May 26, 2017
While government agencies such as MDEC, MIMOS, CyberSecurity Malaysia, NanoMalaysia and others, have stepped up their role as catalysts, it is the industry sector that also holds some of the key cards to boost the Digital Economy.
As the start of an occasional series, Computerworld Malaysia takes a look at one example of an industry player's efforts, as part of its own business strategies, to help bring more impetus to the Digital Malaysia ambition.
Terrence Yong, who is probably one of the youngest professionals at his level in a multinational company in Malaysia, went back to basics of technology and business.
Since the first computers were introduced to the world at large, corporates around the world have striven to use them as an aid to business, said Yong. "Today, with the pace at which new technologies are being developed, the playing field has widened to encompass businesses of all volumes."
"Today, borderless trade is making eCommerce an increasingly dominant vertical, while disruptive technologies are reinventing financial services, and these are among key focus areas for MDEC [national ICT agency Malaysia Digital Economy Corporation]," he told Computerworld Malaysia.
The vision is very clear
"The vision is very clear to me," said Yong. "We want to help business be the best that they can be in their respective fields. We want them to understand that technology is not merely blind capital expenditure but an investment into their future."
"I wake up every morning passionate about this mission, and to it is this drive to make others successful that I find great fulfilment and one of the main purposes in life," he said.
Yong said Prime Minister Datuk Seri Najib Tun Abdul Razak has stated that 2017 will be the 'Year of the Internet Economy', and has called on Malaysians and local businesses "to embrace, adapt to changes and explore new areas of growth to accelerate the economy." In fact, Malaysia's Digital Economy contribution to Gross Domestic Product has already touched 17.8 percent 2015, just shy of the 18.2 percent target previously set for 2020.
The PM has also stated that Malaysians and businesses must be prepared for the Digital Revolution and learn to embrace and adapt to change.
This is a stance that Yong fully agrees with - and one that the company he leads has been proactively telling companies across all industries.
[In exclusive deep dive interviews recently, MDEC CEO Dato' Yasmin Mahmood describes more of the Digital Malaysia framework and MDEC's ramping up of national catalytic initiatives. See - Deep Dive into Malaysia's Digital Economy with MDEC CEO Dato' Yasmin Mahmood - Part 1 and Part 2]
Technology changes the game
"Technology is changing the game and driving major shifts in how businesses operate in today's globalised digital economy," said Yong.
"Latest technologies such as big data analytics (BDA) and internet of things (IOT) are underpinning seismic shifts in how business is done," he said.
Yong has frequently stated that we are in the middle of a revolution where technology is changing the rules of business and disruption is becoming the norm. "This will accelerate in years ahead and as business leaders we need to absorb, understand and adapt because if we don't we will be left behind."
This is true no matter what vertical a business is in and even no matter the size. By now, many of our readers will have worked out the company is enterprise solutions provider SAP.