Covering Disruptive Technology Powering Business in The Digital Age

In the dynamic landscape of technological innovation and digital transformation, businesses globally are navigating a paradigm shift to stay ahead of the curve. The adoption and leveraging of cutting-edge technologies—generative AI comes to mind right away—have become instrumental in achieving excellence and fostering innovation across diverse industries.

Drawing from more than 15 years of experience in risk management, capital management, and treasury management, Lloydon Leong, a Director in Malaysia’s Risk Advisory practice, has actively contributed to the development of financial forecasting models, executed treasury transformation exercises, and created intricate financial and hedging models to analyse FX impacts. Lloydon’s expertise extends beyond practical applications; he has also been a key player in delivering training on financial services and banking regulations. His multifaceted background positions him as a thought leader in navigating the intersection of risk and technological innovation.

As a judge in the Malaysia Technology Excellence Awards, Lloydon shares his perspectives on the current technological landscape. He touches on emerging trends in the Malaysian business scene, the challenges and opportunities in adopting technology for excellence and innovation, and the transformative role of digitalisation in risk management practices across industries.

Generative AI and Establishing Effective Governance

“Generative AI, with its advanced language and image models, is revolutionising how businesses operate. This technology is not only boosting productivity and efficiency across various enterprise settings but is also creating avenues for the introduction of innovative products and services,” Lloydon shared, citing from the recently published “Deloitte Tech Trends 2024” report, which identified generative AI as one of the emerging trends in the Malaysian business landscape and a key driver for business growth.

Another area of growth is in spatial computing and the industrial metaverse, with augmented and virtual reality technologies transforming the way businesses operate—being used to create digital twins, facilitate spatial simulations, provide augmented work instructions, and develop collaborative digital spaces, among others. These technologies foster safety and operational efficiency, particularly in industrial and manufacturing environments.

Additionally, there is a noticeable shift beyond traditional computing, with a growing demand for specialised hardware to meet the demands of modern business applications. “This movement is encouraging businesses to innovate how they optimise their existing infrastructures and incorporate advanced hardware solutions,” he noted.

Lloydon also emphasised the challenge of establishing effective governance in the adoption of AI technology. Citing CarMax, the largest used car retailer in the United States, he underscored the importance of governance in delivering the most business value. CarMax’s commitment to AI governance ensures scalable and responsible use of generative AI, aligning with the company’s core values.

“The objective is to extend the use of generative AI beyond just technology or product teams,” he explained.

Digital Transformation and Risk Management

In the context of risk management, digital transformation is reshaping practices across industries in Malaysia. Data-driven decision-making, enhanced real-time monitoring, and addressing cybersecurity risks are pivotal aspects. The shift towards data-driven insights allows risk managers to make informed decisions, monitor risks in real-time, and effectively manage trends in an increasingly digital landscape, allowing for more proactive risk management.

Digital transformation is a game-changer in reshaping risk management practices. Real-time monitoring, facilitated by digital tools, empowers businesses to respond swiftly to emerging risks, ultimately reducing their impact. However, the adoption of digital solutions also brings an increased exposure to cybersecurity risks, demanding an in depth understanding of cybersecurity for effective risk management.

As a judge for the Malaysia Technology Excellence Awards, Lloydon evaluates companies based on several key criteria. Innovation and creativity play a pivotal role, showcasing the degree to which a company demonstrates originality in its use of technology. The impact and effectiveness of technological implementation are crucial as well, focusing on tangible improvements in efficiency, productivity, customer satisfaction, or revenue growth.

Additionally, Lloydon also considers the broader contribution of technology to industry and society. This encompasses the technology’s impact on advancing the field, contributing to social good or significant changes in industry practices.

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