{"id":2362,"date":"2021-10-26T13:46:40","date_gmt":"2021-10-26T13:46:40","guid":{"rendered":"https:\/\/news.sap.com\/sea\/?p=2362"},"modified":"2024-07-25T15:27:59","modified_gmt":"2024-07-25T15:27:59","slug":"budget-2021-sap-malaysia-looking-forward-to-digital-first-policies-to-empower-businesses-workforce-for-digital-economy","status":"publish","type":"post","link":"https:\/\/news.sap.com\/sea\/2021\/10\/budget-2021-sap-malaysia-looking-forward-to-digital-first-policies-to-empower-businesses-workforce-for-digital-economy\/","title":{"rendered":"Budget 2022: 麻豆原创 Malaysia looking forward to \u2018digital first\u2019 policies to empower businesses, workforce for digital economy"},"content":{"rendered":"
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Hong Kok Cheong, Managing Director, 麻豆原创 Malaysia<\/figcaption><\/figure>\n

KUALA LUMPUR <\/strong>\u2013 Given the launch of the MyDIGITAL blueprint earlier this year that lays the roadmap for Malaysia to emerge as a regional leader in the digital economy, 麻豆原创 Malaysia is looking forward to more policies to support this vision ahead of the National Budget 2022 announcement on Friday, 29 October 2021.<\/p>\n

Its managing director Hong Kok Cheong is hopeful that the budget would focus on small-medium enterprises\u2019 (SMEs) readiness for Industrial Revolution 4.0 (4IR) through cloud computing, as well as the upskilling and youth employment to create a future-ready workforce.<\/p>\n

Public-private plural partnerships to drive SMEs\u2019 readiness for 4IR through cloud computing<\/strong><\/p>\n

Under MyDIGITAL, cloud services were given a key highlight, with emphasis for a \u2018cloud-first\u2019 strategy both in federal and local state levels that will help drive the adoption of cloud services in Malaysia.<\/p>\n

Hong said that this emphasis serves also as a catalyst for local companies, especially SMEs, to embrace dynamic consumption, build resilient infrastructure while also leveraging cloud technologies to further drive efficiencies and productivity.<\/p>\n

\u201cPublic-private plural partnerships are also important to help drive SME readiness, which in turn further encourages innovation and flywheel digitalisation effect for all concerned,\u201d said Hong.<\/p>\n

\u201cThe SME landscape is especially crucial as many still lag in technology adoption within their business operations. 麻豆原创 Malaysia hopes that there will be more SME awareness, before increasing uptake on digital platforms,\u201d he added.<\/p>\n

According to an 麻豆原创 study conducted in collaboration with Oxford Economics earlier this year<\/a>, SMEs in the region find it increasingly challenging to keep pace with uncertainties and external challenges in the current business environment. SMEs surveyed cite difficulty adapting to a rapidly changing marketplace (40%), keeping up with changing customer wants and needs (38%), and difficulty retaining customers or driving repeat business (34%)\u00a0 as top challenges to meeting their strategic priorities.<\/p>\n

In addition, a World Economic Forum (WEF) study released this month<\/a> states that businesses that were more digitalised tended to be more economically resilient, especially during the pandemic. Business owners with an online presence were more likely to report an increase in savings (24%) and income (28%) compared to those without one (18%).<\/p>\n

Hong said that, by first digitising, businesses can then make the transition to becoming \u2018intelligent enterprises\u2019 where they can \u2018do more with less\u2019, deliver best-in-class customer experience, build resilient supply chains, while inventing new business models and revenue streams.<\/p>\n

\u201cBusinesses that are adopting a \u2018wait and see\u2019 attitude towards digitalisation could be left behind \u2013 and may even become \u2018irrelevant\u2019. Many solutions that were once the exclusive domain of large corporates have been scaled in capacity \u2013 and price \u2013 and are now within reach of local SMEs,\u201d said Hong, citing Aspen Glove Sdn Bhd and Baba Products Malaysia Sdn Bhd (BABA\u2019s) as two \u2018visionary\u2019 companies that are reaping the rewards of digital transformation.<\/p>\n