Reimagining Business with AI

How can we reimagine AI-driven processes, instead of refactoring processes for AI?

- Pradeep Chakraborty

Technology is changing fast, and so is the world driven by the digital economy and disruptions. And the pandemic has just hastened the digital transformation process at all levels. With 5G around the corner and expected to usher in a new industrial and social revolution, cognitive technologies like artificial intelligence (AI) will soon turn out to be the de facto model that organizations pursue.

According to a Statista report, marketing and sales would benefit the most from the adoption of AI technologies. A Fortune Business Insights report estimates that the global AI market will touch $266.92 billion by 2027, up from $27.23 billion in 2019.

Speaking at the AI web summit in Hong Kong, Mark Beccue, Principal Analyst, AI & NLP, Omdia, stated that companies who have started AI initiatives are accelerating and there were new markets resonating with those who have done AI.

David Chung, Under Secretary for Innovation and Technology Bureau, spoke about Hong Kong’s digital economy. The Greater Bay Area (GBA) is about 1% of the land area. We are strategically integrating Hong Kong with the Greater Bay Area.

The AI Innovation Hub, the Alibaba Hong Kong Entrepreneurs Hub and Sense Time, with support from the HKSTP, set up the HKAI Lab in October 2018. The new research cluster, the AIR@ InnoHK, is focused on AI and robotics research. It is targeted to open at Hong Kong Science & Technology Park (HKSTP) in the second half of 2020.