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1、Harnessing the Power of Technology:Building a Strong Digital Economy for Malaysias Future July 2023Nurlin Mohd Salleh,Hanno Stegmann,Ching-Fong Ong,Yung Shen Ow,Tauseef Charanya,Raja Segaran,Allan Cheah Wei Ming,Azam Wan HashimBoston Consulting Group partners with leaders in business and society to

2、tackle their most important challenges and capture their greatest opportunities.BCG was the pioneer in business strategy when it was founded in 1963.Today,we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholdersempowering organizations to grow,build su

3、stainable competitive advantage,and drive positive societal impact.Our diverse,global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change.BCG delivers solutions through leading-edge management consulting,technology and design,a

4、nd corporate and digital ventures.We work in a uniquely collaborative model across the firm and throughout all levels of the client organization,fueled by the goal of helping our clients thrive and enabling them to make the world a better place.Malaysia Digital Economy Corporation(MDEC),a government

5、 agency under the purview of the Ministry of Communications and Digital,was established in 1996 to lead Malaysias digital economy.Beginning with the implementation of the MSC Malaysia initiative,we have since then catalysed digital transformation and growth all over the nation.By offering greater in

6、centives and governance for growth and re-investment,we aspire to bolster Malaysias status as the digital hub of ASEAN,opening new doors and driving shared prosperity for all Malaysians.BCG X is the tech build&design unit of BCG.Turbocharging BCGs deep industry and functional expertise,BCG X brings

7、together advanced tech knowledge and ambitious entrepreneurship to help organizations enable innovation at scale.With nearly 3,000 technologists,scientists,programmers,engineers,and human-centered designers located across 80+cities,BCG X builds and designs platforms and software to address the world

8、s most important challenges and opportunities.Teaming across our practices,and in close collaboration with our clients,our end-to-end global team unlocks new possibilities.Together were creating the bold and disruptive products,services,and businesses of tomorrow.BOSTON CONSULTING GROUP+BCG X+MDEC 2

9、IntroductionThe global business landscape is changing.Growth in traditional markets such as telecoms,banking,auto and mobility,utilities,and pharma has now plateaued.Exhibit 1.At the same time,rapid technology evolution has energized new high-growth markets including artificial intelligence(AI),bloc

10、kchain,internet of things(IoT),and virtual and augmented reality,with significant value to capture for capable digital players.Tech-enabled markets are projected to deliver 10X growth advantage over traditional markets in the next five years.This represents a substantial opportunity for Malaysias ex

11、panding economy.Exhibit 13 HARNESSING THE POWER OF TECHNOLOGY:BUILDING A STRONG DIGITAL ECONOMY FOR MALAYSIAS FUTURETraditional competitive levers are shifting from the physical,to the digital.Efficiencies of scale have given way to scale of data access.Positional advantage is now built increasingly

12、 around control of high-value,propriety data.Learning advantage has evolved from accumulated experience,to accumulated data that can inform sophisticated solutions such as neural networks.Capability has moved beyond raw understanding of efficiency to connected,interoperable,modular architecture,and

13、agile ways of working.This data-driven approach is unlocking new levers for business success,with deeper insights,expanding scope,real-time adaptation capabilities,and talent advantages from high-value but scarce data-focused employees.Winning companies are demonstrating dramatically better outcomes

14、 than digital stragglers in these vibrant new markets,succeeding through new pillars of competitive advantage.Leading digital hyperscale companies are delivering 2.9X the total shareholder return(TSR).Digital natives are unlocking a 2.4x return,far beyond that of the trailing digital and legacy incu

15、mbents.Exhibit 2.Exhibit 2-Winning companies are already demonstrating dramatically better outcomes in these new markets3-year Relative Total Shareholder Return(TSR1)Indexed to the S&P Global 1200 IndexCompaniesboth legacy and emergingare now faced with a challenging trilemma.While growth is increas

16、ingly moving towards new,tech-enabled markets,overfunding into the digital space with limited returns,and high executional failure rates,represent a formidable challenge.The reality is almost two-thirds(65%)of digital transformation efforts fail to achieve their stated goals,delivering limited susta

