October 20, 2020, Hong Kong: led by COVID-19, almost 70% (68%) Hong Kong organizations have accelerated digitization in tactics to adapt to the new truth, from the launch of virtual products and the arrival of virtual invoices. to the adoption and automation of e-commerce, according to a new Microsoft-IDC study aimed at the culture of innovation. More than one part (55%) Business decision makers in Hong Kong say innovation is now “essential” to respond well to demanding market situations and opportunities and ensure business resilience from the benefits of COVID-19.
“Innovation is no longer an option, but a necessity. We have noticed how the recent crisis has spurred transformation in Hong Kong, and organizations will now have to integrate the ability to innovate in their hearts to recover effectively,” said Cally Chan, Managing Director of Microsoft Hong Kong and Macau. “Hong Kong organizations have a constant appetite for expansion and evolution. The delight of COVID-19 has shown that almost part of corporations (48%) they predict that their business style will lose competitiveness in five years, while more than one part says innovation is a “duty” and is important for functionality and resilience. Hong Kong’s preference and urgency to continue to ensure the good fortune of companies in this new normality”.
Companies have understood how their ability to deal with demanding situations and innovate directly fuels business functionality and resilience to the crisis. They are 1. 3 times more confident in recovering in 3 months or more, and 3. 3 times more confident of expanding their source of income despite the crisis.
“More than part of those organizations said that trust stems from their ability to innovate. This shows that innovation is the key differentiator and that Hong Kong organizations have the ability to expand and adopt a culture of innovation to drive their transformation. “said Victor Lim, vice president of consulting operations at IDC Asia/Pacific.
These effects were published through Microsoft in its latest study with IDC Asia Pacific, which surveyed two hundred creators of business resolutions and 219 employees in Hong Kong over a 6-month period, before and after COVID-19. Survey of 3,312 business resolution managers and 3,495 employees in 15 Asia-Pacific markets during the same period. With the title “Culture of Innovation: Foundation for Business Resilience and Economic Recovery in Asia-Pacific,” it has been discovered how organizations can succeed in driving resilience and functionality through innovation.
Assess the organizational maturity of innovation culture
The framework of the culture of innovation was brought, reflecting the technique of successful organizations to innovation. Through research, the maturity of organizations has been paired with 4 dimensions: people, processes, knowledge and technology.
They found that in the six-month area, Hong Kong organizations have matured into an 8% culture of innovation, indicating that they have a greater ability to innovate. By comparison, organizations in Asia-Pacific recorded an 11% expansion in the culture of innovation. Maturity.
People and generation are the most sensitive priorities for improvement in Hong Kong
Hong Kong organizations are more mature than the Asia-Pacific average in all dimensions of innovation culture, with the exception of generation. Hong Kong corporations have the ability to generate more generations and people, which are also the weakest dimensions of innovation culture in Asia. -Pacific.
When asked about their priorities for the next 12 months, Hong Kong organizations indicated that they would do so for others (35%) maximum for the resilience and recovery of companies.
In the future, Hong Kong organizations’ main methods in long-term business and future-proof and to be more resilient are to express a strong business vision, transparent direction, and agile decision-making in the executive component, and to instill culture and mindset to conform to dangers and ambiguity.
“It is encouraging to see Hong Kong’s business leaders recognize that focusing on other people and culture is essential to foster sustainable innovation and achieve the ambition of virtual transformation,” Chan said. “Success in virtual transformation requires the adoption of equipment and technologies, as well as the unique functions of what we call technological intensity, an essential component of the culture of innovation. “
Contrary to the industry’s classic belief, Gammon Construction breaks the mold by reinventing itself with an organization’s transformation program, adding all its structure sites throughout the city. Gammon Construction has followed Microsoft Teams to break silos and move on to digital. , created the “G7”, an internal guidance committee responsible for stimulating innovation and cultural change.
“While generation is a key catalyst, culture probably represents 80% of the challenge of our transformation journey,” said James Thompson, Director of Digital at Gammon Construction. “We have followed a three-point strategy to ensure that the culture of innovation and new processes are deeply rooted. The first is a top-down “train the trainer” technique in skills and putting data administrators in place across the organization. We have also known the ability to drive young, high-potential, curious and generation-based finally, we make all new technologies easy to use and value-oriented. Cultural substitution requires continuous and consistent efforts; Fostering collaboration is also a key component of our strategy and Microsoft Teams has helped us break silos for support. each and every employee performs their homework more easily and, in the end, better.
Culture of innovation: a formula of good fortune for resilience and a faster economic recovery
Using the innovation culture framework, we examine the revealed practices that organizations can adopt to advance people, technology, knowledge and processes.
Specifically, organizations should:
Strengthen your organization’s virtual transformation with resilient technologies that enable simplification, flexibility, and agility—cloud, synthetic intelligence, and device learning. At the same time, make sure that cybersecurity is infused into your organization’s virtual footprint.
Create an open and inclusive environment to attract the most productive and varied talents Integrate innovation efforts in which it will be essential to drive transformation, ensuring the right rewards and incentives to inspire innovation and the progression of skills to maintain speed with innovation. , freeing up people’s capacity.
Harnessing the price of knowledge by creating new knowledge-based products and facilities and profit streams for the company’s competitiveness Democratize knowledge towards knowledge-driven culture It will be essential to harness knowledge-based wisdom for collaboration and decision-making across the enterprise to create a culture of knowledge sharing.
Create a systematic technique to drive innovation, from ideation to commercialization, and identify a centralized virtual transformation budget, along with virtual KPIs. Customer concentration should be at the center of continuous improvement, and a feedback cycle is needed to capture learning continuously.
“It is imperative that others are provided to collaborate and encourage sustainable innovation. Our goal is to achieve an inclusive long term in which all Hong Kong organizations are colorful and resilient, so that they thrive and thrive despite the crisis. At Microsoft, we are committed to working with organizations in Hong Kong to make this happen together,” concluded Cally Chan, general manager of Microsoft Hong Kong and Macau.
[1] Research Background for Innovation: Foundation for Business Resilience and Economic Recovery in Asia and the Pacific:
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