According to a recent report, companies in Malaysia are expected to increase salaries as they look to attract professionals within big data, data science, consumer insights and data warehousing, according to recent research.
It was noted that Malaysia’s digital economy is on the fast track for 2019 which have led to the spike in demand for these key positions. Across industries, companies looking to ride the wave of digital transformation to ramp up efficiency and productivity is creating more pressure on the country’s already tight candidate pool.
The research indicates a 30% increase in the number of technology jobs posted in Malaysia in the last 12 months. Successful job movers in this space can expect a 10 to 22% salary increase, according to research.
Urge to invest in tech
Malaysia is ranked as one of the top economies in the world and digital transformation is a key factor in driving business growth in the country.
Recently, the government Industry4WRD, a policy aimed at supporting the manufacturing sector’s leap to the Fourth Industrial Revolution (4IR).
The government’s role in the transformation process will propel manufacturing businesses — especially SMEs — on their journey towards 4IR. A recent study reveals that 65 per cent of SMEs is prioritising technology investments over other fixed assets.
There are several ways how technology adoption can benefit manufacturing businesses, drive efficiency and boost growth, another report notes.
First, technology allows for automation. This means the use of technology in the manufacturing process results in greater efficiency. Over half of business decision-makers agree that robotics has the ability to automate repetitive or mundane tasks on the production line.
Second, technology helps manufacturers close the skills gap. Studies indicate that most manufacturers (78 per cent) find it difficult to recruit top talent with the appropriate skill set. This suggests that the sector may suffer from a lack of skills and internal knowledge. To address the lack of workforce talent, businesses are turning to tech (like robotics) in a bid to save both time and resources.
Next, technology provides invaluable data. With the growth of smart factories with its connected Internet of Things (IoT) devices, the world is seeing an increase in the amount of data generated on the production line. Enabling companies to use the information to better their service will, in turn, be better for the economy.
Fourth, technology allows for more rapid expansion into overseas markets and new locations. Navigating an overseas expansion can be difficult. One in 10 businesses reports that working with overseas customers is often challenging, particularly for businesses with large supply chains or those that need to address tax obligations across multiple regions.
Thus, flexible enterprise resource planning (ERP) solutions allow for global processes to be managed effectively. Closing the communication gap to conduct global business can be achieved by taking advantage of multilanguage ERP systems that make it easier to interact with international colleagues, suppliers and customers.
Finally, technology enables and encourages businesses to adapt. By deploying the right tools, like cognitive technology or software, businesses can bring major improvements in business performance.
This will enhance the quality of forecasts and enable more precise scheduling and stock replenishment in response to customer demands. The ability to respond in real-time enables companies to control their manufacturing and sales order processes, and enhance return-on-investment.
However, the platform selected must be flexible; connecting management with the factory floor and enabling project teams to collaborate across borders.
All requirements that are fuelling the adoption of cloud-based ERP solutions by businesses of all sizes seek to keep pace with new technologies and customer expectations.
Linking these systems to a next-generation ERP solution can improve profit margins, open new revenue streams and improve brand reputations.
Thus, if Malaysia is to rapidly manifest its dream of becoming a leading technological and economic hub, it must seriously consider investing more in tech. As the aforementioned report shows, it is clear that the demand for tech professionals will increase this year; so too, must the investments the sector is receiving.