Many Malaysian Businesses Are Focusing on Upskilling Employees

According to CPA Australia's report, many Malaysian employers' primary focus is to upskill their employees' tech capabilities. Based on a survey of 725 professionals in multiple industries across Malaysia, Singapore, Hong Kong, China, Macau and Australia, the 2021 Business Technology Report also asked respondents about their businesses' past and future technology use. 

Over the past year, Malaysian businesses focused on these areas:

• Upskilling workers' technology capabilities,

• Searching for opportunities to enhance their current technology,

• Developing long-term technology or digital strategies. 

 

According to Bryan Chung FCPA, many Malaysian businesses' improved the technology they deployed in the past 12 years, which contributed to their strong performances in a challenging environment. 

He said that Malaysian businesses in CPA Australia's survey used technology to:

• Improve their operational efficiency,

• Improve customer experience, and

• Reduce costs. 

Given the current market situation, these methods are a prudent approach and placed the businesses in an excellent position to adapt to the swiftly changing consumer and employee needs and conditions.  

 

Investment in technology tools

The report also said businesses with a positive growth outlook are looking to invest in these areas in the next 12 months, contrary to other businesses:

• Data analytics & visualisation software,

• Business intelligence software, and

• Cloud technology

The report also found that most businesses are proposing to invest in technology tools in the upcoming 12 months, which indicates a change from cost savings to revenue growth. 

However, not all businesses are in a position to embrace this opportunity. Small businesses in the survey cited financial constraints as their primary challenge to technology adoption.

 

Opportunities for Malaysian businesses

Chung said that many funding opportunities are available for local businesses to help them access technologies that high-growth businesses are more likely to adopt. 

He said that the government has committed to making the country a nation of innovators and entrepreneurs by the decade's end. To better compete, local SMEs should fully embrace the Digital Nasional Berhad's 5G rollout over the next few years. The 5G rollout will enable small businesses to participate in upskilling programmes to develop their businesses, especially in technologies that high-performing companies are using or investing in. 

MDEC's SME Digital Guidebook and Quick Guide focus on retail and F&B sectors.

MDEC's initiatives for small businesses

The Malaysia Digital Economy Corporation (MDEC) provides many initiatives to help build digitalisation knowledge, such as the SME Business Digitalisation Grant, 100 Go Digital and Smart Automation Grant. 

As part of the 100 Go Digital programme, MDEC released a set of guidebooks to help small businesses digitalise their businesses earlier this month. 

Aimed at retail and F&B SMEs, the guidebooks focuses on the latest trends impacting these businesses. There are two releases for each industry:

• A quick guide for an overview of the methods and tools, and 

• A detailed guidebook for a more structured and comprehensive approach.

 

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