Digital disruption is intensifying throughout Southeast Asia at a rapid pace and businesses are scrambling to adapt. Recent studies have shown that organisations that are slow on the uptake of digitalisation get left behind. Even smaller SMEs that have adapted are beginning to catch-up to the more well-established juggernauts who have yet to become digitally determined.
The market has now been transformed into an entity driven by a customer-centric and empowered workforce. New technology and data fuels more efficient operations, processes, new revenue streams and customer loyalty.
Now, as the first phase of the digital transformation subsides, all have come to realise the benefits of becoming a digitally determined enterprise. With this recognition, comes up-scaling as organisations throughout the world rush to invest in digital innovations with the intention to disrupt the business ecosystem; transforming markets through innovative business models and digitally enabled goods and services.
“The digital disruption is becoming obvious in most industries and the pace of digital transformation (DX) acceleration has heightened. During the first wave of digital transformation, organizations realized that digital technologies should be a core part of any business, and successful strategies. Today, we are entering into a brand new phase where many organizations have recognized the full benefits of DX and are investing in digital innovations with the intention to disrupt the marketplace,” said Sudev Bangah, managing director of IDC ASEAN.
One such move to capitalise on this new trend occurred on 17 April 2019. ATCEN Sdn Bhd organised the hugely successful SME Digital Tech 4.0 Conference. The event served as a platform for senior level executives who are interested in developing their digital technology strategies. Industry 4.0 is a catalyst for change that has drastically altered how goods and services are designed, manufactured, marketed and used.
The theme for the conference was “Kick-Start Your Digital Transformation”. SMEs play a major role in Malaysia national GDP to become a developed country. The main purpose of the conference was to educate people on how digital transformation benefit to leverage their businesses.
While we embrace the emergence of digital economy, any form disruption must be creative and sustainable to the economy. Main obstacles associated with digital connectivity, and entrepreneurship must be addressed tactfully and responsibly. Adapting to the age of digitalisation will come with its own risks and obstacles. However, businesses that can adapt and overcome these difficulties will be free the reap the ample benefits that follows.