Technology integration A Boon For Malaysian Businesses

Bryan Chung FCPA

Over 80 percent of Malaysian businesses surveyed by CPA Australia, a professional accounting body found technologies such as data analytics and business intelligence software delivered a boon for the nation’s businesses.

Undertaken by CPA Australia 725 professionals were surveyed in different industries in Australia, Mainland China, Hong Kong, Macau, Malaysia and Singapore.

Respondents were asked about their businesses’ past and expected technology use. The findings are reported in our 2021 Business Technology Report

CPA Australia Malaysia Division Digital Transformation Committee Chairman, Bryan Chung FCPA, said that improving the technology they deployed in the past 12 months contributed to many Malaysian businesses’ strong performances in a difficult environment.

“Malaysian businesses in our survey used technology to improve their operational efficiency, reduce costs and improve customer experience.

“This is a prudent approach given current market conditions and placed them in a good position to adapt to rapidly changing conditions and needs of consumers and employees,” he says.

The report reveals that businesses with a positive outlook on growth are looking to invest in data analytics and visualisation software, business intelligence software and cloud technology in the next 12 months than other businesses.

“We also found that most businesses are planning to invest in technology tools in the next 12 months, which signals a shift from cost savings to revenue growth. However, not all businesses may be in a position to seize this opportunity. Small businesses in our survey cited financial constraints as their main challenge to technology adoption.”

Chung said that there are actually many funding opportunities available to Malaysian businesses to help them access technologies that high growth businesses are much more likely to use.

Currently, the Malaysia Digital Economy Corporation is offering several initiatives to help build digitalisation knowledge such as the SME Business Digitalisation Grant, 100 Go Digital and Smart Automation Grant.

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