PLAYING CATCH UP TO A DIGITALISED WORKPLACE

TODAY, every company – no matter the scale – are shouting out their revolutionary plans for the next digitalised office. So exactly how important it is for companies to adapt quickly in this rapidly changing landscape?

Reports from the World Bank recognised digital economy as one of the key elements in driving Malaysia’s future economic growth. In

2014, the digital economy contributed RM188.3 billion to the nation’s

GDP, and it is expected to approach 20 per cent by 2020. *Apart from that, Cisco has also predicted that outside of Malaysia, 40 per cent of 500 businesses will not survive this massive transition over coming years if they do not take the necessary steps to prepare themselves and adapt accordingly.

Nonetheless, with all this said, a lot still needs to be done for both big companies and SMEs. Much of the digital economy continues to be dominated by large firms, despite programmes to encourage adoption and innovation for SMEs. Growth in basic digital adoption has been rapid but only 62 per cent of business establishments are connected to the Internet, with only 46 per cent having fixed broadband (often of low quality). Even more shocking is that just 18 per cent have a web presence of some kind which is particularly alarming given how everything is going digital. If the nation does not embrace this change, the productivity of the country will be compromised and become a hindrance to the nation’s overall GDP growth in future.

With the rapid changes, companies have no choice but to embrace the changes in order to keep up with its competitors but what are some of the common fears companies face? Research shows that the most common ones are:

• Loss of control over the customer relationship;

• The need to engage digitally with suppliers and employees; and,

• Increased competition and the risk of commoditisation. Digitisation starts from an operational level and equal emphasis should be given to strengthening the foundation of the company.

With digitisation, not only does the company evolve, but so does the shift in regulations and enforcement. This advancement enables companies to rise above the norm and challenge themselves to new business methods to help companies to work more efficiently and effectively especially now that businesses are being more data driven.

Companies should take a step back to reflect before making the next move on whether or not they need a new business models to operate as some giant companies are recognising the need to shift and adapt their business models to fit into the new landscape.

Companies can also choose to use digital technologies to enhance their current traditional business models, transform the existing model digitally or invent a new business model that is in line with the company’s vision and the new landscape.

This also opens a new opportunity for companies to invest in their employees by training them to equip themselves with skills to adapt to the changes.

One of the challenges companies face during this transformation period is whether or not the people within the company is ready and aware of it.

Addressing this first step would help the company in the long run and this will also serve as a tool to measure the success of adaptation. It is also good practice for the company in the long run to improve employee skills with continuous trainings and learning.

Digitisation also opens opportunities for companies to harness potential technologies to help consumers improve their livelihood.

In the near future, machines like AIs and robots will work alongside humans and both need to work hand in hand to get the job done rather than compete with one another. Despite the fear of humans losing work, humans have the thinking ability to strategise and the brain behind products while robots can be of use during the manufacturing process. This will then change the landscape completely from different angles such as communications, work flexibility, business models and innovation.

In Epson, we are aware of how the landscape is changing and envision ourselves to create a new connected age of people, things and information with efficient, compact and precision technologies that generate value to customers in the form of smart technologies, the environment and performance in four areas of innovation.

We are looking to make an impact and make the world a better place through our products and services.

I hope that more companies would be aware of the concept of digitisation and how it can enhance customers’ lives. The first step may be scary but for the long run, it will benefit us on a much larger scale.

* http://documents.worldbank.org/curated/en/435571536244480293/ pdf/129777-WP-PUBLICsept-11-1pm-World-Bank2018-Malaysia-DigitalEconomy-report.pdf