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Agendas for Private Sector in the Digital Era

31 July 2019

ORANGEBEAM Berhad

By Dato’ Faris Yahaya, Group Chief Executive Officer

SSM Conference 2019 | 24 July 2019 | Sunway Pyramid Convention Centre

 

In today’s digital age, change is inevitable. Businesses need to adapt to survive in a rapidly changing and fast-paced world. Getting the best practices and processes for your businesses through the adoption of digital technologies across the different industries is imperative. Businesses need to begin future proofing to stay ahead of challenges and embrace opportunities as they arise.

In July, ORANGEBEAM had the opportunity to participate in the SSM National Conference 2019, a conference running its ninth year since 2011 and has made its mark as a signature regulatory education and networking platform for corporate professionals to stay relevant in the ever-changing business environment.
In the session, we focused on agendas for private sector in nation building – looking at the challenges faced by the private sector in keeping up with the fast-paced economic landscape; the importance of private sector for the future of nation-building; government’s role in encouraging private sector’s high-sense of corporate duty; and our way forward in the digital future and Industrial Revolution 4.0 (IR 4.0).

Role of Private Sector in Nation-Building
According to Bank Negara’s 2018 Annual Report, the Malaysian economy is expected to sustain its growth momentum this year, propelled by private sector activity, with private consumption projected to expand by 6.6 percent from a preliminary 8.1 percent in 2018.
As for private investments, there is a total of 5,018 approved private investments in 2018 in Malaysia. The first quarter of 2019 saw a total of 1,678 investments. Private investments trend is improving, bolstered by the positive sentiments arising from the new Government’s supportive policies and clear economic direction. The private sector serves as excellent examples of actors with strong internal drive to move towards many things including: efficient use of resources, sustainable and responsible investment; and developing Malaysian talent – through employment creation and entrepreneurs.

Private sector’s strategies involve not only building capabilities from within, but also developing knowledge capacity and disseminating key information with stakeholders outside their organisation. As we continue to embark on a period of technological advancement, the next few years will present both significant challenges and opportunities. The private sector is seeking a roadmap for navigating these profound changes. Agility is key to thrive and remain sustainable in this day and age and this is where IR.40 comes in.

New Opportunities in the era of IR4.0
The IR 4.0 is going to benefit the private sector with an unprecedented possibility to apply an abundance mindset to solving these challenges by becoming more flexible and efficient. According to Forbes, The Fourth Industrial Revolution will provide us in the private sector with: opportunities to learn and teach new skills, build new jobs requiring unique skills combinations that don’t exist today, explore talent that we didn’t know about and, in doing so, grow our businesses and create a new generation of workers that are highly skilled in more diverse areas.
Overall, the shift from simple digitisation (i.e. the Third Industrial Revolution) to innovation based on combinations of technologies (the Fourth Industrial Revolution) is forcing companies to re-examine the way they do business. This is in line with our direction at ORANGEBEAM in creating intentional disruption to challenge boundaries, create new ways of working and identify novel synergies for value creation. Guided by a BOLD Blueprint, my team and I are looking to disrupt the way we build and develop the future. For disruption to happen, we are combining our sector expertise with the right level of technologies to deliver highly technical and specialised projects and services to our customers.
Thanks to technology and today’s digital-everything, companies are pressured to perform, deliver and respond quickly. With more businesses transforming through the adoption of technology, competition increases as well. It requires infusion of innovation and technology into different parts of the business and across the value-chain – even those that are management and site-centric.

Collaboration is Key to Disruption
Disruption goes beyond the transformation of a single business – it must be realised across the value chain so we may work together in making a difference in our industry. Which is why, as part of our transformational journey at ORANGEBEAM, we aspire to be part of the point of intervention and be the voice of the industry.

Collaborate and work closely with local city councils, policymakers, authorities and relevant industry stakeholders to understand the requirements of today’s industries. We need to disrupt the industry together and work out on how we can grow the industries in Malaysia – so we can further contribute to our nation’s GDP. We are joining forces with our fellow industry peers in collaborative efforts to educate, create awareness and advocate the need to adopt and infuse the right level of technologies across the ecosystem together.

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