17、ined change.Despite these difficulties,digital growth presents a remarkable value-generating opportunity for Malaysias economy.Its critical that the right adapters are in place to plug into this substantial opportunity.Boston Consulting Group(BCG)and Malaysia Digital Economy Corporation(MDEC)have un

18、dertaken detailed analysis of this evolving ecosystem,backed by an in-depth survey of businesses across Malaysia.This study helps to understand the current state of play,the drivers of change,barriers to further adoption,and the perception around the value that digital technologies can deliver for M

19、alaysia.BOSTON CONSULTING GROUP+BCG X+MDEC 4Charting Malaysias digital progressMalaysias digital economy has grown rapidly over recent years.This was accelerated by the COVID-19 pandemic pushing traditional businesses to shift to increasingly digital modes of operation.In 2021,the contribution of in

20、formation and communication technology(ICT)to national GDP increased to 23.2%,or MYR359 billion(US$89 billion).This represents a significant expansion of value from MYR135 billion(US$34 billion)in 2010,reflecting a strong compound annual growth rate(CAGR)of 9.3%between 2010 to 2021.Exhibit 3.While t

21、he national economy contracted in 2020,the COVID-19 pandemic spurred the digital economy to grow by 12.1%.This was driven largely by the growth of the e-commerce sub-sector.This represents significant growth,but there remains substantial value still to unlock.Exhibit 4.Exhibit 3-Malaysias digital ec

22、onomy outgrew rest of economy with 9.3%CAGR between 2010 and 20211 Exhibit 4:Pandemic-induced growth of 12.1%in 2021 contributed largely by E-Commerce11.Department of Statistics(DOSM)2021,Information and Communication(ICT)Satellite Account;MDEC Research 2022Share of digital economy contribution to G

23、DP,2010-2021Annual change of digital sub-sectors to digital economy,RM billion(%),201920215 HARNESSING THE POWER OF TECHNOLOGY:BUILDING A STRONG DIGITAL ECONOMY FOR MALAYSIAS FUTUREThe Malaysian Government has launched various studies,programs,and initiatives to leverage the opportunities of the dig

24、ital economy,with a particular focus on encouraging productivity gains and revenue growth for Malaysian businesses through digital transformation.These initiatives recognize that in a digital-first world,organizations and people are more connected than ever,with greater emphasis and interdependence

25、on technology as an enabler of economy creation.Measuring digital transformation is vital to understanding the competitiveness and digital maturity of enterprises across the nation.In 2022,MDEC piloted the National Business Digital Adoption Index(BDAI)to look at the rate of digital adoption in Malay

26、sias business landscape.The survey was rolled out to 1,000 Malaysian businesses nationwide to gain an understanding of the current digital adoption trends.The pilot BDAI serves as a national barometer of the state of digital transformation of businesses of all sizes across Malaysia,evaluating compan

27、ies in three core categoriestechnology,digital investments,and enablers.It assesses nine elements and 25 parameters across these three categories,providing a holistic look at the rate of digital adoption.The pilot BDAI revealed that Malaysian businesses,although largely computerized,could still impr

28、ove digitalization to enhance productivity and unlock value.While large companies lead on digital adoption,there are still points of improvement for Malaysian businesses which must be considered.Digital experience.Digital experience measures the extent and scale of digital technology adoption toward

29、s bringing customer and operational excellence.Generally,across Malaysian businesses,the scale of adoption of collaboration tools as well as customer experience platforms can be improved.A large majority of small and medium businesses are not using any types of collaboration apps,and interact with c

30、ustomers primarily through in-person interactions.Emerging technology.Adoption of emerging technologies is an indication of digital innovation taking place in an organization.Emerging technologies should be considered by large companies to unlock further value,including generative AI,robotics and au

31、tomation,and blockchain solutions.While IoT has the highest technology adoption across regions and company sizes,almost two-thirds of all the organizations surveyed did not adopt any emerging technologies.People and talent.Digital talent is a crucial enabler to the successful execution of digitaliza

32、tion.People and talent could also be enhanced in Malaysia,through developing in-house training capabilities,and strategically hiring talent to plug capability gaps.Generally,half of organizations(51%)say that they do not have a digital culture in place,however,they are open to develop it naturally a

33、s their business progresses.Broadly speaking,large companies have adopted the right approach,developing a digital strategy,focusing on enablers,and then investing in effective digital technology.The pilot BDAI shows that large companies excel in their use of data and business intelligence tools to d

