KUALA LUMPUR (Aug 24): Over 80% of Malaysian businesses surveyed by CPA Australia undertook a major technology project in the last 12 months. 

The survey report also revealed that businesses with a positive outlook on growth are looking to invest in data analytics and visualisation software, business intelligence software and cloud technology in the next 12 months.

CPA Australia also found that most businesses are planning to invest in technology tools in the next 12 months, which “signals a shift from cost savings to revenue growth”. 

“However, not all businesses may be in a position to seize this opportunity. Small businesses in our survey cited financial constraints as their main challenge to technology adoption,” it noted in a recent statement. 

It also found that over the past 12 months, Malaysian businesses focused on upskilling their employees’ technology capabilities, looked for opportunities to improve their existing technology, and developed long-term technology or digital strategies.

CPA Australia Malaysia Division Digital Transformation Committee chairman Bryan Chung FCPA said that improving the technology they deployed in the past 12 months contributed to many Malaysian businesses’ strong performances in a difficult environment.

“Malaysian businesses in our survey used technology to improve their operational efficiency, reduce costs and improve customer experience. This is a prudent approach given current market conditions and placed them in a good position to adapt to rapidly changing conditions and needs of consumers and employees,” he said.

For this CPA Australia survey, 725 professionals were surveyed in different industries in Australia, Mainland China, Hong Kong, Macau, Malaysia and Singapore. Respondents were asked about their businesses’ past and expected technology use.