AMCHAM participated in the Inland Revenue Board (IRB) E-Invoicing Discussion today, 15 Feb 2024. We got to engage directly with Dr. Rasyidah Binti Che Rosli and her team from the IRB. The discussion was held as a hybrid of in-person and virtual with over 50 AMCHAM members dialing in.
We were able to discuss and address our members’ concerns regarding the impending implementation of e-Invoicing, which is a significant shift for businesses. By working together with the IRB, the path for a more efficient and digitally-driven invoicing system can be paved, allowing for businesses to run smoothly amidst the shift.
Thank you to Dr. Rasyidah and her team for the opportunity to discuss the e-Invoicing system and for meeting with our members and addressing their concerns.
The ISWA Beacon Conference Asia 2024 will be held on the 6th and 7th March 2024 in Penang. The Conference is jointly organised by the ISWA, Waste Management Association of Malaysia (WMAM), Waste Management & Recycling Association of Singapore (WMRAS) and Indonesia Solid Waste Association (InSWA) with support from the Penang State Government.
The ISWA Beacon Conference Asia 2024 is the first joint effort organised by three countries (Malaysia, Singapore, Indonesia) as part of Regional Program under ISWA. The ISWA Beacon Conference is part of WMAM’s core activity to improve its members’ knowledge on waste management and update on the latest waste management policies, regulations, and technologies.
Each year, the highly anticipated ISWA Beacon Conference serves as a vital networking platform, drawing participants from both local and international stakeholders within the waste industry. This dynamic event provides an inclusive forum and engaging sessions, where diverse viewpoints on waste management matters converge for discussion.
Click here for the agenda
For more information or confirmation regarding the conference, kindly email us at [email protected] or contact us at +603-2788 9200 ext 9271 (Moon).
The ASEAN Foundation, Biji-biji Initiative, and Microsoft have collaborated to launch the AI TEACH Malaysia program, aims to equip TVET educators and students with essential AI skills, ensuring they are well-prepared for the evolving demands of the digital economy.
The significance of AI in reshaping industries and driving innovation cannot be overstated, with projections indicating its potential to contribute USD 1 trillion to ASEAN’s GDP by 2030. Recognising the transformative power of AI, the AI TEACH program seeks to empower individuals with the knowledge and skills needed to thrive in the digital landscape.
Teaming up with local nonprofits, workforce institutions, and government entities, AI TEACH endeavors to bolster employment opportunities and educational outcomes for individuals looking to enhance their skillsets. This collaborative initiative seeks to leverage the potential of AI and other cutting-edge technologies, ultimately enhancing economic prospects for the workforce.
On 6 February, AMCHAM, along with the MAEI Committee hosted the 2024 Welcome Reception to welcome our new Ambassador-Designate, H.E. Edgard D. Kagan at Amari SPICE Hotel Penang.
The Penang counterpart to our first welcome reception of the year, this session introduced the Ambassador-Designate to the AMCHAM members from Penang, particularly those from the electrical and electronics (E&E) industry. Members from the MAEI Committee were able to engage with the new Ambassador-Designate in a closed-door setting, familiarizing him with their business operations in Malaysia.
After the meeting, an informal networking session ensued with all the attendees over a variety of canapés and drinks. Thank you to the U.S. Ambassador-Designate for attending this event and thank you to Amari SPICE Hotel Penang for hosting us.
Click here for the photo gallery
Technology is moving faster than most people can keep up. Just recently, the rapid onset of AI and GenAI have enacted truly seismic change, with the potential to transform how we live and work for good. For business owners and entrepreneurs, the ubiquity of emergent tech means there’s a constant need for fast decision-making on the right course of action.
And it’s not just businesses. We all experience some level of tech-xiety personally or professionally day-to-day. Even digital natives like Gen Z – who have grown up knowing nothing else – are driving trends that hark back to a more analog age. From the rise in demand for vinyl and CDs to ‘archaic’ phones and pre-digital film cameras, there’s growing weariness of how fast tech is moving.
SMEs everywhere need to focus on finding tech solutions that will make running their business easier, as well as helping them to tap new revenue opportunities.
When it comes to technology, I believe businesses today need to prioritize three major areas:
- Identify the right tech to adopt – with so much out there, pinpointing the solutions that can deliver most value is key.
- Reduce risk of being left behind by digital advancements – this can seriously impact growth and business longevity.
- Invest in the right business infrastructure. This means creating a solid foundation for long-term tech integration – including IT support, software and skilled employees.
Crucially, businesses today need to move away from a one-size-fits-all approach when it comes to tech. No business is the same, and strategies need to be individual and tailored. With so much on offer, SMEs who are bold, agile and creative when it comes to tech will benefit most now and in the future.
