February 29, 2024

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Malaysian Private Sector Must Lead Digital Transformation

Malaysia Private Sector Digital Transformation

A top Malaysian expert recently highlighted that digital transformation is on the shoulders of chief executive officers (CEOs), and they must lead and influence the need for change.

In Malaysia private sector digital transformation, having CEOs that inspire change will assist technology innovations to push possibilities and drive new business ventures, the Managing Partner of a multinational professional services firm stated.

The expert noted that the three key secret ingredients for the digital transformation, according to him, were: inspire, innovate and inculcate. While having an open mind towards changes and keeping abreast of the best technologies works for individual companies, it’s also important to keep inspiring the employees, particularly to think differently.

Farsighted CEOs are already rewriting their playbooks and paving the way for innovation. A CEO promotes an environment of collaboration, investment and capabilities, he added.

The ability to assess new-age tech trends, understand the values they can deliver, and adopt the tech which is relevant to an organisation’s business model is a process of continuous adaptation. The rise of AI and other advanced emerging technologies is subjecting CEOs to relentless change.

It was pointed out that CEOs also cultivate agility and adaptability to create a versatile group of employees. ‘Inculcating’ is also about having the vision to sustain, to build, engage and lead teams that focus to achieve brave ambitions, which will drive innovation and growth.

Leaders must establish a framework to assess, activate and optimise digital efforts to build scale and support the expanding portfolio. Future capabilities must be identified to understand, activate the strategy and prepare the organisation for new growth and innovation plans.

The Police Force in Singapore was given as an example; they use data analytics in artificial intelligence (AI) to combat financial crimes.

Innovation, centres of excellence, organisation structure, agility and culture as well as training and hiring were outlined as key components to sustain digital transformation.

The expert noted that establishing a governance model for guiding and managing a program across the organisation is important. In addition, it is crucial to infuse design thinking and agility to enable organisations to respond to rapid market disruption.

In terms of training and hiring, it is imperative to offer learning and development initiatives that not only train existing staff but serve to attract new talent to the business.

The silver lining in the digital transition is that it allows companies to establish partnerships and ecosystems.

Companies were advised to set up strong and committed partnerships to keep the customer at the heart of the business and deliver what they truly want; build new paths that have not yet been imagined.

Noting that advances in technology have already transformed multiple industries to the benefit of consumers, he said data-led insights are making their experiences richer and more personalised.

CEOs must be aware of their talent pool and capabilities during this transition. Up-skilling and re-skilling of talent are imperative to build a future-ready team, and the right capabilities must be harnessed to mitigate technology-induced job loss.

Ultimately, digital transformation is about people and having an open mind to embrace it is what it takes, as technology can always be acquired eventually.

Budget 2020 Pushing Forward Digital Economy

The expert’s sentiments echoed those in Malaysia’s new 2020 Budget. An earlier report by OpenGov Asia stated that the 2020 Budget demonstrates that the local technology industry is continuing to get much attention from the government, which is intent on further boosting the capabilities of local SMEs and start-ups, strengthening digital content, embracing digitisation, enhancing e-commerce, and adopting 5G technology.

Local technology players, industry associations and tech agencies, in general, applaud the various allocations set aside towards making Malaysia a stronger player and contender in the technology arena, both locally and abroad.

Malaysia is poised to be a digital-first economy with a robust digital and social infrastructure that works towards bridging the opportunity divide in our journey to become a high-income nation.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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