34、raw valuable insights,predict trends,prevent risk,and make better decisions.However,micro-,small-,and medium-sized enterprises(MSMEs)generally lag behind due to their limited ability and access to analyze business data.MSMEs are a vital part of Malaysias national economy,and will be a key driver to

35、capture and unlock greater economic value through digital.MSMEs contribute over a third(37%)of gross domestic product(GDP),almost half(47%)of total employment,and just over 17%of all exports.Uplifting these enterprises through digital transformation provides a pathway to amplify their economic impac

36、t,enhancing their contribution to GDP and employment,and creating value for the nation.The pilot BDAI study provides disaggregated insight into the relative performance of companies in Malaysia across company size,location,and industry of operation.It demonstrates that large companies have more matu

37、re digital capabilities,primarily due to a longer history of investment and larger budgets.Exhibit 5.Across industry verticals,the manufacturing and services segments in Malaysia are the most enhanced industries in terms of digital maturity.Exhibit 6.However,they only marginally outperform other seg

38、ments,as no single industry has a clear edge over the others.These two industries are slightly ahead of the curve in the use of digital tools and processes and data.This is largely due to the increasing use of automation and digital platforms within the business operations of such industries.Geograp

39、hically,the greatest share of advanced digital companies is in the Central Region.This region has strong performance across digital investments,enablers,and technology.Businesses in the Central Region also have a slight edge in their use of business applications and modernized processes.The East Coa

40、st Peninsular lags behind other regions,with low adoption of technology presenting a particular pain point.Exhibit 7.BOSTON CONSULTING GROUP+BCG X+MDEC 6Exhibit 5:Variations in digital maturity most pronounced between company sizesExhibit 6:Manufacturing and Services industries are marginally more d

41、igitally mature than other sectorsExhibit 7:Little variation in infrastructure and connectedness across regions,though Central Malaysia remains slightly more digitally mature Source:Pilot BDAI Survey,2022,MDEC7 HARNESSING THE POWER OF TECHNOLOGY:BUILDING A STRONG DIGITAL ECONOMY FOR MALAYSIAS FUTURE

42、Malaysias largest companies are progressing well in their digital transformation efforts,but there is significant room to further accelerate adoption of digital technologies.The pilot BDAI study revealed that more than two-thirds(67%)of businesses have some form of tracking or key performance indica

43、tor(KPI)to measure digitization efforts.More than half(55%)of businesses also utilize social media platforms for their business operations.A higher majority of medium(68%)and micro(60%)businesses embrace social media for their operations.Encouragingly,four out of every five businesses also leverages

44、 some form of automation in their business operations,although the agriculture industry continues to show the lowest rate of automation.The pilot BDAI identifies valuable foundations for Malaysias future digital economy.It also provides a granular view of the areas in which Malaysian firms can gain

45、a competitive edge,primarily through enhancing digital business operations.On skills and talent,just 9%of Malaysian businesses have implemented digital training at a company-wide level,revealing significant room for improvement.Almost two-thirds of Malaysian businesses(60%)do not use any cloud servi

46、ces,with the majority of these companies being MSMEs.Malaysias MSMEs are themselves presented with some important low-hanging fruits to accelerate digital adoption,including data,digital process and application,and cybersecurity.Data.Data collection offers a path to create a more informed business s

47、trategy.However,62%of micro and 32%of small companies currently do not collect data.Adopting effective data storage and analytics tools offers a powerful opportunity to unlock business value through data-driven digital solutions.Digital process and application.Cloud solutions can provide access to c

48、ost-effective,agile digital tools for businesses,yet 90%of MSMEs currently do not use any cloud solutions.Cloud offers a path to adopting advanced information technology(IT)infrastructure and enterprise connectivity solutions.Cybersecurity.Strong cybersecurity means improved consumer confidence and

49、less opportunity for digital business disruption.MSMEs should design appropriate data security policies,and explore custom security solutions fit for their business needs.Following an accelerated digitalization journey in the last two years,Malaysian businesses have realized the true value of digita

50、l tools.Enhancing digital adoption in Malaysian businesses remains a top priority,as Malaysia seeks to expand the contribution of the digital economy towards national growth.MDEC will continue to provide insight and measure the state of business digital transformation,rolling out the BDAI survey on

