Invest Hong Kong (InvestHK) released a joint report with KPMG that highlights Hong Kong’s enhanced role as a smart supply-chain services hub, with the city driving digital production through the use of technology tools in the 3D and virtual sampling space.
Additionally, with a high concentration of sourcing talent, the city is the ideal regional and global sourcing hub to manage supply chains, and looks set to benefit as a centre for professional services, especially in the areas of environmental, social and governance (ESG) matters and sustainability.
The report, entitled “Future of Sourcing: 2021 and Beyond”, draws on the insights of KPMG professionals and industry experts in areas ranging from long-established businesses in textiles and fashion to technology start-ups to examine the current state of the sourcing industry in Hong Kong and the future of supply chains.
COVID-19 has accelerated the development of digital supply chains globally. In Hong Kong, a pool of innovation talent working along traditional competencies allows for the development of new expertise and agility.
New technologies have enabled businesses to operate more flexibly, fuelled by advances in manufacturing, such as rapid prototyping, the emergence of new materials, and the proliferation of online platforms that help companies better find the products they need.
Companies are drawing on artificial intelligence to add services such as smart chatbots, search processes and virtual 3D fitting to enhance the customer experience. Hong Kong-based sourcing companies, many with decades of experience, have engaged with start-ups and technology companies to stay ahead of the innovation curve and rapidly changing customer behaviours.
Hong Kong’s dynamic start-up ecosystem saw 199 per cent growth from 1,065 start-ups to 3,184 in just six years.
“Hong Kong is a world-renowned trading hub with decades of experience in both sourcing and supply chains. Companies in Hong Kong are at the forefront of adapting to a more agile, innovative and digital era. We see this in sourcing operations and in our vibrant start-up ecosystem and strong technology clusters. Hong Kong has all the elements to continue as a world-class global sourcing hub and is well positioned geographically to help companies explore emerging opportunities between the Guangdong-Hong Kong-Macao Greater Bay Area and the Association of Southeast Asian Nations,” the Director-General of Investment Promotion at InvestHK, Stephen Phillips, said. – BusinessNewsAsia.com