“Almost three-quarters of the survey respondents have said that investments would be made on digital transformation as well as new technologies and automation,” head of digital solutions and tax technology for PwC Malaysia Yap Sau Shiung told a ACCCIM press briefing.
KUALA LUMPUR: Matters pertaining to digitisation appear to be at the top of the agenda of most business owners especially as the economy begins to reopen in the endemic stage of the pandemic.
According to the Associated Chinese Chambers of Commerce and Industry of Malaysia’s (ACCCIM) business survey report conducted by PwC Malaysia, 48% among the 724 respondents said improving digital capabilities was a business priority over the next three years.
“Almost three-quarters of the survey respondents have said that investments would be made on digital transformation as well as new technologies and automation,” head of digital solutions and tax technology for PwC Malaysia Yap Sau Shiung told a ACCCIM press briefing.
He said digital capabilities have become a “must have” element for businesses.
“A clear and documented roadmap is vital, otherwise the digital transformation journey can be complex and costly. What do you want to transform and why? Perhaps it could be on the sales side, operations or backroom opersations,” Yap said.
The survey was conducted from December 2021 to January with over half of the respondents being directors, managing directors or chairman, and 63% of respondents were from private companies.
The survey, which sampled respondents from across the country, also revealed that 71% of respondents said expanding into new markets and client segments was a priority for them while for 47%, it was protecting their core business.
Meanwhile, the survey also revealed that 64% of respondents have some form of family governance policies in place.
Family governance covers many aspects such as dividend policies, family membership, ownership and entitlement and employment policy.
This is basically setting the “rules of the game” for family members, as otherwise many things are left to the interpretation and the expectations of the various individuals running the business, according to PwC. “When the views of the different stakeholders do not align, this would lead to conflict and this could be the beginning of the end,” it said.
PwC Malaysia said family conflict can be disruptive for businesses and setting a proper family governance can address the situation if it arises.
“It would be heartbreaking for family businesses to fail because of family issues, and this must be prevented at all costs. Get the family members’ buy-in so that everyone respects the rules.
“Once that is sorted, family members can focus on growing the business,” PwC added.
