Photo - Ganesh Kumar Bangah, Chairman of The National ICT Association of Malaysia (PIKOM)
In the first part of my look at the state of Malaysia's Digital Transformation, I suggested that the next seven years will be critical in maintaining our nation's digital transformation efforts across all sectors our economy. This is especially so if we are to gain a significant part of the internet economy market in ASEAN, which is expected to grow from US$50 billion to US$250 billion over the next seven years.
At the beginning of this year, when International Data Corporation (IDC) ASEAN revealed the top ten technology predictions for 2018 in Kuala Lumpur, it was interesting to note that IDC saw that innovation will continue to disrupt every industry.
Even business leader must focus on technologies that enable business outcomes.
Digital transformation - or DX, as IDC calls it - should be placed as the core strategy and organisations should accelerate the DX pace to thrive in the competitive digital ecosystem. IDC Malaysia's FutureScape 2018 predictions primarily focus on the four pillar technology areas; Cloud, Mobility, Social and Big Data and analytics as well as six innovation accelerators; Augmented and Virtual Reality (AR/VR), Cognitive/AI System, Next-Gen Security, Internet of Things (IoT), 3D Printing and Robotics.
Some of IDC's expectations are eye-opening: By 2021, at least 20 percent of Malaysia GDP will be digitised - with growth in every industry driven by digitally-enhanced offerings, operations and relationships; by 2020, investors will use platform/ecosystem, data value, and customer engagement metrics as valuation factors for all enterprises.
Collaboration Driving Transformation
In today's economic climate, collaboration among organisations remains one of the best strategies to achieve objectives.
To cite one example, PIKOM organised #MYCYBERSALE 2017 in October last year. #MYCYBERSALE is an online sales similar to "Single's Day" in China that was started and operated by MDEC before it was handed over last year for PIKOM to manage and operate.
By getting the private sector to partner in funding #MYCYBERSALE 2017 with continued support by MDEC, PIKOM was able to reduce government funding for the project by 40 percent while increasing the Gross Merchandise Value (GMV) or sales generated through the online sales by 55 percent. The increased sales was enjoyed by over 1,000 merchants which were mainly Malaysian SME's. The key ingredients for the success of this initiative is the collaboration between the public and private sector with a strong focus on key objectives and outcomes.
In today's economic environment where government funding is becoming scarce, more of such collaborations need to be promoted.
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