Lim Boon Choon, President of the Hexagon Manufacturing Intelligence for the Republic of Korea, Association of Southeast Asian Nations (ASEAN) and Pacific. (Photo: businesstoday.com.my)Kuala Lumpur (VNA) - Digital transformation is a new process of reimagining business activities in the digital age and many businesses in Malaysia have made digital transformation commitments, according to Lim Boon Choon, President of Hexagon Manufacturing Intelligence for the Republic of Korea, Association of Southeast Asian Nations (ASEAN) and Pacific.
However, a linear mindset is holding back the development of businesses. Fundamentally, the industrial landscape has to accept that strategy is no longer a single and unchanging roadmap. New technologies and rising customer expectations are some of the complexities that manufacturers confront, the official said.
It has become the basis for achieving short-term performance gains, capturing higher manufacturing efficiency, and building a competitive advantage through innovation. It now requires agility to make the most of the convergence of powerful macroeconomic forces, technological disruption, and shifting market dynamics. Manufacturers need to enhance resilience and collaboration as well as streamline processes to improve productivity and create flexibility.
The Nexus platform, for example, helps businesses use data better and optimise their operations.
The implementation of digital solutions has helped reduce the workforce by 25-40%, improve asset efficiency by 15-20%, reduce production time by 10% and defects by 20%. These advancements highlight the transformative impact of digital transformation and integration as key drivers in more intelligent manufacturing, promoting both innovation and efficiency.
However, only 13% of companies in ASEAN report that they have begun an Industry 4.0 transformation. This highlights an urgent need for strategic initiatives to bridge this gap, which would unlock significant productivity gains and cost savings, he said.
Currently, there emerges debate about the complexity of applying smart manufacturing. However, it is essential for businesses to be aware of the importance of Industry 4.0 technologies and the need for digital transformation strategies suitable for specific industries. These strategies may include customising digital solutions to enhance efficiency and adopting new technologies to stay competitive./.
