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

Digital Transformation for SME Malaysia

1st Thing To Do: Effective Use of SME Fund for Digital Transformation

Digital Transformation for SME Malaysia

Outcome of COVID-19 on SME Businesses

With the hit of the COVID-19 pandemic on the economy, consumers tend to spend more carefully and turn up in the market with increasingly demanding for higher quality goods with responsible manufacturing practice, that derive the value of purchase and customer satisfaction. 

Manufacturer will encounter increasing pressures in term of cost effectiveness, operation efficiency and product quality in the coming decade. The only way to overcome these pressures is to leverage technology such as IoT, Artificial Intelligence (AI) and Enterprise Resource Planning (ERP) for digital transformation. 

Industries' Trends in 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. 

Digital Transformation for SME Malaysia

Although the Industry 4.0 was introducing to SME Malaysia for sometimes, however that is too broad for where and how to transform a business operation to a digital and automated environment without a proper planning. Therefore, to ensure effective use of SME Fund for digital transformation, it is advised to conduct an operational system analysis as the first step to spot the point of start for your digital transformation. 

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