There are high expectations that the widespread awareness of artificial intelligence and its ability to increase productivity in businesses through automation, on top of its generally low cost, will see a huge transformation of how things will work in every single industry, especially in healthcare, finance and commerce.
Entrepreneurship Foundation Malaysia (Yayasan Usahawan Malaysia) Project Director Christopher Tock told BusinessToday that it’s not just about reducing resources needed to deliver the same results, but an evolution in products and services delivered by highly accurate data-based insights.
This in turn would produce a global economic growth at a moderate pace.
The most important trend in 2024 would be a direct result of AI impacting businesses where there will be a shift in workforce dynamics, where there will be an increased focus in skill development to match a new era.
Thankfully the Malaysian Digital Economy Blueprint (MyDIGITAL) is already in place to produce a digitally-driven, high-income nation, which could see advancements in AI, big data, and cybersecurity.
Christopher added other trends would include a focus on sustainable business practices, as we see a shift of consumer behaviour to prefer companies that play a role in contributing to ESG.
Challenges Foreseen
As business owners, the challenge will always be to change the mindset of themselves and the workforce, especially in embracing new technologies, investing in upskilling & implementing good ESG practices, even for SMEs.
A great way to overcome this is by staying agile in business strategies to mitigate risks in technological disruptions and going global. Do this by hiring talents that are already empowered by AI skill sets, and you will find your world expanded like never before, he added.
