If there was any doubt before on the magnitude of the COVID-19 pandemic on the global economy, sceptics are now silenced.
As the end-of-year approaches, the virus has continued to give massive blow to across industries. Experts estimate for industries to only ‘return to normal’ in a few years’ time, signalling the dire need for companies to quickly and strategically adapt. For most, it is a race against time before the business fails and ceases to exist. Productivity means survival.
The first step for digital transformation
In Malaysia, as more businesses turn to digital transformation, Dato’ Wei Chuan Beng, champion of Digital Productivity Nexus (DPN) calls for a shift in mindset as the first step – with top management as thought leaders.
For businesses across industries, the three domains that make a successful digital transformation are the areas of customer and service, operational efficiency, and research and development (R&D). It is a conscious exercise of changing the collective way of thinking, steering it towards breaking through productivity challenges despite the pandemic.
Go B.IG. with Digital!
In that spirit, DPN has introduced ‘Go B.I.G with Digital’, an initiative to help achieve breakthrough productivity and drastic impacts via digital adoption. It focus on catalysing growth in the B.I.G. aspects of digital transformation: Breakthrough results, strengthening Integrity and empowering best practices, and Good values to boost productivity.
The initiative is timely as we step into the Industrial Revolution 4.0 that will transform the operational potential of the manufacturing industry. Through collaborations and smart partnerships, the initiative expects to grow businesses’ incremental productivity by ten-fold; hundredfold even. In years to follow, Digital Malaysia will be ready for challenges and opportunities ahead.
Machinery & Equipment (M&E) sector gets a boost
Meanwhile in the M&E sector, MEPN participates in high-impact initiatives to ensure companies remain progressive, innovative, and up-to-date. The reason – many are hopeful for digital transformation but lack the know-how.
To meet this gap, initiatives such as the Virtual Advisory Clinics (VAC) creates dialogues, educates and trains companies on enhancing productivity in the context of current challenges.
Mimi Aminah Muhammad Taib, Surveillance Committee MEPN Machinery Equipment maintains that failure to prioritize will lead to a less successful digital transformation. Thus, the PRODUCTIVITY1010 initiative help companies develop their own individual digitisation roadmap according to priority. This highly tailored program first requires businesses to check and diagnose their own readiness for digitisation, and later helps businesses design next actionable steps, followed by consultation by experts.
A challenging but necessary task
For many, ensuring a healthy cashflow is currently a challenge. However, before simply assuming digitalisation costs a fortune, companies must take the initiative to measure its readiness, track its productivity level, and identify the actual cost of digitalisation that can elevate its productivity. Businesses may then find that digitalisation may not be as costly as they thought!
Companies must also take advantage of initiatives or grants that can subsidise or alleviate the cost of going digital. Digital transformation is a breakthrough gateway – a business asset to consider investing in.