The Borneo Post (Sabah)

SMEs lose 5 per cent of rev­enue for not au­tomat­ing data

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There is a very low aware­ness of the im­por­tance of dig­i­tal­i­sa­tion in data man­age­ment among the ma­jor­ity of SMEs cur­rently. Shar­ala Axryd, founder of the Cen­tre of Ap­plied Data Sci­ence (CADS)

KUALA LUMPUR: The ma­jor­ity of lo­cal Small and Medium En­ter­prises (SMEs) have been los­ing up to five per cent of their busi­ness rev­enue an­nu­ally as they are still not adopt­ing big data au­to­ma­tion in their busi­ness, says an ex­pert.

Founder of the Cen­tre of Ap­plied Data Sci­ence (CADS) Shar­ala Axryd said this sce­nario, if not changed in the near term, would re­sult in these SMEs not be­ing able to sur­vive in the long run and even­tu­ally hav­ing to shut down their busi­nesses.

“There is a very low aware­ness of the im­por­tance of dig­i­tal­i­sa­tion in data man­age­ment among the ma­jor­ity of SMEs cur­rently. They prob­a­bly have not re­alised that as the world moves to­wards digi­ti­sa­tion, they have to move too if they want to sur­vive.

“They can­not stick to the tra­di­tional ways of do­ing busi­ness which in­clude man­ual data man­age­ment pro­cesses be­cause there would be a lot of hu­man er­rors that would re­sult in rev­enue leak­ages,” she told re­porters af­ter CADS’ Break­fast Fo­rum – Em­brac­ing Big Data to Plug Revenu Leak­ages in SMEs here to­day.

Of­ten go­ing un­no­ticed, rev­enue leak­age can sig­nif­i­cantly im­pact or­gan­i­sa­tions, es­pe­cially grow­ing busi­nesses such as SMEs, in terms of sig­nif­i­cantly los­ing rev­enue, record­ing lower wins or even over­pay­ing their clients, she noted.

CADS, a one-stop plat­form and cen­tre of ex­cel­lence for data sci­ence in Malaysia and across the Asean re­gion, be­lieves that these rev­enue leak­ages can be de­tected, re­paired and re­cov­ered, thus avoid­ing fu­ture leaks, us­ing spe­cialised and ul­ti­mately ef­fec­tive ap­proaches.

Axryd said rev­enue leak­age is a com­plex busi­ness chal­lenge in­volv­ing nu­mer­ous in­ter­nal stake­hold­ers, var­i­ous op­er­a­tional dis­ci­plines and func­tional ex­perts.

“Our data sci­en­tists are ca­pa­ble of help­ing dy­namic and grow­ing busi­nesses across mul­ti­ple sec­tors and in­dus­tries by iden­ti­fy­ing and im­ple­ment­ing ap­pro­pri­ate strate­gies, embed­ding ef­fec­tive con­trols, poli­cies and spe­cial­ist ca­pa­bil­i­ties to pro­vide tan­gi­ble busi­ness value.

“Be­yond this, we want to high­light the true un­der­ly­ing causes of rev­enue leak­age and pro­vide guid­ance on what ac­tion is re­ally needed to mit­i­gate and pre­vent the leak­age mov­ing for­ward,” she added.

The two-hour fo­rum is the first in a se­ries of ses­sions to be or­gan­ised by CADS to en­gage with Malaysian busi­nesses and cham­pion the rel­e­vance of data sci­ence in an or­gan­i­sa­tion.

“Data sci­ence can add value to any busi­ness who can use their data well. Our aim is to work with or­gan­i­sa­tions in Malaysia to power their busi­ness value and help them re­alise that no or­gan­i­sa­tion is too small to be data-savvy,” she said. — Bernama

 ??  ?? Shar­ala Axryd
Shar­ala Axryd

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