1st thing to do For SME Malaysia: Effective Use of SME Fund for Digital Transformation

In fact, heading into 2020, digital technology has been widely incorporated in the operation of many industries because digital technology has proven to effectively improve the company’s operation. For example, RFID technology is commonly used in the manufacturing industry for raw material monitoring and defect tracking in every manufacturing process to improve the product quality and to ensure the stock availability; many renowned retail brands are using RFID tag in their supply chain to track their inventory from supplies to warehouse and transportation. This has tremendously changed the business operation from a traditional model to a systematic and effective digital model. 

Indeed, businesses today are operating in an environment that is full of risks and unknowns. Businesses who are able to utilized data for predictive analysis helps them to prevent avoidable risk and minimize unnecessary cost. Cloud Enterprise Resource Planning (ERP) and Artificial Intelligence (AI) is one of the digital technology that can effectively integrate all real-time data for operation and business analysis as well as for effective risk management decision making.