51、a larger scale.This will unlock further granularity on the digital strengths of Malaysian firms,as well as the strategic areas for improvement.BOSTON CONSULTING GROUP+BCG X+MDEC 8Building better with the Build For the Future frameworkThe Build for the Future(BFF)framework can help accelerate future-

52、readiness for Malaysian enterprises.BFF is a propriety framework developed by BCG to assess the future-readiness of companies across the globe,responding to shifting macroeconomic conditions,technological disruption,and changing market dynamics.It was created on the basis of three years of detailed

53、research,assessing over 2,500 companies globally.Exhibit 8.Exhibit 8:Build for the Future leverages three years of longitudinal research across 2500+companies9 HARNESSING THE POWER OF TECHNOLOGY:BUILDING A STRONG DIGITAL ECONOMY FOR MALAYSIAS FUTURECompanies building for the future sit in one of fou

54、r categoriesstagnating,emerging,scaling,and future-built.Exhibit 9.Three-quarters of companies globally are located in the stagnating or emerging cohort,in the early stages of future-readiness.Just 19%of companies are scaling,and only 6%can truly be considered future-built.Stagnating.Yet to get digi

55、tal transformation right,with limited value creation.Emerging.Executed successful programmatic transfor-mation,but challenges in effectively scaling across the organization.Scaling.Delivered multiple waves of successful digital transformation,now pivoting to innovation-led growth.Future-built.Underg

56、oing continuous innovation at the leading edge of disruption via systematic build of necessary capabilities at scaleThrough its BFF framework analysis,BCG has identified six attributes shared by companies successfully building for the future.These six factors empower companies to seize new opportuni

57、ties and move into high-growth markets.Align leadership around a powerful purpose that integrates sustainability and social-impact goals,building trust and transparency among stakeholders.Develop a clear people advantage in attracting,retaining,and developing world-class talent.Institute an operatin

58、g model to enable agility and resilience to rapidly exploit market disruption and mitigate risks.Establish an innovation-driven culture to reimagine outcomes,and build new business models.Migrate to modernized tech platforms to enable fast,automated,and secure operations.Embed AI for value in the or

59、ganization to drive scaled performance improvements.The adoption of digital technologies and solutions was a critical success factor for financial and operational resilience during the COVID-19 pandemic.Companies that had built for the future and invested in new digital solutions recorded better out

60、comes for their business and employees during this challenging period.Digital investments have been instrumental in creating economic spillovers,contributing significantly to national growth and value creation.Over the last five years,total investments by companies under MDECs strategic national eff

61、ort called Malaysia Digital(MD)have grown at 8%CAGR.This growth rate more than doubled in 2021 to 17%,reaching a value of approximately MYR46 billion(US$10 billion).As global markets become increasingly connected through online platforms,digital businesses are capitalizing on the demand of foreign c

62、onsumers,expanding their market reach,and exporting digital goods and services to previously untapped markets.Exhibit 9:Companies building for the future typically sit in one of four maturity categories(https:/ CONSULTING GROUP+BCG X+MDEC 10Why BFF is Important for Malaysian CompaniesAnalyzing the s

63、mall group of companies further along on this digital journey reveals that they outperform their less digitally mature peers on numerous financial metrics.This includes total shareholder return,earnings before tax(EBT)uplift,revenue growth,and post-COVID TSR recovery rate.Exhibit 10.These companies

64、have also unlocked wider benefits.That includes increasing AI-related patent innovation by 8x,improving environmental,social,governance scores by 5x,and demonstrating improved people and talent operations by tripling their Glassdoor scores,as well as doubling their net-promoter scores.Exhibit 10:The

65、 small group of companies further along the journey outperform on non-financial as well as financial measuresSource:S&P Capital IQ;Refinitiv;Glassdoor;BCG ValueScience Center,financial data between 30 December 2017 and 30 December 2022;BCG Center for Growth&Innovation Analytics;BCG 2022 Company of t

66、he Future Survey,n=72411 HARNESSING THE POWER OF TECHNOLOGY:BUILDING A STRONG DIGITAL ECONOMY FOR MALAYSIAS FUTUREMalaysias Build for the Future performanceIn order to benchmark the BFF performance of Malaysian companies,BCG and MDEC have undertaken a survey of 18 companies across the business ecosy

