• Survey shows AI poised to take off, with 95% of HK CIOs saying AI budgets met or exceeded
• Challenges ahead with speed of scaling, demonstrating ROI and having the right talent

HONG KONG SAR - Media OutReach Newswire - 7 March 2024 - At Lenovo's inaugural Tech World Hong Kong event today, Lenovo gathered international technology leaders and innovators to showcase its deep commitment to driving AI transformation across industries in Hong Kong and the Greater Bay Area (GBA) and its vision of "AI for All.

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At the event, Lenovo shared some findings of Hong Kong corporate CIOsⁱ based on a global survey of international leaders focusing on the opportunities and challenges of artificial intelligence (AI). As global interest in AI is peaking, the survey results indicate how important AI has become for enterprises in Hong Kong.

95% of Hong Kong CIOs surveyed said that their requests for budget for AI are being met or exceeded, with a full 44% saying they have more than what is needed. Generative AI is the catalyst, with 56% of respondents saying it is providing the most business value today, compared with traditional or analytical AI (28%).

However, the survey also revealed several challenges to be met if Hong Kong is to take full advantage of AI. Only 55% of CIOs said they are adequately prepared to scale AI, with security, speed to market, and having the right talent among the key barriers. Almost nine out of 10 HK CIOs believe human capital will be key to scaling AI.

While 88% of respondents agreed that as technology becomes more powerful, organisations have a greater responsibility to inform and explain how they are using it to external stakeholders, less than one-quarter of CIOs believe their corporate policy on operational/ethical IT use is AI-ready. Meanwhile, at the corporate leadership level, only 35% of CIOs said the leadership of their organisations has a strong understanding of AI and AI-related technologies.

"At a time of huge potential for AI to supercharge key Hong Kong knowledge-based business sectors, it's clear that our CIOs and IT departments have a lot of work still to do to deliver measurable outcomes of AI for their organisations and ensure that AI applications are responsible, secure, and compliant with internal business practices and external regulations. With the right talent being integral, Lenovo has partnered with various educational organisations in Hong Kong, ranging from universities to vocational institutions, to develop a wide spectrum of talent needed for companies to innovate and scale AI quickly," said Ken Wong, President of Lenovo's Solutions and Services Group.

In addition to revealing Hong Kong's current AI opportunity, Tech World also outlined Lenovo's vision for a future where AI technology is accessible and beneficial for everyone. Highlighting initiatives like the partnership with local NGO, Bridge AI, and Formula 1®, Wong emphasized the company's focus on ethical AI use and meaningful innovation. Through live demonstrations and discussions at the event, attendees witnessed the power of Lenovo's AI-driven solutions tailored to meet the diverse needs of individuals and enterprises.

Lenovo's strategic collaborations with local institutions and contributions toward making Hong Kong a leading smart city and technology hub were also spotlighted. Lenovo's AI Professional Services Practice is helping customers accelerate AI implementation, from concept to results, and enables data management for high-performance workloads to be accessed through a consumption-based model. Additionally, the Lenovo AI Innovators Program helps organisations gain access to enterprise AI by partnering with more than 50 of the industry's leading software providers.

The company also demonstrated several new AI-powered solutions that meet Hong Kong enterprise demand to deploy responsible AI quickly and cost-effectively. Care-of-One, for example, harnesses AI to improve employee experience and productivity. Lenovo Intelligent Sustainability Solutions Advisor uses AI to enable customers to see and plan the complex environmental impact of IT decisions, while Cyber Resiliency as a Service combines Lenovo's managed services capabilities with Microsoft's AI tech stack to improve Hong Kong businesses' IT security.

"Lenovo's vision for an AI-powered future is clear – a future where technology is not only about smarter devices but also about creating a more inclusive, sustainable, and intelligent world for all," said Ken Wong. "With our 'AI for All' vision coming to life, Lenovo is not just participating in the AI revolution; it is leading it, promising a transformative impact on how Hong Kong and the world live, work and interact."

For more details on Tech World Hong Kong 2024 and to explore Lenovo's AI initiatives further, visit https://www.lenovo.com/hk/en/events/techworld

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About Lenovo

Lenovo is a US$62 billion revenue global technology powerhouse, ranked #217 in the Fortune Global 500, employing 77,000 people around the world, and serving millions of customers every day in 180 markets. Focused on a bold vision to deliver Smarter Technology for All, Lenovo has built on its success as the world's largest PC company by further expanding into growth areas that fuel the advancement of 'New IT' technologies (client, edge, cloud, network, and intelligence) including server, storage, mobile, software, solutions, and services. This transformation together with Lenovo's world-changing innovation is building a more inclusive, trustworthy, and smarter future for everyone, everywhere. Lenovo is listed on the Hong Kong stock exchange under Lenovo Group Limited (HKSE: 992)(ADR: LNVGY). To find out more visit https://www.lenovo.com, and read about the latest news via our StoryHub.

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