KUALA LUMPUR: The Malaysia Digital Corporation (MDEC) has called on local companies to embrace the latest technologies to future proof their business models, while developing new revenue streams.

Vice-president (growth ecosystem development) Norhizam Kadir said with the Fourth Industrial Revolution (IR 4.0) now in full-swing, companies can no longer second guess themselves as newer innovations continue to emerge and shake-up the existing state of affairs.

“Industrial trends like artificial intelligence, machine learning and advanced analytics have already broken the proverbial glass ceiling as they move to digitise the world,” he said in a statement today.

Norhizam was speaking at the Asian Innovators’ Summit organised by enterprise solutions provider SAP, here today.

SAP Malaysia managing director Duncan Williamson said advanced technologies should not be underestimated or disregarded.

The National ICT Association of Malaysia (PIKOM) echoed the view that technology is taking centre stage and how disruption is now the norm within the IR 4.0.

Chairman Ganesh Kumar Bangah said local businesses must be ready for evolution and be quick to absorb, understand and adapt to these transformative processes.

“This applies to all industry sectors as disruption is not discriminative,” he added.

Earlier this month, Prime Minister Tun Dr Mahathir Mohamed was reported as saying Malaysia must adapt to changes wrought by IR 4.0 to ensure the country remains competitive and once again attain the status as one of the world’s most dynamic economies. – Bernama