67、stem.This survey dives deeper into firm-level digital maturity,and more accurately assess the current performance of Malaysian companies against their counterparts.Companies are scored on a scale of one to 10,with 10 being the highest score for digital capabilities.Of the 18 companies who responded

68、to this survey,eight were classified as incumbents(legacy or digital)and 10 can be classified as digital natives.The results reveal a fascinating picture of Malaysias digital landscape,with four key findings Exhibit 11.Exhibit 11:BCG BFF Survey of Malaysian Companies SummarySource:BCG BFF survey 202

69、3BOSTON CONSULTING GROUP+BCG X+MDEC 121.Falling behind global/regional curveOur survey of over 18 Malaysian companies incorporated insights from executives in a wide range of industries,including telecommunications,consumer goods,financial services,and more.It reveals progress on the digital journey

70、,and the potential opportunity ahead for organizations in the country.Digital transformation in Southeast Asian companies is comparatively successful,with almost half(47%)of companies set up to successfully deliver on their digital transformation ambitions,compared with a figure of 35%globally.Exhib

71、it 12.However,Malaysia is falling behind both global and regional averages,with only 17%of companies set up to successfully deliver on their digital transformation ambitions.Exhibit 12:Malaysian companies progressing well but majority are not set up successfully to deliver digital transformation amb

72、itionsNote:“Win Zone”=score=8;“Worry zone”=score 6-8;“Woe zone”=score=8;“Worry zone”=score 6-8;“Woe zone”=score 6 Source:BCG Build for the Future Survey 2022;n=18 for MalaysiaBOSTON CONSULTING GROUP+BCG X+MDEC 143.Incumbents lag digital natives,but all hope is not lostOn average,the BFF score of inc

73、umbents in Malaysia is 1.5 points lower than their digital native counterparts(5.3 vs 6.8).Incumbents score lower across all six attributes compared to digital natives,with Embedded AI uptake having the largest difference(3.6 vs 5.6).The next two lowest-scoring categories for incumbents are People A

74、dvantage(5.0)and Modern Tech&Data Platform(5.0).Incumbents score best in the Purposeful Leadership category(6.4),but trail digital natives by 0.9 points.However,this still represents impressive performance,as natives have a large advantage.Digital natives typically have a nimble product ethos and of

75、ten benefit from an engaged,charismatic founder playing a hyperactive role in the company and culture.That said,there are important signs of optimism for Malaysias evolving landscape.While Malaysian incumbents all fall within the stagnating or emerging categoriesequally split between the twothe gap

76、with digital natives is not significant,with digital natives also spread across the four transformation stages.This means that with the right digital transformation program in place,incumbents are positioned to close the gap with digital natives.In fact,five of the eight incumbents have scores that

77、outperform two of the assessed digital natives.The relatively small gap between natives and incumbents provides a realistic opportunity to catch upif they start implementing the first steps of digital transformation now.Exhibit 14.Some important next steps to bridge this gap are highlighted in the r

78、ecommendation section of this report.Exhibit 14:Delivering on this imperative is a multi-stage journey enabled by two distinct approaches15 HARNESSING THE POWER OF TECHNOLOGY:BUILDING A STRONG DIGITAL ECONOMY FOR MALAYSIAS FUTURE4.Digital natives are not growing as fast as they should,and are at ris

79、k of being overtaken by incumbent players,let alone advancing to hyperscaler sizeExhibit 15:Most Malaysian incumbents are stagnating or emerging;digital natives spread out across all stagesWhile digital natives enjoy certain advantages over their more traditional contemporaries,this does not mean th

80、ey can afford to be complacent.The 10 digital natives surveyed are well spread out across our four sectorstwo each in the stagnating and emerging stages,and three each in the scaling,and future-built stages.While this conforms with the global trend of digital natives being further along the digital

81、transformation journey,the unusual number of digital natives assessed as being in stagnating and emerging stages represents some cause for concern.Exhibit 15.Embedded AI adoption is again the weakest scoring category,with an average score of 5.6.This is followed by People Advantage(6.7)and Agile Ope

