Paradigm shift in business thinking needed to deal with unintended economic consequences - Azmin

Small and medium-sized enterprises (SMEs) are urged to make a paradigm shift in business thinking by adopting new technologies in all aspects of business operations in order to deal with unintended economic consequences.

Senior minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said that includes business operations in finance, marketability, capacity building and human resource.

“This will naturally incorporate the use of big data analytics, digital administrative and business management tools as well as connected technologies,” he said.

Azmin made the remarks in his pre-recorded speech in conjunction with the virtual Technopreneur Development Programme (TDP) graduation ceremony and TDP Xpress launching ceremony here today.

The TDP and TDP Xpress are key programmes of the Malaysia Automotive, Robotics and IoT Institute (MARii) to enhance the capabilities of SMEs in maintaining competitiveness in the digital economy.

According to Azmin, the COVID-19 outbreak has accelerated the market penetration of digital technology and enabled Malaysians to experience the effectiveness of digital technology despite restricted mobility in recent months.

“This has prompted businesses to think of quick and effective digital solutions and as a result, businesses were able to meet the demands of consumers and to ensure that the commercial activities do not grind to a halt,” he said.

Because of the Movement Control Order (MCO), he said the country had witnessed various businesses migrating to cloud-based operations while infusing a work-from-home culture, and livelihoods continue to be protected and the financial stability of companies is maintained.

“Therefore, it cannot be overstressed that the way forward is greater digitalisation to meet future challenges.

“Of course, looking at the bigger picture, while digitalisation is a must, we have to go beyond that as well,” he added.

MARii chief executive officer Datuk Madani Sahari said at the virtual event that in contrast to the TDP which takes eight months for each company to complete, the TDP Xpress is a one-month programme, which ensures specific solutions will be deployed for specific products or process for the SMEs.

“More than 10 engagements with participants will be conducted during the one-month period, including at least six physical face-to-face meetings and a minimum of five virtual engagements with the participants,” he said.

Madani expressed confidence that through MARii’s intelligent platform, the MARii Industry4WRD Technology Platform (MITP), which consists of more than 50 solutions, the TDP Xpress would be able to deploy the most suitable solutions for participants across all sectors.

The programme is open to all sectors, including handicrafts, tourism, food and beverage as well as electrical and electronics, he said.

-- BERNAMA