Technology has played a key role in the growth of trade and commerce worldwide. While it is true that we have been doing business since time immemorial, long before there were computers and even the currency, one cannot deny the fact that trade and commerce was much slower before technology revolutionized everything.
Referring to the situation in Malaysia, the adoption of technology among SMEs is now an immediate necessity. In fact, some experts consider the use of technology in business as an important determinant of economic growth, which Malaysia will achieve in the coming decade.
What is stopping Malaysian businesses from embracing the technology?
1. Malaysian businesses are aware of the potential benefits of adopting technology, but they have a lack of understanding of the specific ways in which technology can help their businesses.
2. Customer's need, costs and resources influence business decisions.
3. While the firms are willing to incorporate technology into their businesses, some of them have no idea how to implement technology in their daily business operations.
Why businesses in Malaysia should adopt new technology?
Among many others, some of the important benefits of incorporating technology into businesses in Malaysia include:
1. The ability of SMEs to use technology allows them to be more competitive and sustainable.
2. Using the technology, businesses can differentiate themselves from the competition and come out with new products to support their business.
3. Technology makes things easier by making systems within the organization more efficient. This increases the profit, which can ultimately be passed to the customer.
What businesses in Malaysia need to do to initiate the process of incorporating technology into their businesses?
Embrace digital media
Digital technology is gaining importance in the country as an important contributor to GDP. With the growing number of digital media fans, the country is moving towards becoming a developed digital economy by 2020. Internet penetration in Malaysia is on the rise due to extensive use of mobile devices and emerging social media. Therefore, embracing digital media can give businesses an edge over their overseas competitors and provide them with an extensive exposure of the international market.
Get high speed dedicated internet
Malaysia seeks to promote itself as a hub of information technology in the Asia Pacific region. Access to high-speed internet within the organization is imperative for the growth of a business.
Adopt cloud computing
Cloud computing is becoming an important part of the IT strategy of most of the organizations. In fact, it should be among the top 5 technology priorities of a business moving towards digitization and economic transformation. Although the adoption of cloud computing offers many potential benefits, there are also concerns about the immaturity of cloud environments, consumption of bandwidth, data security and confidentiality.
Adopt a good payment processing mechanism
Bank Negara Malaysia (BNM) and the central bank are some of the Banks in Malaysia offering international payment services. With contactless payments, trust building with the customer is the most important factor to consider. Payment mechanism that is full of glitches will earn you distrust of the customers and stop a business from achieving what it deserves.
Get trained IT staff
With both national and multi-national companies offering IT services, Malaysia is currently in a very competitive position with respect to its neighboring nations. The government's initiative to create a pool of IT service providers in Malaysia makes it easy for companies to hire IT staff from both inside and outside Malaysia.
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