82、rating Model(6.7).Malaysias digital natives score well in Purposeful Leadership(7.3)and Innovation-driven Culture(7.1),though this can be traced to the nature of digital natives retaining the influence of their founders.Whether natives can retain this score as organizational and technological entrop

83、y increasestriggered by acquisitions,leadership changes,and similarremains to be seen.Source:BCG Build for the Future Survey 2022;n=18 for MalaysiaBOSTON CONSULTING GROUP+BCG X+MDEC 16CALL TO ACTIONDelivering on the digital adoption imperative is a multi-stage journey enabled by two distinct approac

84、hes.Stagnating and emerging companies can be said to be in early digital transformation stages,requiring a programmatic approach to fix the core and build a foundation for future innovation.Scaling and future-built organizations are at the stage of continuous innovation,embedding and scaling cross-f

85、unctional attributes to leverage AI at scale,new business build,and advanced digital ecosystems.Exhibit 16.The urgency in which each company implements digital transformation also depends on the stage of transformation they are in,as well as their scoring in each individual attribute.Stagnating and

86、emerging players.These players should act with urgency,or risk being left behind.Premature declarations of success are a recipe for long-term pain,and risk paving a path to failure.Act now,and commit deeply to digital transformation.Quickly follow digital incumbents in implementing a digital transfo

87、rmation that will drive long-term value and develop digital capabilities for growth.Take coordinated initial steps on all attributes highlighted in the BFF analysis,and use this as a framework to guide growth.Scaling and future-built players.These players are well positioned,but they cannot afford t

88、o be complacent and risk being overtaken by ambitious incumbents.Focus on the six attributes of success,and continue to drive forward towards becoming what BCG refers to as a truly bionic company.There are some key next steps which should be embraced,based on the six core BFF attributes.Purposeful L

89、eadership Align leadership around a corporate purpose Empower leadership and build depth beyond the founderPeople Advantage Build your employee value proposition to be compellingly attractive for the best digital talent Place greater emphasis on training and upskilling to drive development and reten

90、tionAgile Operating Model Develop your leadership and governance processes to be agile,supportive of fast iterative learning,and risk-taking Try not to make trade-offs between speed of innovation and building platforms to scale innovation Address incentives and align with measures which drive value

91、in the businessInnovation-driven Culture Commit to developing an entrepreneurial culture which underpins innovation that permeates an organization top-to-bottom,not just leadershipModern Tech&Data Platform Drive a business-led technology agenda which harnesses new technologies,for example cloud-base

92、d workloads,open architectures,rapid innovation in the customer experience layer,and democratized data Do not compromise on technology and data governance to prevent fragmented data and technology debtEmbedded AI Begin developing embedded AI capabilities across the operational value chainExhibit 16:

93、Making it real-What building for the future looks like17 HARNESSING THE POWER OF TECHNOLOGY:BUILDING A STRONG DIGITAL ECONOMY FOR MALAYSIAS FUTUREMDEC initiatives to support growth of digital economyPowering up Malaysias future digital economyIn a time where rapid developments are transforming the b

94、usiness landscape,findings from the BDAI and BFF surveys are increasingly valuable to grow the digital ecosystem.Understanding the scale and extent of digitalization,coupled with organizational-level analysis benchmarked against counterpart competitors,is a crucial foundation to inform both public a

95、nd private interventions.Recognizing the prevalence of digital technologies in economic development,the Government of Malaysia,through MDEC,intends to drive economic participation by every segment of industry through digitalization and adoption of digital platforms,emerging technologies,and innovati

96、ve business models.MDEC carries the mission to drive the digital economy through catalytic high-impact initiatives,backed by strategic and sustainable investments.Various interventions and programs are offered across the entire digital economy ecosystem to drive high-value digital investments,provid

97、e a launchpad for domestic tech companies into ASEAN and beyond,drive digital adoption to grow local businesses,create a digital-savvy society,and facilitate a business-friendly and sustainable digital economy ecosystem.Malaysia Digital(MD)is the national strategic initiative,driven by MDEC,to encou

98、rage companies,talents and investment while enabling Malaysian businesses to play a leading part in the global digital revolution and digital economy.The initiative creates substantial digital economic spill-over through equitable access to digital tools,knowledge,and income opportunities across Mal

