PETALING JAYA, There is a need for Malaysian businesses to change their business strategy to remain competitive, including focusing more on research and development (R and D), said Prime Minister Tun Dr Mahathir Mohamad.
He noted that sometimes they are too operation oriented in delivering results and too conservative to diversify their businesses and develop their product.
This kind of business mentality and culture has to change. Malaysian businesses need to start seriously in investing much more in R and D to increase and upgrade their products and service development, business processes and integrated technologies.
We need to change our strategy from being technology traders and users to becoming technology creators, said Dr Mahathir when officiating the International Conference on Industry 4.0: A Global Revolution Towards Business, Technology and Productivity or MYINDUSTRIES 2019 here Monday.
Industry 4.0 refers to a new phase in the Industrial Revolution that focuses heavily on interconnectivity, automation, machine learning, and real-time data.
Dr Mahathir stressed that Industry 4.0 will transform the labour market into a skill-centric work environment with the consolidation of operation technology and information technology, data analytics, process understanding, and the ability to work with disruptive technologies.
Source: Office of the Prime Minster Malaysia