About 94% of organisations in Malaysia plan to accelerate their technology adoption in the next 12 months to drive efficiency and tap into bigger profit opportunities.
"Over the next 12 months, a higher percentage of Malaysian businesses compared to the survey average are planning to improve technology adoption by increasing technology training for employees, increasing investment or upgrading technology and implementing a digital transformation strategy,” said Bryan Chung, chairman of the Malaysian Digital Transformation Committee of CPA Australia.
Chung is commenting on the association’s newly released Business Technology Survey 2022, which polled 108 respondents from Malaysia as part of a regional survey that included other 712 accounting and financial professionals from Australia, China, Hong Kong, New Zealand, Singapore and Vietnam. The survey was conducted between May 28 and July 12, 2022.
"One key finding from this year's survey is that big data has become a focus point when making business decisions. Not only are businesses hiring staff with this expertise, but they are also investing in software that will help them in the area of data analytics for the future,” said Chung.
Meanwhile, the survey showed that 62% of Malaysian respondents cited operational efficiency as the primary reason for embracing new technology. This corresponds with findings of an expected increase in use of data analytics and visualisation software, robotic process automation (RPA) and artificial intelligence.
"The uptake of RPA in Malaysia is particularly exciting. Thirty-nine per cent of Malaysian respondents said their business plans to increase use of this technology to drive operational efficiency in the next 12 months. This is 15% higher than the survey average," he said.
The findings from this survey coincide with the findings of the CPA Australia's Asia-Pacific Small Business Survey 2021-2022, which found business owners are motivated to pursue technological innovations for long-term growth as opposed to short-term survival.
Chung said it is important that businesses develop and implement a long-term digital transformation strategy to ensure business longevity.
"There are quite a few national initiatives that empower businesses with an injection of capital to increase technology adoption and digitalisation. This aligns with the national aspiration of achieving a 'high technology nation' status by 2030.
"Professionals can also look at upskilling themselves to be more data proficient to meet the changing focus of the business sector. There are many incentives or programs available to facilitate this change. Respondents also are investing in human capital, which is promising," Chung said.
