The Malaysian Institute of Management (MIM) has urged local companies to digitise their operations throughout the internal chain to realise greater productivity and operational efficiencies.
MIM chief executive officer Sivanganam Rajaretnan said that companies should always have ‘information at their fingertips’ and that this would help the transformation process towards becoming more efficient, agile and robust entities.
“Malaysian companies should be looking at leveraging on the speed of the real-time data and make rapid decisions from them, unlike the traditional way which takes more than a week to prepare related data before a board meeting,” he told Computerworld Malaysia.
“Companies should be looking at a view of company operations across all lines of business on multiple devices. This view would then enable users to understand the past instantly, predict the future and conduct business successfully in today’s digital economy,” said Sivanganam.
“As the national management organisation, MIM’s primary role is to promote management skills across Malaysia, exposing Malaysian companies to management ‘best practice’ from all corners of the globe,” Sivanganam further said, adding that MIM also acts as “an important bridge between the private and public sectors.”
“As CEO, I am always conscious of the responsibility placed on me as leader of this respected professional body and what keeps me awake at night is my wish for local companies to be ‘a step ahead’ of overseas competitors,” he added.
“Malaysian companies should adapt and be always ahead within the Digital Economy we live in now,” he said.
‘Single source of truth’
Sivanganam was speaking to Computerworld Malaysia after a press conference, which announced the introduction of a business intelligence solution designed to help achieve a consistent flow of meaningful information.
The event included SAP Malaysia’s managing director Terrence Yong who said SAP Digital Boardroom solution could provide the answer for ‘real-time, business intelligence, ad hoc reporting, and ‘what-if’ analysis to make decisions for today and drive change for the future.
“Right now, most leaders are challenged by heterogeneous reporting solutions and meetings dominated by static content. The new solution transforms executive meetings from one-way presentations based on static media to interactive discussions based on real-time facts,” said Yong, adding during his presentation that the solution was currently available for customer and partner viewings and C-suite focused demonstrations at SAP Malaysia’s office in Kuala Lumpur.
Digital Boardroom is built on SAP Cloud for Analytics, and taps into line of business data taken from SAP S/4HANA and the SAP HANA Cloud Platform to provide what Yong described as “a single source of truth about a company’s most critical business metrics to monitor and drive change in the digital economy.”
“[This solution] can provide total transparency to board members, executives and decision makers with a comprehensive, real-time view of business performance across an entire company,” said Yong. “We have incorporated fully-automated business intelligence capabilities that dramatically improve the quality and speed of reporting.”
“As businesses continue to transform and evolve around the digital economy executives will be able to use the solution for instant data-driven insights that address ad-hoc questions and improved decision-making, ultimately building trust between all board participants, employees and investors,” he added.
Meanwhile, SAP industry advisor (South East Asia) Josephin Galla said that “decision-makers need to understand the past, predict the future and drive execution while also monitoring, simulating and driving change in real-time.”
“The SAP Digital Boardroom basically connects the boardroom to people, places, and devices so prevalent within today’s culture of BYOD (‘bring your own device’),” she added.
Inaugurated as a voluntary society on 29 January 1966, the Malaysian Institute of Management (MIM) was incorporated as a limited company on 28 March 1975. As the national management organisation, MIM’s primary role is to promote management skills across Malaysia, exposing Malaysian companies to management best practice from all corners of the globe. It also acts as an important bridge between the private and public sectors.