New Technology Adoption by SMEs and Job Opportunities


SME Malaysia
Photo credit to https://commons.wikimedia.org/wiki/File:Malaysia_LED_Champion_at_ASEAN_SME_2015.jpg

 SMEs (small and medium sized enterprises) in developing and industrial countries provide a significant amount of jobs. Two-thirds of all formal jobs in developing countries across Asia, Africa and Latin America are created by these enterprises, which employ anything from 5 to 250 employees. 

Small businesses however, often seem reluctant to adopt new technologies, either out of ignorance, too little time at their disposal or fear that it is unaffordable. However, internal and external pressures have helped SMEs in Malaysia realize the importance of adapting, by adopting new tech. 

Some of these technologies are as simple as having an up-to-date website that is also mobile friendly. On the other hand, SMEs can benefit greatly by adopting new IT, AI, and digital technology so that they can have a more competitive advantage in the revolutionized way of doing business. 

E-commerce, mobile-commerce, and social-commerce platforms have been embraced by an average of 88% of Malaysian SMEs and this is expected to contribute to increased revenue and job opportunities. SMEs, after all, form the backbone of Malaysia’s economy and are an engine of growth. 

The incorporation of Industry 4.0 technologies have also been embraced in Malaysia and even though these are coordinated to perform tasks that meet human needs, they also require personnel that have high technical skills. These technologies include mobile payments, automation software, big data and its analytics. 

The challenges faced by SMEs in adopting new technology are many. They include lack of sufficient financing and often a shortage of skills needed to implement these.

With the adoption of new technologies SMEs acquire the boost needed to enter new markets, improve customer service and customer experience. They also increase the demand for, and offer job opportunities for employees that have the hard and soft skills to implement these powerful technologies.

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