As businesses undergo their digital transformation journeys, there is much to learn from the various trends in the technology, media and telecom sector (TMT).
HSBC recently hosted a webinar, featuring Darren Yong, Asia Pacific Head of Technology, Media and Telecommunications, KPMG, as well as panels that included Joshua Kroeker, Chief Product Officer, Contour, Cammy Fung, Head of Industry - Apps, Commerce & Entertainment, Google, Madu Ratnayake, EVP, Chief Information Officer & Head of Business Process Excellence, Virtusa and Heros Alves, Regional Head of Supply Chain Finance, Asia Pacific, HSBC. David Harrity, Head of International Markets ASP CMB, moderated the panels. You can read some of the highlights and view a full recording of the webinar below.
In the Asia Pacific region, accelerating trends in the TMT sector are unveiling new opportunities for businesses and presenting lessons that are relevant to other sectors as well.
The 5G ecosystem as a digital enabler
5G presents a USD190 billion opportunity in Asia Pacific that is impacting a wide range of sectors. Darren Yong opened the webinar with a presentation on the ecosystems developing, showcasing the TMT sector acting as a centre of disruption on which other sectors are leveraging for data solutions to drive new business models. He also discussed how as digital engagement rises across Asia Pacific, 5G provides low latency which is key to enabling the high velocity and low friction interactions that lead to technology adoption.
From remote healthcare, business analytics and autonomous vehicles to virtual travel and shopping through real-time streaming, a whole series of interconnected sectors will benefit. As Darren explains “5G is not just like another 4G or 3G. It will not just bridge our expectations; it will enable sectors and industries to transform”.
Trade is digitising and supply chains are shifting
The acceleration in the digitisation of trade is a shift from the traditional process of paper documentation, offering businesses engaging in trade advantages in speed, dexterity, and connectivity. As Joshua Kroeker observed: “Digitisation of a business is an incredibly personal journey ”. With decentralisation as well as collaboration on blockchain and platforms an ongoing trend, Joshua sees potential for businesses to harness the value of data and drive more efficient transactions.
HSBC’s Heros Alves gave an overview on how supply chains across Asia Pacific are being affected by geopolitical factors and regional trade agreements. He also identified the key changes being made to sustainably develop supply chains, saying that “Efficiency and transparency are fundamental parts of resiliency that everyone is trying to achieve right now”.
E-commerce and the digital economy are driving change in businesses
In further discussions, Cammy Fung explained that the acceleration of e-commerce and the digital economy has changed the mindset of the leadership within businesses. She noted that “Businesses need to meet customers wherever there are, whether that be mobile, online or omni channels. The good news is that there are technologies and partners that make this much more accessible for brands that are getting started.”
Madu Ratnayake added that “data solutions and machine learning algorithms are at a point where many options are now available at a comparatively low cost .” This is an opportunity for businesses to harness big data to enhance their business model and become more predictive in their analytics as well as their decision-making process.