Published on November 9, 2023, 7:01 am
About 94% of organizations in Malaysia are gearing up to accelerate their technology adoption in the next 12 months, with the aim of boosting efficiency and capitalizing on larger profit opportunities. Bryan Chung, chairman of the Malaysian Digital Transformation Committee of CPA Australia, highlighted this trend, stating that more Malaysian businesses compared to the survey average are planning to enhance their technology adoption strategies. These plans include increasing technology training for employees, investing in or upgrading technology infrastructure, and implementing digital transformation initiatives.
Chung’s comments stem from the recently released Business Technology Survey 2022 by CPA Australia. The survey gathered responses from 108 participants in Malaysia as part of a larger regional survey involving 712 accounting and financial professionals from Australia, China, Hong Kong, New Zealand, Singapore, and Vietnam. Conducted between May 28 and July 12, 2022, the survey shed light on key findings regarding business decision-making tied to big data. Businesses in Malaysia not only seek out talent with expertise in this field but also invest in software that can support future data analytics efforts.
Operational efficiency proved to be the primary driver for embracing new technology among 62% of Malaysian respondents surveyed. This aligns with expectations for increased usage of data analytics and visualization software, robotic process automation (RPA), and artificial intelligence. Particularly noteworthy is the growing uptake of RPA in Malaysia. Thirty-nine percent of Malaysian respondents expressed plans to ramp up its utilization within the next year—an impressive figure that surpasses the survey average by a significant margin.
These survey results correlate with those uncovered during CPA Australia’s Asia-Pacific Small Business Survey for 2021-2022. The study revealed that business owners prioritize technological innovations for long-term growth rather than merely surviving short-term challenges. According to Chung, it is crucial for businesses to develop and implement long-term digital transformation strategies to ensure longevity.
To support this transformation journey, various national initiatives offer incentives or capital injections to facilitate technology adoption and digitalization among businesses. These efforts align with Malaysia’s national aspiration of attaining “high technology nation” status by 2030. Furthermore, professionals are encouraged to upskill themselves in order to meet the changing demands of the business sector, particularly in terms of data proficiency. Incentive programs are available to facilitate this transition, and respondents are investing in human capital—a promising indicator for future success.
In conclusion, the majority of Malaysian organizations recognize the need to embrace technology to drive efficiency and tap into new profit opportunities. With a strong focus on big data as a decision-making tool, businesses are prioritizing investments in talent and software that supports robust data analytics capabilities. By adopting technologies such as RPA and AI, Malaysian organizations aim to improve operational efficiency and enhance their competitive edge. It is crucial for businesses to develop long-term digital transformation strategies and capitalize on national initiatives aimed at fostering a high-tech nation status. Ultimately, the goal is to achieve sustainable growth and success in the digital age.
**Keywords**: CIO, Generative AI