Covering Disruptive Technology Powering Business in The Digital Age

Written by: Izzat Najmi Abdullah, Journalist, AOPG.

The world is fast entering a new age of AI-driven economies, and Malaysia wants to position itself as a leader in this space, at least within the Southeast Asia region. According to projections, emerging technologies such as AI are expected to contribute USD $113.4 billion in productive capacity to Malaysia by 2030. On a regional level, experts believe AI could contribute up to USD $1 trillion to Southeast Asia’s GDP by the same year.

On September 12, 2024, Malaysia through the Malaysia Digital Economy Corporation (MDEC) took a bold step toward realising Malaysia’s ambition to become the digital hub of ASEAN with the launch of the Malaysia Digital (MD) Tech Adoption Summit: Artificial Intelligence (AI). This summit aims to accelerate AI adoption across various industries in the country, paving the way for Malaysia’s Industry 4.0 transformation.

YB Tuan Gobind Singh Deo, Minister of Digital, officially launched the summit alongside MDEC Chairman YB Tuan Syed Ibrahim Syed Noh. Both emphasised the importance of AI as a transformative force that will help businesses thrive in a rapidly digitising world.

“AI is already reshaping our economy, from boosting productivity in Small and Medium-sized Enterprises (SMEs) to enhancing operational efficiency in large corporations,” Gobind noted. “The summit serves as a platform for sharing innovations and exploring how AI can propel Malaysian industries forward,” he said.

Impact Across Business Sectors

AI is not just about high-tech gadgets or futuristic robots; it’s about creating real economic opportunities across the board. For SMEs, AI adoption offers the promise of enhanced productivity, reduced operational costs, and access to advanced tools that can level the playing field with larger competitors. As businesses face an increasingly competitive market, AI tools provide the kind of strategic advantages that could make all the difference.

Large enterprises, on the other hand, can harness AI to streamline large-scale operations. Through predictive analytics and automation, companies can optimise their supply chains, improve decision-making, and achieve unparalleled levels of efficiency.

This widespread AI adoption is also creating opportunities for tech providers, who can use platforms like the MD Tech Adoption Summit to showcase their innovations. With over 140 AI solution providers already onboarded into Malaysia’s digital ecosystem, generating over MYR1 billion in revenue, the tech sector is booming with new opportunities for collaboration and market expansion.

Aligning with National Goals: MyDIGITAL and 4IR

The summit’s objectives align with Malaysia’s Digital Economy Blueprint (MyDIGITAL), a roadmap aimed at transforming the nation into a digitally driven, high-income economy. A central goal of this blueprint is leveraging AI technologies to drive the Fourth Industrial Revolution (4IR), which promises a 30% increase in productivity across industries.

The event’s focus on AI-driven solutions isn’t just theoretical. It featured panel discussions which addressed both the opportunities and challenges of adopting AI across industries. This kind of dialogue is essential for bridging the gap between policy, business needs, and technological capabilities.

AI Adoption: A National Priority

While the potential economic benefits of AI adoption are clear, MDEC and government leaders stressed the need for inclusivity and ethical governance. YB Tuan Syed Ibrahim emphasised the importance of upskilling the workforce to ensure that all Malaysians can participate in the AI-powered future. This means creating access to education, tools, and resources that will allow individuals and businesses to fully leverage the power of AI.

Syed Ibrahim also highlighted the importance of responsible AI use, stressing that ethical considerations must be woven into AI strategies.

“We must ensure that AI is used responsibly and that its benefits are equitably distributed,” Syed Ibrahim remarked. As Malaysia moves forward in this transformative journey, inclusivity and governance will remain key pillars,” he said.

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