The Covid-19 pandemic has resulted in the closure of around 150,000 smaller and medium enterprises (SMEs) in Malaysia, according to the Tiny and Medium Enterprises Affiliation of Malaysia.
The scale of the disruption brought SME leaders to relook at their business to see how they can embrace new opportunities inspite of the setbacks.
Come across out how nine Malaysian SMEs are bringing their small business forward through the avenues of Fourth Industrial Revolution (IR4.), digitalisation and halal certification.
The organization believes it has a good deal to understand in IR4.. In spite of obtaining improved their all round performance by in excess of 80% by the implementation of an ERP Program, they entered them selves into the AmBank BizRACE, a company competitors with an goal to assist SMEs scale and mature by way of initiatives outside of financing. “With little knowledge in IR4., we have identified several new systems through this programme,” said its managing director (MD) Yeoh Eng Foo.
Adopting IR4. by investing in a fiber laser cutting device enhanced their quantity in creation by above 60%. Its MD Lam Mun Choon stated that the AmBank BizRACE explored the various alternatives obtainable for his business enterprise, which manufactures and provides mechanical equipment elements. He additional, “The programme taught us about the quite a few avenues for SMEs to mature.”
The organization adopted an automated equipment for the packaging of prescription drugs and hopes to develop its business by 100% by the year 2027. Its chief executive officer (CEO) Datuk Khurshid Mohamed stated that the AmBank BizRACE was a good encounter to community with fellow SMEs and validate company strategies. “We have gained knowledge from the coaching sessions and have applied them in our business,” he added.
A production organization of ice lollies, Doluvo joined the AmBank BizRACE as it made available SMEs a prospect to take a look at halal certification growth. Its CEO Rose Yasmin thinks this will surely open their doors to a broader industry. “The input from judges assisted to validate our tips and to get this recognition, it’s just head-blowing,” she said.
Making milk-boosting cookies, LM International’s CEO Norlenny Farah shared how the programme ready her team to enterprise into the world-wide market place. “This is a superior system for us to commence our halal certification journey and to think outdoors the box,” she mentioned. The company also programs to quickly broaden and tap into infant goods.
Making a pipeline of halal merchandise with its 100% plant-based items. Its co-founder Ahmad Syafik Jaafar stated, “There are not quite a few competitions like the AmBank BizRACE. I can properly say that simply because I have joined other accelerator programmes, there should really be more programmes like this for SMEs.”
Looking for approaches to disrupt the florist market by adopting digitalisation, its quantity of orders has since scaled up by 300%. Its CEO Giden Lim explained he is thankful for the guidance from AmBank and his prospects, who served the company remain resilient in these making an attempt moments. “I would take into consideration my corporation to be lean with a ton of progress possible. I truly worth the assist that the bank can give to us,” he explained.
Specialising in the distribution of natural and organic products and solutions, its inventory administration options can now minimize manual labour as nicely as enhance accuracy. Its business enterprise improvement director Annie Sim claimed, “Before this we employed to think that these sorts of competitions are for MNCs and the like. But after becoming a member of AmBank BizRACE, we have far more confidence in our probable simply because of this recognition.”
Providing infrastructure, landscaping and conservation-similar services, by means of digitalisation the business can build new sources for expansion to achieve sustainability by 2023. Its MD Wan Alina Suraya said, “We desired to know if we are on the appropriate monitor in phrases of digitalisation, which is new to us. Without the support of AmBank, we would be considerably far more conservative at implementing digitalisation.”
The AmBank BizRACE will be returning for its fourth period. Pre-sign up your interest to be a part of the programme at www.ambank.com.my/bizrace.