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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