Digital Economy seen as lifeline by business leaders, Malaysia study reveals

While more than half of business leaders in Malaysia believe the business environment will worsen in the next 12 months, their sentiment remains positive, according to a new study conducted by Monash University and CPA Australia.

By AvantiKumar
May 12, 2017

  Digital Economy

 CEOs and senior managers said that to be competitive, businesses needed to "embrace the digital economy and Industry 4.0; which will enable them to extend their reach for talent, resources, market intelligence, networks and markets."  [Also see - Why Malaysian companies must expand into ASEAN's US$48 billion pie: MDEC exclusive]

The top digital technology identified by respondents was mobile technologies for customer engagement (63 percent), followed by the Internet of Things, and data mining and analysis tools (53 percent).

The respondents also said CEOs and senior managers also noted that it was important for universities to nurture talent, which would help firms to build innovative capacity, process improvement and product development.

They said that the top three primary focus areas of universities should be to enhance graduate employability (63 percent), to ensure that R&D initiatives meet the needs of industry (61 percent) and to develop training programs that are relevant and beneficial to the industry (59 percent). They also believed that "creative, highly articulate, and self-motivated graduates are important for enhancing the innovative capacity of firms in a competitive global economy."

Prof Nair added: "Monash Malaysia continues to work closely with businesses and industries. We recognise the importance of right-skilling graduates to improve their employability quotient and to enable them to succeed amidst the current uncertainties. We will continue to intensify the "quadruple-helix" produce graduates that can power the next wave of progress for Malaysia."

The latest edition of this article lives at Computerworld Malaysia.

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