Business face difficulties to keep up technology trend

KUALA LUMPUR: According to a survey conducted by global law firm Baker McKenzie, most business leaders believe their businesses have been interrupted by technology trends in this era.

88% of the respondents polled from Malaysia related themselves as being interrupted, reflecting the trend seen across the Asia-Pacific region, said Wong & Partners a member firm of Baker McKenzie International.

The research, “The age of Hypercomplexity: Technology, Business, and Regulators in Asia-Pacific”, also showed that a solid 76% of respondents have experienced a major technology disruption in their sectors over the past two years. They believe this disruption will accelerate further over the next two years.

“This could be a concern when viewed together with the fact that only 8% see themselves as being “highly adept” at taking advantage of technological changes in their particular fields,” said Adrian Lawrence, Baker McKenzie head of technology, media and telecoms (TMT) for Asia-Pacific.

The disruption caused by technology is affecting every industry, even those that previously assumed their sector to be immune, said Lawrence.

“While it’s hitting different firms from various directions, and with varying speeds, the consistent message is that disruption is accelerating and time frames for a considered response are contracting dramatically,” he said.

“When thinking about the risks associated with technological advancement, just 20% of Asia-Pacific business leaders describe themselves as ‘highly successful’ in managing tech risk,” he noted. To know more about the risk, we have previously discussed on how Malaysian Cybersecurity Agencies have been warned.

He said the number is getting worse in Malaysia, with the number of Malaysian business leaders who think themselves to be highly successful in managing tech risk coming below average at just 16%

Head of financial institutions (Asia-Pacific) Stephanie Magnus said the pace of tech change certainly requires companies to work closely with regulators and policymakers to make sure that companies are heading in the same direction as to where legislation is headed.

Source: The Edge Markets

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