TECHNOLOGY
Technology is changing the way business is done and redefining the markets. Business focusing on mainstream products and markets at the head of the demand curve is increasingly shifting towards many niches in the tail. New demands are created with the democratisation of production, democratisation of distribution and, better connectivity of supply and demand. Physical constraints including shelf space and bottlenecks of distribution that allows only mainstream products and services to be featured in the demand and supply economics is no longer the case. Just look at the rise of online spending year-on-year in which has compelled even the government of Malaysia to introduce digital tax. A decade ago, many companies could achieve competitive advantage by embracing innovations and trends already underway. Today, this sort of reactive approach is no longer enough. To stay ahead of the game, companies must work methodically to sense new innovations and possibilities, define their ambitions for tomorrow, and journey beyond the digital frontier. Technology is the fundamental enabler for innovation and, in other times, disrupts the status quo. Cloud technology, for instance, offers the option to test new technology and scale as needed without pouring considerable capital to buy the technology upfront nor build and maintain an infrastructure to host it. And even more importantly, it is creating a foundation of intelligent technology so companies can advance their willingness to adopt innovation, growth outlook, and desire to disrupt.
Now, the combined dynamics of intelligent technology and the cloud can empower midsize businesses to overcome the challenges of limited technology procurement budgets and silo legacy applications through: • AI-driven automation that perform operation’s more efficient • Machine learning-enabled predictive insights that enable all employees to make the right decisions quickly • Digital assistants that remove the mundane from everyday work with a human-like experience • A digital platform to adopt and evolve business models to deliver an outcome-oriented experience that wows customers repeatedly In this age, technology is commonly associated with start-up companies. New business models championed by start-ups are disrupting entire high technology industries while changing existing ones and transforming the way jobs are performed. Rapid advancement in the IoT, blockchain, big data and other emerging technologies offer an exciting glimpse into what the future may hold. Today, every company, regardless the size, big or small, should have innovation on its radar. This innovation has become so synonymous with growth in the 21st century that any organisation which ignores it does so at its own peril. Technology touches almost every aspect of modern life, but there is most certainly a flip side. While some eagerly await the advent of ever newer technologies, others wonder of its impact on human life. The idea of borderless and unregulated information has led some high technology companies to
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Malaysian Technology Strategic Outlook 2019/2020 Intergration of High Technology
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