The advancement in technology is impacting virtually all industries. New technologies are taking the accounting sector to new levels. Emerging technologies support the transitional role of accounting personnel into a more analytical one. Rapid advancement of technologies is giving new roles for accounting practitioners who require a new set of skills and competencies. Accounting practitioners need to reskill and upskill themselves to evolve with the changing environment. The future accountants will assume a more strategic and creative role in the business world.
Insurance companies are taking steps to recover from the adverse impact of COVID-19 and transform the industry into a new shape in order to bring it to the next higher level. Companies with better digital capabilities will have an upper hand at picking up sales. On the road to InsurTech, employees, brokers, and agents should be integrated at each step through digital interfaces. Though people are an integral part of the digitisation process, data privacy and cybersecurity cannot be overlooked.
The COVID-19 pandemic has sped up a shift from store-based selling to digital and omni-channel retailing. But the reality is that many of the changes wrought by the pandemic to buying behaviours, channel mixes and business models were underway long before the pandemic. The pandemic only accelerated these trends, driving an unprecedented level of urgency to retailers’ actions. As technology advances, retailers should not focus only on technology application but on how to use it to deliver an experiential retailing journey that connects the online world to an in-person experience in a right-sized, technology-enabled, service-driven store. Therefore, employees with IT talents, online-to-offline (O2O) customer servicing and digital marketing strategies, and an agile mindset for business transformation are in high demand in the manpower pool, while companies should have the retailing infrastructure enhanced to offer a satisfying omni-channel retailing experience.
The pandemic crisis accelerated the adoption and implementation of many technologies and catalysed some huge changes in the industry. Spurred by social distancing and lockdown measures amid the pandemic, the demand for e-commerce rose sharply. The pandemic also accelerated the B2B world moving online, and B2B trade decision are becoming more data-driven and less dependent on traditional one-to-one sales model. Momentum in e-commerce trade in the global marketplace is expected to accelerate further.
While the catering industry was panting from the social incident and the downfall of the local economy since mid-2019, the COVID-19 crisis took its toll on the sector just as severely as the other hospitality industry partners have been facing from early 2020. Industry personnel have displayed resilience over rough waters. While battling against the unprecedented storm, creativity, flexibility and agility come into play. The industry has been capitalising on the demand shift and incorporated new ways to stay afloat on likely opportunities.
Similar to other industries facing the legacy of the pandemic and volatile economic environment, hotel careers will be demanding and challenging. With the abundant career development opportunities to be unveiled in the Greater Bay Area, the industry opens doors for those who are willing to explore beyond the local market.
Among the four sectors of the industry, the Local Vessel sector had the highest percentage of ageing staff (i.e. more than 40% of their staff were over the age of 55). The sector is expected to undergo technological transformation with the introduction of new high-speed ferries which requires the operators to master new navigation skills and maintenance knowledge. To ease the ageing problem and adapt to the application of new technology, new blood is particularly required for this sector.
The 2020 survey reveals the updated manpower changes of the print media and publishing industries under the impact of COVID-19 pandemic and industry consolidation. Despite the overall manpower drops in the past few years, the industries transform further towards the directive of technological advancement in areas such as Industry 4.0, e-commerce, digital printing, e-publishing and e-learning in order to keep up with the public’s demand for a more technology-driven life.
Digitalisation has transformed the position of freight transport companies into one-stop service providers, offering global solutions from container and bulk cargo movement to supply chain management and last mile delivery. The industry has to embrace the magnitude of technology innovations to facilitate internal and external communications and increase the speed of decision making to retain customers and develop new business. Additionally, the continuous transformation of the industry requires industry talents to have diversified multidisciplinary skills.
Strong support of the Government and active participation of enterprises have proven to be the key to success for most of the innovative cities in the world. Hong Kong should make use of Mainland China’s favorable policies, advantages of an international financial center and regional cooperation toward its development of innovation and technology. The Government needs to make innovation and technology a priority from resources for research and development, technology talent, investment funding, infrastructure, legislation and regulations and science education.
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