PETALING JAYA: K-Konsult Group and IT firm Vimigo have signed a memorandum of agreement to establish an investment arm to strengthen business competitiveness.
In a joint statement, K-Konsult said its investment arm will acquire Vimigo’s business units, combining their knowledge, experience and expertise to promote competitiveness by providing the necessary training and software for operational and developmental needs.
K-Konsult, which provides tax advisory and business advisory services, said the collaboration aims to enable companies to enhance efficiency for their operations and employees at minimal costs, coupled with relevant consultancy services to help businesses leverage resources effectively and explore broader markets.
“Once implemented, this partnership will involve a dedicated team of over a hundred professionals with expertise in corporate training, software and consultancy to offer a comprehensive range of services to local enterprises.”
The company noted that the development of Malaysian businesses, especially small and medium enterprises (SMEs), has long been stagnant and exacerbated by the impact of the recent pandemic.
“Despite comprising 97.4% of total businesses and contributing 48.2% to the domestic job market, SMEs only account for 38.4% of the national gross domestic product and 10.5% of total exports.”
K-Konsult Group chief executive officer Datuk Koong Lin Loong noted that there has been a critical lack of reliable and accurate systems for measuring the efficiency and effectiveness of machinery and workforce in many businesses, which has hindered targeted and effective improvements.
“For instance, the government’s Progressive Wage Policy aligns employee salaries to productivity, where higher efficiency increases wages.
“However, many businesses struggle with accurately measuring employee efficiency. This highlights the need for a reliable consultancy plan and implementation of performance software so that companies can measure performance against specific standards.”
He added that businesses often lagged in technology adoption, talent management and overall business practices due to blind spots in leadership thinking.
“Therefore, this collaboration aims to provide businesses with an accurate and convenient performance management and reward systems to monitor different aspects, such as production, operations, sales, finance and particularly, the efficiency of human resources management to identify and address shortcomings, enhancing their competitiveness in the market.
“The collaboration also includes relevant consultancy services and systematic training to ensure business owners or leadership can break free from conventional thinking and address limitations hindering their business development.”
