KUALA LUMPUR – A recent survey revealed that Malaysian businesses are prepared to live alongside COVID-19 while working towards digitalisation as the nation transitions into the endemic phase.
The ‘Ernst & Young (EY) Business Pulse Survey: Living with COVID-19 and Winning Together’ gathered data from over 500 companies from large to micro small and medium enterprises (MSMEs).
In the survey, over 86% of respondents said they are ready to live alongside COVID-19.
The data also indicates that 77% of respondents are prioritising digitalisation and adoption of technology to adapt to the new normal.
“Around 48% of large companies and 37% of MSMEs indicated that technology had the most positive impact on their business during the pandemic,” Ernst & Young Consulting Sdn Bhd said in a statement recently.
Aside from that, 43% of the answers came back saying that they are optimistic about business recovery in the coming one to two years. This was following the challenges that were faced in Malaysia due to the pandemic.
“With the evolving market disruptions and changing consumer preferences amplified by the COVID-19 pandemic, businesses need to prioritise capability development as they seek to transform their operating models for the future.
“Speed and agility are of the essence,” said EV Asean Consulting Leader and Ernst & Young Consulting Sdn Bhd’s managing partner, Chow Sang Hoe.
The survey also shows that MSMEs are focusing to reexamine their business plans either through resizing, changing of business model, or entering new ventures. This accounts for 58% of respondents. 48% of them wants to improve their financial positions.
Out of all 500 companies, 74% believes that moving forward, the crucial priority would be reskilling their workers, whereas 74% feels that digital adoption is necessary.
Join our Telegram group for the latest updates!
Read more: SMEs called to speed up adoption of sustainable practices
Discussion about this post