IDC Malaysia announced today that Petronas is the winner of the Best in Future of Digital Innovation and Best in Future of Intelligence of the Future Enterprise Awards (FEA) 2022 Malaysia. Standard Chartered Bank was also named Best in Future of Industry Ecosystem and Best in Future of Trust.
“In spite of the past couple of years being extremely trying times for the ASEAN region, it is highly encouraging to see organisations moving ahead with their digital transformation (DX) initiatives. The digital economy is on the lips of every ASEAN government, and IDC is witnessing vindication for many organisations that embarked on DX initiatives early on and are now capitalising on this shift. This is a catalyst for many other organisations to follow suit. Cloud, Artificial Intelligence (AI), cybersecurity and IoT solutions remain the top areas of investment interest for ASEAN enterprises as they embark on a new level of their digitalisation journey,” says Sudev Bangah, IDC ASEAN Managing Director.
Now on its sixth year, the Future Enterprise Awards continues to celebrate the tech-enabled resilience of enterprises as they navigate through the challenges and disruptions in a fast-paced and increasingly digital world. Joining Petronas and Standard Chartered Bank are AirAsia and Lotus’s Stores (Malaysia) Sdn Bhd.
These organisations asserted their leadership in a digital-first world, distinguishing themselves from 1,071 entries received from 707 unique end-user organisations across Asia/Pacific. They were chosen as a cut above the rest in Malaysia after displaying exceptional planning and implementation of DX initiatives according to IDC’s Future Enterprise benchmark categories, as shown in the recap below:
Centralised Customer Management Platform by Lotus’s Stores (Malaysia) Sdn Bhd | Best in Future of Customer Experience
To effectively meet customer needs, Lotus’s adopted a centralised customer management platform that enables integrated services via phone, email, and web feedback forms while maintaining confidentiality. This transformation allows Lotus’s to instill better collaboration across organisations, increase personalised customer engagements, employee innovations, and productivity, and gain accurate insights from the data collected to enable the business to grow and thrive. As a result, their Customer Service Centre (Call Centre), increased its Called Answered Rate from 96.8% in February 2022 to 99.3% in June 2022.
Building Out the Leading AirAsia Super App in ASEAN by AirAsia | Best in Future of Digital Infrastructure
Capital A fueled its enterprise-wide digital transformation and accelerated its ambition in building out the leading AirAsia Super App in ASEAN by working with technology vendors to elevate their digital infrastructure. The strategic collaboration has yielded tangible results: revenue acceleration by offering more hyper-personalised offerings at optimised pricing to its 51 million customer base; enhanced customer experience & loyalty with more customer engagements; cost optimisation & productivity improvement by centralising enterprise communication and work collaboration tools into a single platform that led to major cost savings and increased workforce productivity; and talent upskilling with an agile culture of ‘think big, start small, and fail fast mindset.
Harnessing Tacit Knowledge using Artificial Intelligence to Achieve Breakthrough Performance by Petronas | Best in Future of Digital Innovation
Starting a liquified natural gas (LNG) plant is a challenging process that requires simultaneous control and monitoring from different units. To achieve a consistent and optimised plant start-up, artificial intelligence was employed to capture the invaluable tacit knowledge of experienced operators and generate insights using 3.4 billion data points from 1862 sensors. The result is an AI-driven live advisory that provides operators with real-time control advisory during plant start-up.
The live advisory has been employed for ten start-ups in the PETRONAS LNG Complex. Overall start-up duration was reduced by 44% which translates into 16 million USD worth of production opportunities, yielding an impressive return on investment of 35% in just 15 months. In addition, the shorter start-up duration also leads to 17% lower carbon emissions, contributing to the company’s sustainability agenda.
Project Triangle – Migration from SCStar to Alliance Messaging Hub (SWIFT AMH) by Standard Chartered Bank | Best in Future of Industry Ecosystems
Project Triangle brings new gateway functionality for the bank to interact with SWIFT and local clearing networks. Through ‘Project Triangle’, the existing SCSTAR application will be replaced with Alliance Messaging Hub, the new messaging gateway. Project Triangle is now live in 44 markets as of June 2022. The company experienced a 52% cost reduction by eliminating vendor dependency and remediating obsolescence.
PETRONAS Digital Twin: Connecting the Dots by Petronas | Best in Future of Intelligence
The Enterprise Optimisation Centre (EOC) aims to provide a virtual and connected “digital twin” of all integrated operations. The first phase of EOC’s “Unified Experience” is aimed to address the pain point of how to provide end-to-end visibility of key enterprise data and insights to enable value-driven decision-making. EOC adopted an agile development approach involving 25 cross-business value chain SMEs coupled with more than 30 experts from Engineering, Digital, and partners working from five different countries. 17 transformational dashboards were developed to provide instant insights into the molecular flows across complex integrated operations. To make this happen, the team worked with 25 senior subject matter experts across the company to establish the business information wireframes, identifying several hundred critical data points that represent actual and planned molecular movements across the entire integrated value chain.
Quantexa – Trade Finance Risk Management Platform by Standard Chartered Bank | Best in Future of Trust
Quantexa’s trade fraud surveillance tool harnesses the power of Big Data, Advanced Analytics, and Artificial Intelligence to provide a holistic solution that empowers users to investigate and catch perpetrators effectively. The tool works by consolidating information from multiple systems, simplifying tasks for investigators and helping them have a better understanding of the flow of funds, viewing relationships between entities, and identifying hidden linkages that may have been difficult to establish previously. Quantexa effectively identifies and profiles data corresponding to Trade Finance, Payments, Customers, Related Parties, and Third-Party Data, which enhances its ability to detect first-party client fraud, reduce fraud-related losses, and credit-related impairments. Quantexa helps SCB in reducing fraud risk by completing implementation 2 months ahead of schedule while covering 15% additional data.
IDC’s Future Enterprise Awards follows a two-phased approach to determine the country and regional winners. Each nomination is evaluated by IDC’s country and regional analysts against a standard assessment framework based on IDC’s Future Enterprise taxonomy. All country winners will qualify for the regional competition to be decided by a panel of judges comprised of IDC analysts, industry practitioners, thought leaders, and academia around the globe.
The 2022 Future Enterprise Awards Malaysia winners will compete at the regional finals happening at the highly anticipated IDC Asia/Pacific DX Summit and Future Enterprise Awards 2022 on October 26.
