How Malaysian businesses can leverage cloud technology to survive, scale and grow in the 2023 extinction

Digital innovation is one of the factors propelling enterprises forward, and according to a survey by Accenture, 79% of businesses agree that companies that do not embrace big data risk losing their competitive advantage and even going extinct. Cost-effective data processing is required to gain relevant insights from huge data and this can be gained by shifting to the cloud.

However, the cloud isn’t just for entrepreneurs; employees can benefit from it as well. In today’s ever-changing business climate, employees must be able to access data and applications from their computers, tablets, or mobile phones, whether in the office, at home, or on the road. 

Cloud services are extremely adaptable and do not tie employees to a single location. The convenience of having all that information at hand means that any internet-enabled device, including laptops, smartphones, and notebooks, can be used to access and share critical business documents in minutes. Furthermore, because the cloud allows employees to access data from anywhere, they can easily continue working from their laptops, tablets, or mobile phones if the office computers go down. This minimises any downtime and prevents any loss of productivity. Businesses require this level of adaptability to thrive in a competitive market. 

Despite the flexibility provided by cloud technology, companies with outdated processes can miss out on new markets and growth opportunities. No technology or process is perfect, and a custom solution should be tailored to the unique needs of each company.

Cloud might be the answer to expediting Malaysia’s digital transformation 

The world is changing, and businesses are evolving as a result of digital technological change. Cloud computing is essential for business continuity, and it has had the most influence of all disruptive technologies because of its adaptability, accessibility, scalability, resilience, and cost.

Although there have been long-term ambitions to utilise the cloud, the Malaysia Digital Economy strategy is focused on promoting increased adoption of the technology. The goal is to create a watershed moment in order for the country to realise its goal of being a regional leader in the digital economy.

The government hopes to steer the growth of the cloud industry. The Malaysia Digital Economy Blueprint puts more emphasis on the adoption of the cloud in order to help the nation reach its 2030 goal of dominating the regional digital economy. The government also made the initial move toward cloud adoption by signing the Cloud Framework Agreement (CFA) with four cloud service providers that have received government approval (Google, AWS, Azure, and Telekom Malaysia). The CFA’s main job is to advise government organisations on using the cloud. The government is particularly interested in digitally transforming the nation, and cloud computing is currently being used in a number of government verticals.

Government agencies have offered numerous grants and incentives to help direct the growth of digitalisation in an effort to stay ahead of the curve.

According to SME resources, there are a few initiatives by various agencies, such as the Malaysia Digital Economy Corporation (MDEC), which has provided RM5,000 per SME under the SME Digitalisation Grant for SMEs to purchase/subscribe to digital systems.

Furthermore, Bank Negara Malaysia (BNM) has also provided an additional allocation of RM700 million for the SME Automation and Digitalisation Facility (ADF), bringing the facility’s total size to RM1 billion. This aims to encourage SMEs across sectors to automate processes and digitalise operations to increase productivity and efficiency. The ADF is open to all Malaysian SMEs, with a maximum financing amount of up to RM3 million per SME and financing tenure of up to 10 years.

Not only that, there are numerous loan facilities made available to SMEs and MSMEs in accordance with Budget 2023. Some of them are as follows:

  • Guarantee limit of up to RM9 billion via Business Financing Guarantee Company to make it easier for SMEs to get financing
  • To encourage more young people to do business, RM305 million will be made available as a special loan facility for youths through SME Bank, TEKUN, MARA, BSN and Agrobank.
  • For 2023, RM1.7 billion is to be made available as micro-loan funds and business facilities for the benefit of small businesses.
  • For Bumiputera entrepreneurs, the govt, via TERAJU with a fund of RM135 million, will provide financing facilities (including under the Bumiputera Prosperity Fund).

One of Searce’s core values is to ‘start small’ and we want to make sure we can lend a hand to SMEs in leveraging funding to exponentially grow their businesses as they embark on their digital journey.

How local startups can leverage cloud technology

Cloud computing allows small businesses and startups to access and save data and apps online rather than on a hard drive in a cost-efficient manner. If your organisation uses Google Docs for document editing and collaboration, Dropbox or Google Drive for file storage, Slack for cross-team communication, or online CRM software for sales management, you are using cloud computing. Working in the cloud offers businesses many benefits, including enhanced collaboration, easy access, and fast turnaround. Thus, it can help the employees continue working on their tasks easily on a separate platform, regardless of where they are, without disrupting their efficiency. 

Business cloud computing use is on the rise. According to Foundry’s 2020 cloud computing research, 92% of businesses use services linked to or operating in the cloud. Through increased productivity, enhanced teamwork, and innovation-fostering, cloud computing may help businesses save time and money.

Here are some of the most significant advantages of using cloud services for your business:

  • Data is extremely accessible. Cloud computing allows businesses to access information from anywhere using an internet-connected suitable device. Cloud computing keeps data online rather than on your computer or a server in your business. Information is accessible through a central web-based hub, to which anyone with the necessary credentials has rapid access from any location with an internet connection.
  • It makes efficient collaboration possible. Mistakes are simple to make when several team members work on the same digital file. Since cloud-hosted files are stored in a centralised location, data is immediately synced across all devices, ensuring that users always have access to the most recent file version.
  • It scales easily. You can easily change the number of users who have access to cloud applications as your organisation expands, and the same is true if you need to scale back. You only pay for what you use, so you never have to be concerned about running out of space or incurring unnecessary costs.
  • It facilitates remote work. Businesses frequently rely on specialised software that employees do not have on their personal computers. Users can access files and specialised apps as if they were in the office using cloud computing. Given that 1 in 3 remote workers will resign if they are obliged to return to the workplace full-time following a pandemic, cloud computing’s remote work perks are critically valuable.
  • It’s easy to back up and restore data. Natural disasters, power surges, or technology failure can all cause catastrophic data loss, devastating a firm. However, the data information can be kept safe and accessible when it is stored or backed up in the cloud.

Cloud technology is a win-win for all: Businesses and employees alike

Today, a lot of companies have implemented hybrid solutions for their employees, so they can work in the office and at home according to their schedule. If the company chooses a cutting-edge digital workspace platform, running in parallel is no longer a requirement. When all employees are supported by a single platform, IT teams can concentrate on supporting the work without having to worry about where it is occurring. As new apps and services are released, a standardised delivery platform not only simplifies the process, but also accelerates the deployment and adoption of new digital solutions everywhere.

A constant work platform, regardless of location, is a win-win situation for both the employee and the organisation. The employee experience has significantly improved because all apps, services, and “personalities” are now consistent across all work styles. The frustration of being able to access only certain files or apps while away from the workplace is removed, and it is simple to switch locations and then simply start up where you left off.

On the other hand, there are various triumphs for the organisation. Working in a digital environment boosts productivity right away for employees. And providing a better digital experience is a significant benefit for both recruiting and retaining employees. IT is significantly simplified, and costs are reduced because fewer resources are required to supply workers with a single digital workspace.

“Moving to the cloud for any organisation would help them provide a path to a more organic  digital adoption. There are no major changes required to be made to the environment, and there are no major CAPEX charges. Organisations like Searce help their customers grow and discover new areas of focus that were not available before the cloud adoption. We are keen to showcase the strength of the cloud along with the customer focus and solution driven approach that Searce brings to the table” – shared Ravi Paul, the Country Head for Searce in Malaysia.

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