CYBERJAYA: In the new normal, digitalisation is no longer an option, it is now fast becoming a necessity. More than ever, technology plays a big role in how people go about their daily lives and the way businesses operate.
Like any other shift in paradigm, businesses face challenges when adopting new technology and require digital strategies to meet shifting market demands.
During a Tech Talk Webinar series for 2021 on digitalisation strategies with, 'Surviving a Pandemic: What It Means to Digitally Transform Your Business', organised by Cyberview Sdn Bhd (Cyberview), industry experts discussed the challenges businesses faced in adopting new technologies.
The discussion panel consists of Malaysia Digital Economy Corporation (MDEC) Director of business digital adoption, Muhundhan Kamarapullai, NEXPlatform's Chief strategy officer Stephen Lim, as well as graduates of the Cyberview Living Lab Accelerator (CLLA) Programme and chief executive officer of Moovby, Nik Muhammad Amin.
According to Muhundhan, the digital economy's contribution to Malaysia's Gross Domestic Product (GDP) was already quite significant pre-pandemic, at 19.1 per cent and is expected to increase to over 20 per cent by year end.
He added, "Businesses need to embrace digitalisation. Brick and mortar companies especially, need to understand that technology is just an enabler. However, the conversation on digitalisation needs to be led at a business level. Leaders need to think big in their digital transformation efforts, but start the journey on a small scale, by first identifying and focusing on areas to improve, and finally grow fast. At the same time, keep an eye on competitors, assess their place within the digital journey map and start thinking of a 'faster, cheaper and better' strategy forward."
Lim also elaborated on the power of a winning data strategy for businesses, "Data is now the new currency for the future of businesses, and it is crucial that companies learn how to utilise the data to enhance their commercial and digital transformation strategies.
"As you may be aware, the property industry is one of the largest asset classes, and yet is one of the least digitally transformed in this nation. In the wake of the pandemic, digital solutions and customer data solutions can help property players in their customer outreach and informed decision making. In one of our pandemic case studies, NEXPlatform helped one of Malaysia's fastest growing property developers to launch the nation's first unit selection portal. Within the first 30 minutes of the launch, 80 per cent of the property unit selection was done digitally.
"In the past eight months, NEXPlatform saw a 200 per cent growth, consulting more than 10 clients on data strategy implementation, demonstrating the benefits of digitalisation and why it is essential for businesses to survive in accelerating post-pandemic future," he said.
Sharing his own experience, Nik added that, "…without a doubt, the pandemic has opened our eyes to the importance of embracing innovation and business diversification to adapt to a fast-changing environment. In the new normal, businesses must embrace agility and challenge the status quo either by diversifying product offerings or exploring new market segments.
"Moovby was impacted by the pandemic, but we adapted quickly by launching new services that were in demand like Disinfection4U. We also launched a new sub brand called Unimoov, where we partnered with UiTM to reach out to university students nationwide, encouraging them to share and rent cars from their surrounding communities.
"On this note, I believe that there are immense benefits of working closely within a collaborative ecosystem like Cyberjaya. I'm confident that Cyberjaya is well-positioned to support a revolution in mobility as smart mobility is a key focus area in its new masterplan."
Cyberjaya is a thriving living lab that serves as a springboard for new ideas and innovation for many businesses and innovation. To evolve Cyberjaya into a thriving innovation and digital ecosystem, last year, Cyberview unveiled the city's new masterplan, focusing on three tech clusters: smart mobility, smart healthcare and digital creative. These tech clusters have been identified as Cyberjaya's future pillars of growth for Malaysia's digital economy.