opportunities and policies for innovation in data-centric economy
TRANSCRIPT
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Opportunities and Policies for Innovation in
Data-Centric Economy Fuji Xerox SPARK Innovation Expo 17 Nov 2016
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the lifeblood of any business
in the years to come
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Big data: using structured and unstructured data in innovative ways to promote efficiency, productivity and to develop new product offerings in a more meaningful way.
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Commercialisation of disruptive new data-driven services is reshaping our economy Examples: • data analytics • machine learning • artificial intelligence • data brokerage • data marketplaces • On-demand services
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How to capture opportunities? E.g. FinTech
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Lending Payments/billing Personal finance / wealth management Money transfer Blockchain/digital currencies Institutional tech Equity crowdfunding InsurTech
◇FinTech’s definition continues to evolve
◇Technology continue advancing the banking, financial services and insurance sectors
data
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no smart city works without data
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Hong Kong: aiming at developing into a
‘Smart City’ in the years to come
use of open data policies: enable software-driven urban
management tools
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Smart grid, smart home, smart living
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Real Time Traffic Data across public transport
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From BIG data to SMART data with AI and machine learning
Create value by focusing on meaningful pieces of information for more accurate decisions
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UI that can read your mind to suggest or highlight
actions that are relevant will generate biggest value
Improve engagement and turning first time customers into repeat buyers.
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45% of online shoppers are more likely to shop on a site that offers personalised recommendations Source: Invesp
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How can data improve eCommerce? Predictive Analytics
Predictive Search Targeted Recommendations and Promotions Pricing Optimisation Fraud Management Inventory Management Business Intelligence
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How can the legal and policy environment be changed to support data-driven economic activities?
Help incumbents evolve: build
collaboration and networks to
spur innovation
Maintain effective market
competition, ease of market
entry
Test in Sandbox: more
collaborative approach to
regulation, test first regulate later
Clarity in regulations: foster
certainty and consumer trust
Open data and API: in public
and private sector
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Policy
Creating market
demand
Talent and capacity building
Making Data Work
User-centric mindset
Innovation-friendly
regulations Infrastructure
balance the needs of citizens, industries and new digital businesses
with globalised data-driven platforms and services
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Crucial: Privacy CyberSecurity Trust
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Facebook: Charles Mok 莫乃光 Twitter @charlesmok [email protected] www.charlesmok.hk