[This is a sponsored article with MDEC.]
According to the International Data Centre, Malaysia’s data-driven spending is estimated at RM7.9 billion in 2025.
For our local businesses to get a piece of the pie, the National Fourth Industrial Revolution (4IR) Policy states that they must first embrace digital transformation by excelling in the 5 core technologies of the 4IR.
To note: 4IR’s 5 core technologies are Artificial Intelligence (AI), Internet of Things (IoT), Blockchain, Cloud Computing and Big Data Analytics, and Advanced Materials and Technologies.
MDEC provides the impetus for Malaysian companies to evolve in this aspect and their ambition to foster greater adoption of data and AI technologies such as IoT, big data analytics and AI among local businesses.
The initiative is also in line with the Malaysia Digital Economy Blueprint (MyDIGITAL) program which aims to make Malaysia a digital-first nation by 2030.
Here are some case studies of companies working with the agency to help individuals or companies gain knowledge, develop a workforce, and receive guidance on data and AI topics.
Use data to reduce waste and create new products
Innergia Labs and its SYCARDA solution provide companies with information on their sales data as well as their inventory. Company CEO Vernon Chua highlighted why it’s important for an establishment to follow these measures during the pandemic, especially for F&B outlets.
Food waste remains a very real problem as some restaurants don’t know the right amount of ingredients to order and keep because they don’t know or understand changing consumption patterns.
SYCARDA helps by capturing real-time transactions on point-of-sale (POS) systems and automatically aggregating sales data into reports. These allow businesses to monitor and manage store performance to make quick improvements.
For example, a restaurant chain was able to use data about its customers’ wine pairing options to develop an off-peak menu. This generated additional sales and the company made RM400,000 in additional monthly revenue.
Meanwhile, a pharmacy chain using SYCARDA managed to speed up the process of compiling their weekly reports, using just 3 hours instead of 24.
In anticipation of 2022: Consumer behaviors have undoubtedly changed dramatically since the pandemic, Vernon noted. And while that means businesses must now have an online presence, he believes a convergence of offline and online businesses is the future.
When this happens, managing and monitoring a company’s performance becomes doubly difficult. Hence, increasing the importance of data technology for businesses, especially SMEs.
“These tools are there to support companies in their effectiveness and efficiency. They are no longer the exclusive domain of large corporations; small businesses can afford [to] and should also implement them,” Vernon said.
Use data to develop AI solutions that increase task efficiency
TM Research & Development (TM R&D) is a government-approved R&D company and innovation arm for Telekom Malaysia Berhad (TM).
The company has developed its own Open Innovative Platform (OIP), a one-stop cloud-native data sharing platform that enables digital innovation with features such as a data hub, intelligent services hub, IoT management, etc.
Thanks to OIP, the SPICE.ai solution was born. It is an AI-powered customer experience platform that enables telecom operators to reduce user complaints, expand the use of digital channels, and perform self-troubleshooting, resulting in efficient handling of customer calls.
During the pandemic, SPICE.ai has accurately helped frontline call center workers improve customer experience and cut call handling time by one minute.
In anticipation of 2022: CEO, Dr. Sharlene Thiagarajah, explained, “Data and analytics are critical to digital transformation efforts. Yet less than 50% of documented business strategies mention data and analytics as components of business value creation.
Now things have to change. She believes it is important for businesses to embrace data and AI technologies in order to be part of the digital economy which is expected to contribute 22.6% to Malaysia’s GDP by 2025.
Use data to drive sales while reducing costs
BigLedger offers AI-powered cloud-native applications called “applets” that can handle the complexity of various business processes such as enterprise resource planning (ERP) systems, customer relationship management (CRM), points of sale, warehouse management, logistics, etc.
Various applets can be mixed and matched to meet a company’s needs, which means that these companies don’t have to break the bank on huge, complex systems.
The solution pulls information from a unified data warehouse called the Operational Data Lake platform that makes it easy to access information and manage it remotely.
As a result, BigLedger customers save at least 10% in labor costs after implementing Operational Data Lake.
In anticipation of 2022: BigLedger CEO Vincent Lee predicts highly successful companies will adopt AI solutions in CRM, merchandising, customer service, logistics, and marketing.
2022 is the year many businesses restart, consumer behaviors change, and digital transformation accelerates by at least 10 years.
To make sense of it, Vincent believes that data technology is key to ensuring companies don’t “fly blind” in the aforementioned areas.
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Featured Image Credit: Innergia Labs
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