Malaysian survey: digitalisation tops the agenda of most businesses
Matters pertaining to digitisation appear to be at the top of the agenda of most Malaysian business owners especially as the economy begins to reopen in the endemic stage of the pandemic.
According to the Associated Chinese Chambers of Commerce and Industry of Malaysia’s (ACCCIM) business survey report by PwC Malaysia, 48 per cent of the 724 respondents said improving digital capabilities was a business priority over the next three years.
“Almost three-quarters of the respondents said investments would be made on digital transformation as well as new technologies and automation,” head of digital solutions and tax technology for PwC Malaysia Yap Sau Shiung told an ACCCIM press briefing.
He said digital capabilities have become a “must-have” element for businesses.
“A clear and documented road map is vital, otherwise the digital transformation journey can be complex and costly. What do you want to transform and why? Perhaps it could be on the sales side, operations or backroom operations,” Yap said.
The survey was conducted from December 2021 to January with more than half of the respondents being directors, managing directors or chairman. Some 63 per cent of respondents are from private companies.
The survey also revealed that 71 per cent of respondents said expanding into new markets and client segments was a priority for them, while for 47 per cent it was protecting their core business.
Meanwhile, the survey also found that 64 per cent of respondents have some form of family governance policies in place.
Family governance covers many aspects such as dividend policies, family membership, ownership and entitlement and employment policy.
This is basically setting the “rules of the game” for family members, as otherwise many things are left to the interpretation and the expectations of the various individuals running the business, according to PwC.
It said family conflict can be disruptive for businesses and setting proper family governance can address the situation if it arises.
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