CPA Australia: Technology integration a boon for Malaysian Businesses

Written by CPA Australia

KUALA LUMPUR, MALAYSIA - Media OutReach ^[1] - 19 August 2021 - Over 80 percent of Malaysian businesses surveyed by CPA Australia ^[2], one of the world's largest professional accounting bodies, undertook a major technology project in the last 12 months. CPA Australia found that technologies such as data analytics and business intelligence software delivered a boon for the nation's businesses.

Bryan Chung FCPA: By using technology, Malaysian businesses were able to adapt to rapidly changing conditions and needs of consumers and employees

We surveyed 725 professionals in different industries in Australia, Mainland China, Hong Kong, Macau, Malaysia and Singapore. Respondents were asked about their businesses' past and expected technology use. The findings are reported in our 2021 Business Technology Report ^[3].

We found that over the past 12 months, Malaysian businesses focused on upskilling their employees' technology capabilities, looked for opportunities to improve their existing technology, and developed long-term technology or digital strategies.

CPA Australia Malaysia Division Digital Transformation Committee Chairman, Bryan Chung FCPA, said that improving the technology they deployed in the past 12 months contributed to many Malaysian businesses' strong performances in a difficult environment.

"Malaysian businesses in our survey used technology to improve their operational efficiency, reduce costs and improve customer experience. This is a prudent approach given current market conditions and placed them in a good position to adapt to rapidly changing conditions and needs of consumers and employees," he said.

Our report reveals that businesses with a positive outlook on growth are looking to invest in data analytics and visualisation software, business intelligence software and cloud technology in the next 12 months than other businesses.

We also found that most businesses are planning to investment in technology tools in the next 12 months, which signals a shift from cost savings to revenue growth. However, not all businesses may be in a position to seize this opportunity. Small businesses in our survey cited financial constraints as their main challenge to technology adoption.

Chung said that there are actually many funding opportunities available to Malaysian businesses to help them access technologies that high growth businesses are much more likely to use.

"The Malaysian Government has committed to making Malaysia a nation of entrepreneurs and innovators by the end of the decade. To better compete, small business in Malaysia should fully embrace the 5G rollout by Digital Nasional Berhad over the next few years. This will enable them to participate in upskilling initiatives to grow their businesses, especially in the technologies that high performing businesses are using or investing in.

"Small business owners would benefit from accessing upskilling initiatives that enable them to grow their businesses over the next year, especially in the technologies that high performing businesses are using or investing in," he said.

Currently, the Malaysia Digital Economy Corporation (MDEC) is offering several initiatives to help build digitalisation knowledge such as the SME Business Digitalisation Grant, 100 Go Digital and Smart Automation Grant.

To read the full report, click CPA Australia 2021 Business Technology Report.^[4]