PETALING JAYA: The Covid-19 pandemic has accelerated the transformation of businesses to digital, but industry leaders say the development is a double-edged sword for many organisations.
The executive roundtable, organized by IBM Malaysia Sdn Bhd in partnership with Star Media Group, also met representatives from Bank Simpanan Nasional, Gamuda Land and Engineering and Genting Malaysia.
IBM Malaysia managing director and head of technology Catherine Lian said technology has always been a deflator.
Overall, organizational spending allocated to digital technologies will grow 3.5 times faster than the economy through 2023.
“Organizations use technology to drive automation by embedding intelligence at different process and task levels, which indirectly reduces inflationary pressures.
“The successful companies today are the ones that adapt the fastest, learn the fastest and then evolve. This is 100% based on interpreting and learning from data.
“Every organization in any industry needs a good data foundation, accessing the right data, from enterprise to application and leveraging data to provide you with valuable insights and make appropriate business decisions,” Lien said
Organizations are using a new approach called data structures to address these challenges. A data fabric is a strategic and architectural approach that simplifies access to data in an organization.
Lee Li Foon, Head of Information Technology, Bank Simpanan Nasional, in a discussion titled “Building the Business of Tomorrow, Winning with Technology”, stated that cost efficiency, value delivery and increasing financial literacy are some of the benefits of digitization and digitization of the banking industry- Drive strategy, most recently.
“Digitalization enables the centralization of data to optimize operational efficiency, avoid and reduce costs, while delivering 24 times seven value and delivering products to customers.”
Lee also highlighted financial literacy as one of the benefits of digitalization, as banking apps help customers track their spending behaviour.
John Lim, executive director of digital and innovation at Gamuda Engineering and Gamuda Land, said the group is continually using technology for more data-driven operations, from more targeted products to real-time progress tracking and innovative breakthrough solutions such as autonomous tunnel boring machine.
“As a regional engineering group, we use technology extensively on construction sites, from deploying drones for 3D surveys to augmented reality solutions and cloud-based collaboration tools.
“At Gamuda Land, we are taking deliberate steps to build systems that will provide a more connected experience for our customers to find their dream home and build a lasting community for our residents through technology,” Lim said .
However, as Lian points out, one of the game-changing trends that will change the future of business is the need to embed and connect cybersecurity into organizations and the ongoing education of employees, rather than vulnerability assessments when assuming a zero-trust security model, she says.
“During the digital journey, industry regulation helps strike a balance between governance, innovation, consumer protection and providing a ‘finance for all’ platform, so the bank’s digital journey is a process of using technological innovation guided by these principles. opportunity to enhance the experience for our customers and increase the access and utility of financial capabilities to the underserved or unbanked,” Lee said.
“In order to continuously transform in our digital journey, in addition to choosing the right technology, we also need to invest in the right talent and sound risk management in line with industry regulations.
“As banking’s value proposition and customer base grow, collaboration with fintech will increase, and as mobile banking grows, working with telcos to combat fraud or scam messages will not be discounted,” she said.
IBM is committed to educating students who want to enter the field and acquire relevant skills. IBM brings the IBM SkillsBuild program to Malaysia.
IBM SkillsBuild provides free learning, support and resources to build Stem and new collar skills from secondary education to entry-level employment.
In Malaysia, IBM is also partnering with educational institutions such as Politeknik Balik Pulau and University Malaysia Terengganu to equip students with valuable digital skills needed to work in the technology industry through IBM Skillsbuild.
Additionally, according to research from the Institute for Business Value, which surveyed more than 3,000 CEOs worldwide, sustainability is rising higher on the corporate agenda and CEOs see sustainability as a business priority and growth driver.
Finally, IBM is helping its clients translate the Sustainable Development Goals into action through data-driven innovation with industry-leading technical capabilities. IBM acquires Envizi, a leading provider of environmental performance management data and analytics software.
By combining Envizi with IBM’s broader range of artificial intelligence software, organizations will now be able to automate the feedback generated between their corporate environmental initiatives and the operational endpoints used in day-to-day business operations – the key to making sustainability efforts more reliable. A key step in scalability.