Despite the need for a custom approach, there are some tech trends that every business should be paying attention to, no matter what their size or model. In this fast-moving environment, here are the top 5 tech trends SMEs should consider in 2024:
5 trends SMEs should focus on for a smarter 2024 tech strategy
- Business will focus on cementing their approach to AI in 2024
In 2023, the explosion of GenAI took the world largely by surprise. Since then, there’s been time to evaluate, reflect, and educate stakeholders on the pros and cons of specific usage of AI and GenAI. For business leaders, 2024 will be the year to decide whether to adopt AI use – and what to use it for.
In the year ahead, we’ll see more businesses formulating AI policies, frameworks, guidelines and governance.
Why SMEs should pay attention: Laying the groundwork for this now will pay off later. Set clear parameters on both adoption and the limitation of exposure to AI’s risks. These will make sure everyone across the business is aligned on policy and tactics.
- Climate-tech – and technology that drives sustainable operations – will be front and center
From tools to map energy or emissions reduction, to the use of data and IoT sensors, tech that helps identify more sustainable ways of operating is now a top priority for small businesses and corporations.
Tech will become even more central to climate solutions, and 2024 will see more funding, interest and uptake of available solutions as a result. The market will also become more competitive for tech solutions in this space.
Why SMEs should pay attention: Whether you’re an entrepreneur who is working on climate-tech solutions, or a small business looking to adopt sustainable tech to run your business more responsibly, this will be an important area of focus for many SMEs this year.
- Tech will play an even more crucial role in helping deliver superior customer experiences in 2024
Tech-assisted customer service is an area that’s evolving extremely fast, with elevated consumer expectations moving with it. From AI chatbots to ever-more-sophisticated data analytics around the purchase and delivery journey, 2024 will see companies going big on customer experience to ward off competition from peers and capture customer loyalty.
Why SMEs should pay attention: Customer experience should be at the heart of every SME’s growth and operations strategy. Investment in customer service tech so far has been uneven, with some companies pioneering future-forward tech-led strategies and others reticent to make the leap.
In 2024 and beyond, the gap will become far more apparent to consumers. SMEs could risk losing out if they don’t scale up in this area.
- From security to software stacks, the role of IT will evolve in 2024
IT departments have their work cut out for them in 2024. Today’s companies need more sophisticated IT and tech strategies than ever, spanning IT solutions, cybersecurity, and more. From staying on top of the latest tech trends to facilitating hybrid working and choosing software that can impact business revenue, IT will matter more in 2024.
Why SMEs should pay attention: Small businesses and start-ups can’t always afford a dedicated IT department, meaning IT expertise can fall on the shoulders of founders or just one dedicated techspert. If this is the case, SMEs should prioritize recruiting digitally-minded talent able to weigh in on IT decisions that add value to the business.
- The ability to harness real-time data will continue to prove its worth in 2024
At FedEx, we’ve been advocates for the value of owning and leveraging real-time data for decades. Having this at our fingertips means we can analyze delivery patterns and customer trends, track critical and time-sensitive shipments, and plan around extreme weather disruption.
Now, the power of real-time data is becoming more widely known, particularly as the adoption of GenAI continues. One of the concerns leveled at GenAI is that users are making mission-critical decisions based on old data. 2024 will see this change, with the growth of hyperscalers – large cloud service providers – about to tip the balance.
These, twinned with AI models, are poised to revolutionize the analytics landscape, providing greater ability to use data to fine-tune and tweak in real-time.
Why SMEs should pay attention: For SMEs, this can lead to increased speed, accuracy and cost-effectiveness of business solutions, as well as all-important access to customer insights at your fingertips. All of this helps improve customer experience – and ultimately makes your business more robust.
Tech trends evolve quickly. The software or strategies used in the past may already need overhauling, if SMEs are to prime their businesses for success and scalability in 2024.
But that doesn’t always mean you need to make hasty decisions or chuck out serviceable tech stacks if tech and digitization at your company has already progressed. Perhaps small optimizations, or layering on one new tool that will add most value, is the way to go.
Whether you’re a frontrunner in tech or starting from ground zero, 2024 will see technology at the forefront of every solid business strategy.
For more insights into the big tech and solutions FedEx is exploring, visit our Innovation page here.
Knight Frank Malaysia has released its latest publication, Malaysia Commercial Real Estate Investment Sentiment Survey (CREISS) for 2024.
The findings of CREISS include a close look at key players’ sentiments on market performance, sub-sector investment activity and factors impacting the market.
Report highlights:
- Moving into 2024, investments are expected to intensify in the retail, healthcare and educational/institutional sub-sectors.
- Growing interest in alternative investments, particularly in serviced residences/hotels and industrial/business parks in key regions like Klang Valley, Penang, and Sabah.
- An anticipated increase in capital appreciation in the industrial/logistics sub-sector in 2024, reflecting positive sentiment towards these segments, although some respondents noted that they have begun diversifying into other sub-sectors.
Download full report here: https://branding.my.knightfrank.com/landing/CREISS-2024
Or get in touch with the Knight Frank Malaysia team:
- Amy Wong, Executive Director, Research & Consultancy – [email protected]
- Nur Hamizah, Senior Manager, Research & Consultancy – [email protected]
