CPA Australia: Technology integration a boon for Malaysian Businesses
LUMPUR, MALAYSIA - Media OutReach -
19 August 2021 - Over 80 percent of Malaysian businesses surveyed by CPA
Australia, one of the world's largest professional accounting bodies, undertook
a major technology project in the last 12 months. CPA Australia found that
technologies such as data analytics and business intelligence software delivered
a boon for the nation's businesses.
Chung FCPA: By using technology, Malaysian businesses
were able to adapt to rapidly changing conditions and needs of consumers and
surveyed 725 professionals in different industries in Australia, Mainland
China, Hong Kong, Macau, Malaysia and Singapore. Respondents were asked about
their businesses' past and expected technology use. The findings are reported
in our 2021 Business
found that over the past 12 months, Malaysian businesses focused on upskilling
their employees' technology capabilities, looked for opportunities to improve
their existing technology, and developed long-term technology or digital
Australia Malaysia Division Digital Transformation Committee Chairman, Bryan
Chung FCPA, said that improving the technology they deployed in the past 12
months contributed to many Malaysian businesses' strong performances in a
businesses in our survey used technology to improve their operational
efficiency, reduce costs and improve customer experience. This is a prudent
approach given current market conditions and placed them in a good position to adapt
to rapidly changing conditions and needs of consumers and employees," he said.
report reveals that businesses with a positive outlook on growth are looking to
invest in data analytics and visualisation software, business intelligence
software and cloud technology in the next 12 months than other businesses.
also found that most businesses are planning to investment in technology tools
in the next 12 months, which signals a shift from cost savings to revenue
growth. However, not all businesses may be in a position to seize this
opportunity. Small businesses in our survey cited financial constraints as their
main challenge to technology adoption.
said that there are actually many funding opportunities available to Malaysian businesses
to help them access technologies that high growth businesses are much more
likely to use.
Malaysian Government has committed to making Malaysia a nation of entrepreneurs
and innovators by the end of the decade. To better compete, small business in
Malaysia should fully embrace the 5G rollout by Digital Nasional Berhad over
the next few years. This will enable them to participate in upskilling
initiatives to grow their businesses, especially in the technologies that high
performing businesses are using or investing in.
business owners would benefit from accessing upskilling initiatives that enable
them to grow their businesses over the next year, especially in the
technologies that high performing businesses are using or investing in," he
the Malaysia Digital Economy Corporation (MDEC) is offering several initiatives
to help build digitalisation knowledge such as the SME Business Digitalisation
Grant, 100 Go Digital and Smart Automation Grant.
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About CPA Australia
CPA Australia is one of the largest
professional accounting bodies in the world, with more than 168,000 members in
over 100 countries and regions, including more than 10,500 members in Malaysia.
CPA Australia has been operating in Malaysia since 1956 and opened our
Malaysian office in 1994. Our core services include education, training,
technical support and advocacy. CPA
Australia provides thought leadership on local, national and international
issues affecting the accounting profession and public interest. We
engage with governments, regulators and industries to advocate policies that
stimulate sustainable economic growth and have positive business and public
outcomes. Find out more at