High-Tech Evolution In Malaysia

The existing business environment in Malaysia is in the process of a dynamic change due to the technological progress, governmental initiatives, and changes on the market. On top of it is the fast advancing digitalization front that is now hitting industries. Businesses are turning to digital technologies in an attempt to improve business processes, customer relations, and analytics. This shift is evident in the government’s call for a digital economy. Such measures are intended to stimulate innovation, attract high-technology investments, and create a highly competitive digital environment. The pandemic has forced the uptake of e-commerce, Fintech, and work from home solutions. The store-based retailing model adopted a new shift to online selling where SMEs have shifted to selling products online to reach many customers. Fintech is evolving with solutions ranging from mobile wallets to digital banking supported by a young and technologically aware citizenry and favorable policies. What was once a forced adaptation has become a new standard for work, which requires companies to build solid digital foundations and protect against threats.

Awareness for sustainability and green practices is on the rise; it is a trend observed in the global business environment. The Malaysian government has shown its sustainability principles through the policies it has adopted on renewable energy, green funds, and sustainable cities. Companies are incorporating ESG factors into their operations as they realize the value of sustainability for the organization’s image and bottom line. In addition, the manufacturing sector is changing by incorporating Industry 4.0 technologies including IoT, AI and automation. This evolution is to improve efficiency, cut costs and spur innovation.

It is with the view of staying updated with the emerging trends in this region’s business landscape that Asia Business Outlook has come up with a special issue containing stories of companies that have demonstrated their capability through their expertise. To strengthen this region’s business landscape with their tightly-knit and result-oriented approach, they are setting new standards of effectiveness.

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