On 24 November 2016, SAP and IDC hosted an exclusive briefing on the future of the Malaysian Internet economy. The timing is impeccable because the Malaysian government has declared that 2017 should be the “Year of the Internet Economy“.

Their analysis and opinions on how Malaysian businesses and entrepreneurs should chart their courses going into 2017 are invaluable for anyone who wants to stay relevant in the new age of the Internet economy. We all need to stay on top of the wave of new developments, or risk having it crash on us.

 

2017 – The Year Of The Internet Economy

In 2015, the Malaysian Internet economy contributed 17.8% to the GDP (Gross Domestic Product), just shy of the 18.2% target set for 2020. On the back of this rapid growth in importance, Prime Minister Datuk Seri Najib Tun Abdul Razak called on Malaysians to “embrace, adapt to changes and explore new areas of growth to accelerate the economy“.

SAP Malaysia is in full agreement of this view. In the past decade, the rate of adoption of new technologies has accelerated and technology is changing the rules of business with disruption becoming the norm. This will accelerate in 2017 and local businesses need to absorb, understand and adapt to these underpinning seismic shifts taking place, particularly with regards to Internet of Things and Big Data Analytics.

SAP Malaysia Managing Director Terrence Yong kicked off the session with his view on the Malaysian digital economy, and how IoT and big data analytics are changing the way we make, buy and sell products and services.

IDC Asia-Pacific Research Director Chin Jun Fwu then shared his findings on the adoption of the latest IoT and big data analytics here in Malaysia, before SAP (Southeast Asia) Head of Analytics Kathleen Muller touched on the impact of data analytics and the Internet of Things, particularly for SMEs (Small and Medium Enterprises).

Unfortunately, the current adoption of big data analytics and IoT in Malaysia is low. The key takeaway is that price is not really the issue, but rather inertia. Even if they are aware of what they must do to adapt to the changing world, there is resistance to learning new ways.

That will have to change, soon. Otherwise, even the most established businesses may lose out to their more nimble competitors.

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