KUALA LUMPUR: A significant shift towards Industry 4.0 (IR4.0) and smart automation particularly in the manufacturing sector has led AmBank Group to broaden the scope of the fourth season of BizRACE.
This include enterprises that focus on integration of IR4.0 to meet environmental, social and governance (ESG) goals.
Themed "Reach New Heights: Transform Your Business", the seasons' participants range from businesses with an annual turnover of RM3 million to those exceeding RM300 million.
They encompass a diverse array of industries from food and beverage to construction materials, household products, and fabric manufacturing.
AmBank Group business banking managing director Christopher Yap said when business banking was established at AmBank in 2017, the group concurrently launched AmBank BizRACE as part of its Beyond Financing initiative, under the umbrella of AmBank BizCLUB.
Initially, the programme was designed to enhance entrepreneurial leadership and innovation among small and medium enterprises (SMEs), focusing on avenues for significant business growth.
BizRACE was structured to support businesses at all stages, from start-up to initial public offering, through a community platform that provides access to knowledge, development, and networking opportunities.
"Over the years, as we monitored the evolving needs of our participants, we noticed a significant shift towards Industry 4.0 (IR4.0) and smart automation, particularly in the manufacturing sector.
This shift in the industrial landscape prompted us to adapt our focus to helping businesses invest in and adopt new technologies to enhance their competitiveness and efficiency," he said in an interview with Business Times.
To date, 4,800 businesses have registered for the fourth season of BizRACE.
Over the four seasons of AmBank BizRACE, the bank has provided development to more than 500 businesses.In total, the bank has reached over 12,300 businesses across Malaysia - a threefold increase since the inception of AmBank BizCLUB.
"Our ongoing partnerships with industry experts and leaders reflect our commitment to fostering a transformative period for Malaysian enterprises," said Yap.
Meanwhile, Yap said participants in the fourth season also vary in age, from newly established businesses with just three years of operation to seasoned industry players with over 60 years of experience.
"Our decision to broaden the scope of BizRACE this season reflects our recognition of the challenges that even well-established companies face in integrating smart automation and emerging technologies into their operations.
"Our surveys and interactions with participants highlight significant pain points.
The challenges faced by these participants, such as the need for greater production automation and faster adoption of emerging technologies, are addressed by our programme.
"This focus aligns with the New Industrial Master Plan 2030 (NIMP 2030), which seeks to enhance Malaysia's manufacturing sector as part of the nation's push towards a Madani Economy," he said.
He said over 60 per cent of Top 100 shortlisted companies struggled to adopt IR4.0 and ESG practices due to limited resources and technology.
Of the total, 23 per cent of companies still process data manually, impacting efficiency and 17 per cent of companies lacked automation in their data infrastructures, affecting competitiveness in industries.