02 Mar Adapt quickly to new ‘disrupting’ tech, urges MDeC chief
Companies wanting to stay competitive must rapidly adapt to introduction of new technology and the way it is changing the rules of business.
Those that fail to do so will fall by the wayside, warns Multimedia Development Corp (MDeC) chief executive officer Datuk Yasmin Mahmood.
This disruptive influence of technology on business would be profoundly significant, said Yasmin, an ICT industry veteran who took over as head of MDeC in 2014.
“We are in the middle of a revolution and technology is changing the rules of business and disruption is becoming the norm. This will accelerate this year. As business leaders, we need to absorb, understand and adapt. If we don’t we will be left behind,” she said.
She pointed to technologies such as big data analytics, virtual reality, 3D printing, drones and the Internet of Things as underpinning seismic shifts in how business is done.
The sharing economy concept, where under-utilised resources are identified and made available to people so that they be “shared”, is one example of how emerging technologies can change the business landscape.
Companies such as Uber and Airbnb have rewritten the rules of entire industries across the globe in an alarmingly short time.
Local companies, too, are getting into the action by innovating and introducing game-changing technology to industries via apps such as such as Tripda and ClosetStyles.
Tripda enables people driving outstation to sell trips in the empty seats of their cars, while ClosetStyles allows women to turn their own closets into an online clothing store and make quality branded clothes available for sale.
Another key disruptor for business was big data, said Yasmin.
Data and the way it is now used can affect companies in various ways.
For instance, the power of recommendation — a concept where people rate the service and products they purchase so others can make informed decisions, be it on social media or websites — is becoming a key factor in purchasing decisions.
Yasmin advises business leaders to incorporate future proofing into their ongoing business and review processes to stay ahead of the curve.
Source: New Straits Times