Business leaders struggling to keep up with tech change: Survey

KUALA LUMPUR: Most business leaders in Malaysia believe their businesses have been disrupted by technology rather than them being the disruptors, according to a survey by global law firm Baker McKenzie.

Wong & Partners, a member firm of Baker McKenzie International, said 88% of the respondents polled from Malaysia described themselves as being disrupted, reflecting the trend seen across the Asia Pacific.

The research, titled “The Age of Hypercomplexity: Technology, Business and Regulators in Asia-Pacific”, also showed that a substantial 76% of respondents have experienced a major technological disruption in their sectors over the past two years, and believe that the pace of disruption will accelerate further over the next two years, it said in a statement yesterday.

“This could be a concern when viewed together with the fact that only 8% see themselves as being ‘highly adept’ at taking advantage of technological changes in their particular fields,” said Adrian Lawrence, Baker McKenzie head of technology, media and telecoms for Asia Pacific.

A full three-quarters of business leaders in Asia Pacific described themselves as being disrupted.

Lawrence said technology-driven disruption is affecting every industry, even those that previously assumed their sector to be immune.

“When thinking about the risks associated with technological advancement, just 20% of AsiaPacific business leaders describe themselves as ‘highly successful’ in managing tech risk,” he noted.

He said the number of Malaysian business leaders who believed themselves to be highly successful in managing tech risk came in below the regional average at just 16%. – Bernama