KUALA LUMPUR, Sept 7 — Malaysian companies have been urged to leverage on data they have gathered, bring in the artificial intelligence (AI) needed in their business and continue to spur the Malaysian market to the next level.
Ministry of Communications and Multimedia secretary-general Datuk Suriani Ahmad said businesses must be active in transformation and innovation to continue staying relevant in the industry.
She said since 2016, digitization has created 90 per cent of the world’s data.
“Hence, the new business models will revolve around data monetization where strategies will evolve around exploring the true value of data to tap into a wide range of benefits,” she said in her keynote address at the opening ceremony of NextBigTech Asia 2020 here today.
Her text speech was read out by the ministry’s deputy secretary-general (Telecommunications Infrastructure and Digital Economy) Tan Chuan Ou.
NextBigTech Asia 2020 is a platform for promoting networking among AI, Big Data and Data Science community to share thoughts and insights.
The two-day event which starts today gathered some 100 delegates and prominent speakers from the industry.
Meanwhile, Suriani said the COVID-19 pandemic outbreak has shown everyone the importance of digitalisation.
“We have seen a paradigm shift to the digital world where people learn, work, trade, entertain and interact.
“We have seen the new behavioural change such as the increased use of video conferencing tools, e-learning and shopping online.
“One lesson that the COVID-19 outbreak taught the local business community is that digital platforms can help them to sustain their business and remain relevant,” she added.