The Malaysian Entrepreneurs Festival

KUALA LUMPUR, Nov 14 (Bernama) -- Malaysian small and medium enterprises (SMEs) are using digital solutions to navigate market disruptions and expand their reach, according to market observers. In a session themed ‘Resilient Leadership: Leveraging Innovation and Digitisation’ at the Mid-Tier Companies (MTC) CEO 2024 event here today, panellists emphasised that digital transformation is essential for businesses to stay competitive. Ms Read (M) Sdn Bhd executive director Kristy Yong, a panellist from the fashion industry, said her company’s strategic shift from traditional retail in Singapore to e-commerce has enabled resource optimisation and access to regional markets. “Since beginning our digital transformation in 2017, we’ve made better decisions for the business. “Exiting the retail market in Singapore has allowed us to redirect resources towards exports within the region, starting with e-commerce and later expanding (physically) into those markets," she said. Founded in 1997 with a single store, Ms Read, which specialises in full-figured fashion with refined, timeless designs, now operates 15 locations in Malaysia and Singapore. Yong noted that while digitalisation offers clear benefits, high costs and limited expertise remain obstacles for many SMEs. She stressed that proper planning and partnerships can make digital adoption more accessible, with strong returns on investment. “Initiatives like digital health checks were highlighted as tools to help SMEs assess their readiness,” she added. Discussing best practices for keeping export operations flexible while staying on track to meet targets, Yong highlighted that centralised data platforms have become essential for informed decision-making. She shared how her company used data to test product collections and expand efficiently into international markets, reducing costs and risks. “Digital marketing has also been transformative. For example, SMEs can leverage platforms like TikTok and Facebook to boost customer engagement,” she said, adding that one company significantly increased sales through interactive campaigns and a newly established digital marketing team. Meanwhile, Deloitte SEA technology and transformation leader Azhar Hussin said SMEs should embrace artificial intelligence and automation, as these technologies allow businesses to focus on high-value activities and adapt quickly to market shifts. From an MTC perspective, Azhar stressed the importance of first identifying core business challenges—whether in marketing, revenue growth, or efficiency —before implementing digital solutions. “The key is to integrate digital tools in a way that supports these objectives. Digital technologies can significantly increase revenue and automate processes, allowing businesses to do more with fewer people while ensuring compliance and improving efficiency,” he said. Unlike conglomerates, which focus on cross-functional integration, MTC companies typically use digital strategies for marketing, revenue generation, and process automation, Azhar added, allowing them to achieve greater efficiency and scalability. He concluded that digital transformation is enabling Malaysian SMEs to overcome global challenges and unlock new growth opportunities. “By investing in technology, data-driven strategies, and customer-focused marketing, they are setting the stage for sustained success,” he said. Source: https://www.bernama.com/en/news.php?id=2363347

Digital Transformation Fuels Growth, Resilience For Malaysian SMEs

2024-11-14