Malaysia’s digital economy reaching 20% of GDP 2020, are the companies fit to adapt digitalization?

KUALA LUMPUR 8 July - Malaysia’s digital economy is estimated worth more than RM270 billion which is 18.5% of the nation’s gross domestic product (GDP) in 2018, according to YCP Solidiance study.

The amount indirectly indicates Malaysia is increasing in its digital maturity compared to other countries in the Asia Pacific region.

Despite the good news, it is also a sign for the organisations, companies and all industrial sectors in the country to embark on digital enhancement. 

With the COVID-19 pandemic hitting the world, it hugely elevated the need of digital shopping, working and connection thus projects the digital economy of Malaysia to reach 20% of GDP this year. 

Malaysia ranks as Southeast Asia’s second most digital advanced country on Huawei’s Global Connectivity Index to date. 

It is proven when most Malaysia’s companies are using digital platforms in their operations such as decision making, commercial opportunities or customer experience advancement.

However, it is still a long digital journey ahead for Malaysia as six out of 10 companies are still at the stage of basic digitalization. 

Only an estimated four out of every 10 companies have an integrated digital strategy. 

“While the majority of companies acknowledge that digital transformation is imperative to sustainable progress, these ambitions have not been translated into actionable digital strategies.

“It is more essential for Malaysian companies to have one, clear, intentional digital strategy incorporated into the business plan,” said YCP Solidiance. - DagangNews.com