data cannot be achieved overnight, but it is a key step in smart city development. Data is often a private asset of a business, and whether to open it is ultimately a commercial decision. However, companies are not only profit-making entities. They also operate within society and can contribute back to the public through their actions.
Many enterprises have already built unique data systems in their own fields. In transport, for example, bus companies, tunnel operators, and commercial fleet operators have developed real-time applications that collect large amounts of information, including traffic conditions, traffic speeds, road charges, and driving restrictions. This data can help the government formulate stronger transport policies, improve city management, and enhance quality of life.
For this reason, enterprises should take practical steps toward digital transformation, actively open and share valuable data, and work with the government to build a more connected society. This can create value-added services and help the public adapt more quickly to digital living.
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Translation supported by AI.