KUALA LUMPUR: The lack of digital adoption is causing small and medium enterprises (SMEs) to lag behind in the region, said Fave Asia Technologies Sdn Bhd co-founder, Yeoh Chen Chow.
He said SMEs need to keep up with new technologies and digitalisation, which could save time in achieving target sales and profit.
Yeoh added that the SMEs are facing challenges such as dealing with new consumer payment methods, inefficient manual processes and multiple competitors with no way of differentiating their businesses.
“We should think of ways to use digital technology to solve problems, to make things easier, cheaper, better and faster,” he told Bernama on the sidelines of the Federation of Malaysian Manufacturers Entrepreneurship Conference 2019 here, Tuesday.
Yeoh added that SMEs could conduct research and development to boost their growth and become better entrepreneurs.
Meanwhile, SME Corporation Malaysia chief executive officer Noor Azmi Mat Said said entrepreneurs must innovate their business to be able to remain in the market.
He said the industrial revolution involves innovation in facing challenges such as reducing costs while at the same time enhancing quality of products.
“Innovation is crucial as this will ensure the sustainability of businesses,” he said. –Bernama