99、aysia.Through the Program Mangkin Malaysia Digital(PEMANGKIN)projects,MDEC seeks to catalyze large-scale creation of digital value across promoted sectors,including services,finance,agriculture,tourism,trade,creative content,and the Islamic economy.These PEMANGKIN projects drive the adoption of digi

100、tal technologies to grow local businesses,promoting the use of ten emerging technological enablers,including AI,robotics,dronetech,blockchain,integrated circuits(ICs)cloud,cybersecurity,IoT,extended reality,and advance network connectivity.Digital transformation is set to supercharge Malaysias futur

101、e economy,but companies must act now to unlock this strategic advantage.BCGs BFF framework provides a platform to inform these efforts,offering a benchmark for success and best practice guidance.It is framed by the six key levers of successpurposeful leadership,people advantage,agile operating model

102、,innovation-driven culture,and modern technology and data platforms.Malaysias own foundations are strong,but there are some clear gaps that stakeholders must address in order to unlock the value of digital transformation.MDEC and the Malaysian Government have put in place valuable initiatives to spu

103、r this development,with encouraging signs of adoption and growth for the future.In a shifting business landscape,businesses must adapt to these new pillars of competitive advantage.Those who do so are on track to deliver more effective,profitable,and resilient businesses.Those who dont,run the risk

104、of being left behind in an increasingly competitive and fast-moving digital business ecosystem.BOSTON CONSULTING GROUP+BCG X+MDEC 18Nurlin Mohd Salleh is the Head of BCG Malaysia,and Managing Director and Partner based in BCGs Kuala Lumpur office.You may contact her by email at Salleh.NChing-Fong On

105、g is a Managing Director and Senior Partner based in BCGs Kuala Lumpur office.You may contact him by email at Tauseef Charanya is a Product Director based in BCGs New Jersey office.You may contact him by email at Charanya.TAllan Cheah Wei Ming is a Senior Manager,Strategy,Research&Insights at MDEC.Y

106、ou may contact him by email at .myHanno Stegmann is a Managing Director and Partner from BCG X,and hes based in Singapore.You may contact him by email at Yung Shen Ow is a Project Leader based in BCGs Kuala Lumpur office.You may contact him by email at Raja Segaran A/L S.Narayanasamy is a Director,S

107、trategy,Research&Insights at MDEC.You may contact him by email at .myMohamad Azam bin Wan Hashim is a Manager,Strategy,Research&Insights at MDEC.You may contact him by email at .myAbout the AuthorsIf you would like to discuss this report,please contact the authors.Boston Consulting Group partners wi

108、th leaders in business and society to tackle their most important challenges and capture their greatest opportunities.BCG was the pioneer in business strategy when it was founded in 1963.Today,we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholdersemp

109、owering organizations to grow,build sustainable competitive advantage,and drive positive societal impact.Our diverse,global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change.BCG delivers solutions through leading-edge managem

110、ent consulting,technology and design,and corporate and digital ventures.We work in a uniquely collaborative model across the firm and throughout all levels of the client organization,fueled by the goal of helping our clients thrive and enabling them to make the world a better place.Uciam volora dita

111、tur?Axim voloreribus moluptati autet hario qui a nust faciis reperro vitatia dipsandelia sit laborum,quassitio.Itas volutem es nulles ut faccus perchiliati doluptatur.Estiunt.Et eium inum et dolum et et eos ex eum harchic teceserrum natem in ra nis quia disimi,omnia veror molorer ionsed quia ese vel

112、iquiatius sundae poreium et et illesci atibeatur aut que consequia autas sum fugit qui aut excepudit,omnia voloratur?Explige ndeliaectur magnam,que expedignist ex et voluptaquam,offici bernam atqui dem vel ius nus.Nem faccaborest hillamendia doluptae conseruptate inim volesequid molum quam,conseque

113、consedipit hillabo.Imaio evelenditium haribus,con reictur autemost,vendam am ellania estrundem corepuda derrore mporrumquat.Add Co-Sponsor logo hereFor information or permission to reprint,please contact BCG at .To find the latest BCG content and register to receive e-alerts on this topic or others,please visit .Follow Boston Consulting Group on Facebook and Twitter.Boston Consulting Group 2023.All rights reserved.7/23