Incite Innovations Group, CEO, Tham Lih Chung (pic) recently called out all Malaysia’s small and medium enterprises (SMEs) to seize the opportunities presented by digital transformation to ensure economic resilience and growth.
Highlighting the vital role played by SMEs in Malaysia’s economy, constituting a staggering 98.5% of business establishments, Tham underscored the urgent need for enhanced digital adoption within this sector.
Despite SMEs forming the backbone of the nation’s economic strength, a significant gap in digital adoption persists, as revealed by the World Bank Malaysia.
Drawing from insights provided by Incite’s database, it is revealed that only a fraction of SMEs in Malaysia have initiated digital transformation strategies, presenting a missed opportunity for growth and innovation.
Tham emphasised the global significance of SMEs, contributing significantly to GDP and job creation, and underscores the importance of leveraging emerging technologies for recovery post-pandemic.
Navigating the path to digital transformation comes with its challenges, particularly for SMEs with constrained budgets. Tham emphasised the importance of aligning digitisation decisions with key considerations and adopting an incremental approach to sustain progress over time.
Tham also highlighted the role of established SMEs in guiding their counterparts, sharing insights, and fostering collective growth through digital adoption.
Incite Innovations Group has introduced various solutions to support SMEs on their digital journey, including an integrated retail technology solution benefiting over 500 SMEs.
In conclusion, Tham urged SMEs to embrace digital transformation as a means to secure a future where they not only survive but thrive in the digital economy. With established SMEs leading the charge, the time for action is now to ensure economic resilience and growth for Malaysia’s SME sector.
