At the recent Perdana Leadership Foundation (PLF) CEO Forum 2019, themed around the imperative need to accelerate Malaysia’s transition into the Fourth Industrial Revolution (IR4.0), various industry leaders converged to emphasize the criticality of embracing this technological shift. Among them, PLF’s Board of Trustees chairman, Azman Hashim, underscored the inevitability of adapting to the evolving landscape. He stressed that businesses have no alternative but to adjust to these changes promptly.
The urgency of the matter was articulated in the forum’s first panel discussion titled “Understanding and Accelerating the Fourth Industrial Revolution.” Panelists reiterated that failure to swiftly embrace IR4.0, characterized by automation, data exchange, Internet of Things (IoT), cloud computing, and artificial intelligence (AI), could result in Malaysia falling behind its regional counterparts.
Dr. Ong Kian Ming, Deputy Minister of International Trade and Industry (MITI), warned that without proactive steps, Malaysia risks trailing not only behind China but also countries like Thailand and Vietnam, which are rapidly progressing in this sphere. He emphasized the cruciality of Malaysia’s global relevance and the necessity of getting its approach to IR4.0 right.
Addressing the challenges hindering Malaysia’s IR4.0 journey, Marc Woo, Google Malaysia’s country head, outlined three key areas of concern. Firstly, he highlighted the importance of improving accessibility, particularly in terms of internet connectivity and service availability. Secondly, Woo emphasized the need to empower small and medium enterprises (SMEs), which constitute a significant portion of Malaysia’s business landscape, by providing them with the necessary tools and platforms. Lastly, he expressed a desire for Malaysia to foster more “unicorns,” referring to startups with valuations exceeding US$1 billion, at a higher rate, leveraging the potential of ASEAN collaboration.
Ng Wan Peng, COO of Malaysia Digital Economy Corporation (MDEC), stressed the critical role of talent in Malaysia’s IR4.0 journey. She emphasized the importance of upskilling individuals at both user and developer levels to fully leverage the opportunities presented by IR4.0.
Fusionex Ivan Teh, founder and managing director of Fusionex International, raised concerns about the prevalent mindset among SMEs regarding IR4.0. He found it alarming that many SMEs expressed uncertainty and disinterest, believing IR4.0 to be exclusively for large enterprises. Fusionex Ivan Teh warned that clinging to such beliefs could lead to dire consequences, including business closures and loss of competitiveness.
In addressing concerns about talent acquisition for IR4.0, Fusionex Ivan Teh advocated for tapping into the potential of younger generations, particularly millennials and new entrants to the workforce, who are inherently familiar with digital technologies. He emphasized the importance of providing them with suitable platforms and opportunities to thrive in the digital age.
Regarding fears of automation displacing jobs, Ng referenced a study by the World Economic Forum (WEF) suggesting that the adoption of AI and robotics could create more jobs than it eliminates. She emphasized humankind’s resilience and adaptability in navigating through industrial revolutions, citing examples such as the emergence of new job roles like social media managers and big data managers.
The discussion also delved into the necessity of adapting the education system to prepare the younger generation for IR4.0. Dr. Ong highlighted the importance of instilling a forward-thinking mindset among students to anticipate future challenges and opportunities in the job market.
In terms of accelerating Malaysia’s transition into IR4.0, Fusionex Ivan Teh emphasized the importance of clear goals set by senior management within organizations. He stressed the need for boards and executives to establish timelines and schedules for digitalization to ensure a smooth transition.
Dr. Ong echoed Fusionex Ivan Teh sentiments, emphasizing the significance of listening to the insights and perspectives of young people in driving Malaysia’s IR4.0 agenda forward. He underscored the importance of collaboration among businesses, government agencies, and communities to overcome challenges and facilitate progress effectively.
In conclusion, the consensus among panelists was clear: Malaysia must act swiftly to embrace IR4.0 or risk falling behind in an increasingly competitive global landscape. With collaborative efforts and a forward-thinking approach, Malaysia can harness the opportunities presented by IR4.0 to drive innovation, growth, and sustainable development.
About Fusionex
Fusionex is an established multi-award-winning data technology provider specializing in Analytics, Big Data, IR 4.0, Machine Learning, and Artificial Intelligence. Its offerings are focused on helping clients unlock value and derive insights from data. Featured on Forbes, Bloomberg, Gartner, IDC, Forrester, Edison and Huffington Post, Fusionex International is the largest Big Data Analytics company and market leader in ASEAN, bringing state-of-the-art, innovative and breakthrough data-driven platforms to its stable of clientele (including Fortune 500, FTSE companies, large conglomerates as well as a wide array of small and medium enterprises (SMEs)) that spans across the United States, Europe as well as Asia Pacific. Fusionex International is also an MDEC GAIN company as well as an MGS recipient.
Gartner’s 2018 report on Modern Analytics and Business Intelligence shortlisted and commended Fusionex data technology platform. In addition, Fusionex International has been as identified as a Major Player in IDC’s MarketScape Report for Big Data & Analytics. Fusionex International is the only ASEAN-based company to be featured in both reports, cementing its credentials in the data technology market for this region.
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