The digital economy has presented a remarkable value-generating opportunity for Malaysia, facilitating businesses to digitalize their operations to optimize growth and revenue. It’s crucial that the nation and businesses are ready to harness the power of technology and take advantage of a treasure trove of opportunities that lay in embracing digital transformation.
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The state of digital transformation in Malaysia
As the global business landscape is evolving with rapid growth, technological innovation has driven new advanced technologies to thrive, including Artificial Intelligence (AI), Blockchain, Internet of things (IoT), and Intelligent Automation. The tech market is predicted to deliver a 10X growth benefit over traditional markets in the next five years. This represents a considerable opportunity for Malaysia to achieve the nation’s financial success.
Realizing the emergence of advanced technologies in economic development, the Malaysian Government has launched various initiatives to drive digital adoption in every industry. Particularly, the Malaysia Digital Economy Blueprint has been significantly strengthened to leverage the opportunities of digital transformation and transform the country into a digitally driven, high-income nation and a leader in the digital economy. If leveraged fully, digital technologies could generate an annual economic value of MYR 257.2 billion (USD 61.3 billion) by 2030, which is equivalent to about 17% of Malaysia’s GDP in 2020, according to a study by AlphaBeta.
In a strong-driven digital world, businesses must adapt their operations to the latest innovative technologies to respond quickly to changing market conditions and customer demands. The National Business Digital Adoption Index (BDAI) survey on the rate of digital adoption in Malaysia’s business landscape shows that large enterprises are heading in the right direction, developing the right strategy and investing in dynamic digital technologies to boost growth. However, SMEs in Malaysia are currently lagging in digital adoption. Only 1 in 3 businesses have adopted digital transformation strategies, indicated Tech Wire Asia.
Powering up Malaysia’s future digital transformation
Digital transformation can leverage Malaysia’s future economy, but organizations must acknowledge the potential advantage and take action to stay ahead of the competition. The benefits of shifting to digital transformation are numerous, ranging from increased productivity to improved agility, innovation, and revenue.
Today, customers in every segment strongly prefer technology-enriched environments, particularly in the retail sector. As the retail industry becomes highly competitive, businesses should foster an agile culture that encourages innovation while meeting customer requirements in the digital age. Malaysian retailers are also growing their digital transformation efforts by optimizing breakthrough technologies and attaining new business models following a customer-centric strategy. It is predicted that if technological adoption is harnessed effectively in Malaysia, the retail industry could level a 5.6% growth rate over the next five years, according to the Adyen Malaysia Retail Report 2022.
The success story below will highlight how a Malaysian business operating in the retail industry can embark on a digital transformation journey and achieve excellence amid economic disruption with comprehensive automation from akaBot (FPT).
Client
Pastry Pro, the largest Malaysian premium-quality baking supplier
Challenges
- Thousands of suppliers x 10 minutes per report processing
- Risky turnover rate due to repetitive and boring tasks
- Human error risk due to manual work
Solution
Realizing that RPA is a potential solution, Pastry Pro decided to apply RPA from akaBot to optimize their operation to deal with challenges amid economic uncertainty.
Result
- Streamline processes
- Improve overall efficiency
- Save both time and resources
After its success in stock tracking process automation implemented by akaBot, Pastry Pro is now confident with further steps in the digital transformation journey, heading to operational excellence in the fast-growing industry.
akaBot – Ultimate choice to reimage Malaysian businesses
With more than 3,500 customers from 21 countries around the world, akaBot (FPT) is confident in our expertise and experience to serve customers worldwide, and the Malaysian market is no exception.
With the goal of reaching the Hyperautomation trend, akaBot continuously integrates advanced technologies such as Artificial Intelligence (AI), Intelligent Document Processing (IDP), Optical Character Recognition (OCR), and Machine Learning. Contributing to Pastry Pro’s success, akaBot is looking forward to helping more businesses optimize their operations with our all-inclusive solutions.
akaBot is the ultimate choice for key leaders in digital transformation to deliver the biggest outcomes:
- 500% of processing power
- 95% processing time saved
- 99% accuracy rate
- SLA 100% guaranteed
- 1 hour to scale up
- 21.9 million working hours saved annually
- 24/7 support
To quickly harness the power of advanced technologies and unlock digital transformation’s true value, contact us today.
References
Harnessing the Power of Technology: Building a Strong Digital Economy for Malaysia’s Future
Digital transforming Malaysian businesses to deliver on consumer expectations
Malaysians strongly prefer tech-enabled shopping experiences, says report
SMEs in Malaysia still lag in digital adoption – World Bank
akaBot (FPT) is the operation optimization solution for enterprises based on RPA (Robotic Process Automation) platform combined with Process Mining, OCR, Intelligent Document Processing, Machine Learning, Conversational AI, etc. Serving clients in 20+ countries, across 08 domains such as Banking & Finances, Retails, IT Services, Manufacturing, and Logistics…, akaBot is featured by Gartner Peer Insights, G2, and ranked as Top 6 Global RPA Platform by Software Reviews. akaBot also won the prestigious Stevie Award, The Asian Banker Award 2021, etc.
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