While the concept of artificial intelligence (AI) is no longer novel, its application is another matter altogether. With the advent of various AI-driven solutions and tools such as ChatGPT, Copilot and DALL-E, the usage of this emerging technology has accelerated rapidly around the world. According to a PwC report, AI could potentially contribute up to $15.7 trillion to the global economy by 2030.
Malaysia is also joining the race to develop its own robust AI ecosystem. The Oxford Insights Government AI Readiness Index 2023 ranks Malaysia in the 23rd spot out of 193 countries in terms of readiness of the government to implement and integrate AI in public services.
Malaysian employers and employees are recognising the need to adopt AI in their businesses as well. According to an Access Partnership global study in 2023, employers in Malaysia value AI-savvy talents and are willing to pay at least 40 per cent more to hire them. Meanwhile, 91 per cent of employees show a keen interest in gaining AI skills to elevate their careers.
The study also reported that 98 per cent of employers and 96 per cent of employees are expecting to use generative AI in their companies in the next five years. Non-tech employees were a part of the study’s respondents, which shows how pervasive this emerging technology is within business organisations.
In this article, we will explore the impact of AI in business sectors, how the government is fostering AI development and how AI skills can benefit business professionals. We will also cover several concerns of adopting AI at work and how universities are starting to include AI-related subjects in business and management courses.
Application of AI in Malaysia’s business landscape
Many businesses across diverse industries in Malaysia are adopting various AI technologies to boost their operational efficiency and performance. AI can help them streamline procedures and workflows, offer personalised solutions to customers and improve decision-making processes.
In the finance sector, AI can identify abnormal patterns that may signal potential fraudulent activities. This helps financial institutions to flag suspicious accounts and safeguard their customers. Manufacturing industries can automate some operations that previously required manual labour. AI can also analyse production data and make recommendations to enhance the quality of the products and mitigate potential risks.
Various well-known organisations in Malaysia disclose how they are using AI to deliver innovative solutions. Petronas, a multinational oil and gas company, is moving away from using traditional analytics and condition-based monitoring and is now using AI-powered predictive analytics to schedule maintenance. Their new AI system can validate the root causes of failure 2000 times faster than the previous one.
Malayan Banking Berhad, also known as Maybank, partnered up with Arabesque AI, an investment advisory and technology company, to provide clients with AI-driven approaches to better fulfil their investment needs in the realm of Islamic wealth management. Investors can use Arabesque AI’s platform that integrates AI technologies to create highly personalised Shariah-compliant portfolios according to their financial goals.
In the supply chain sector, DHL Malaysia collaborated with CelcomDigi Berhad to establish Malaysia’s first 5G-powered Artificial Intelligence (AI) Autonomous Inventory Management System. The logistics company utilises CelcomDigi’s 5G and AI technologies to power its robotic inventory management system. Its autonomous drones seek to boost efficiency by performing daily inventory management and operational tasks with up to 100 per cent accuracy.
Government initiatives for AI development
The Malaysian Government has outlined several initiatives to work towards establishing the country as a global AI powerhouse. These efforts are in line with Malaysia’s National AI Roadmap 2021-2025, which focuses on improving Malaysia’s AI ecosystem and nurturing AI talents through research, training and industry partnerships. Various organisations and business professionals can benefit from these initiatives, which include:
AI Untuk Rakyat: This self-learning online programme seeks to raise AI awareness among the general public. It provides a general overview of AI, clarifies common misconceptions, discusses ethical usage and other AI-related topics. The portal is accessible to all Malaysians and is available in four languages: Bahasa Melayu, English, Tamil and Mandarin. The Digital Minister, Gobind Singh Deo, told Bernama that over one million Malaysians completed this online programme in less than six months after its launch.
AI Sandbox Programme: The Ministry of Science, Technology and Innovation introduced this collaboration between the National Technology Innovation Sandbox and NVIDIA Corporation. This initiative involves various upskilling and reskilling programmes related to AI for young talents. It also aims to stimulate the usage of AI among Malaysian companies and innovators. The programme seeks to facilitate the creation of 900 AI start-up companies and 13,000 AI talents by 2026.
Google partnership: The Ministry of Investment, Trade and Industry partnered up with Google to establish the first Google data centre and Google Cloud region in Malaysia. This collaboration is expected to elevate Malaysia’s digital infrastructure, driving technological solutions across the manufacturing and service-based sectors. The Google Cloud region will help provide high-quality services, including AI, to start-ups, enterprises and government organisations.
First AI faculty: Universiti Teknologi Malaysia houses the first AI faculty in the country in a strategic collaboration with the Minister of Higher Education. The faculty offers a Bachelor of Artificial Intelligence course and will receive its first intake of students in October 2024. This initiative acts as a catalyst for integrating AI into Malaysia’s education system and developing much-needed AI talents for future labour markets.
Why AI skills are important for business professionals
AI skills can greatly benefit you in many aspects of your career as a business professional, such as improving your work efficiency, job satisfaction and career growth. Here are some AI-related competencies that can transform the way you work positively:
Machine learning: This skill involves developing systems that can learn from data and work on their own. Training machine learning algorithms effectively can help you identify patterns in large data sets, create predictions, classify data and more. This enables you to make better-informed decisions.
Data analytics: To be proficient in data analytics, you need to have a strong knowledge of data literacy, statistics and probability. It involves understanding and interpreting data to derive meaningful insights that can help businesses optimise operations and develop data-driven strategies. You can use various AI tools to help you collect and analyse data.
Natural language processing: This branch of AI allows computers to understand, manipulate and produce human language. The technology is used in various functions such as email spam filtering, automatic translations, chatbots and web search. Having expertise in NLP techniques enables you to simplify various business processes. This skill is also highly valued as Malaysia is a multilingual country and NLP-powered tools can cater to various communication requirements from customers speaking different languages.
Concerns and opportunities of AI in business
While the adoption of AI has accelerated in recent years among businesses, this emerging technology comes with its own set of concerns.
The transformative aspect of AI has led many to worry that they will lose their jobs. According to the 2023 Work Trend Index report by Microsoft, 62 per cent of Malaysians are concerned that AI will replace their roles. However, the study also found that 84 per cent of the respondents would use AI tools for business purposes as much as possible to ease their workloads.
Rather than competing with AI, business professionals can join forces with it. While AI can process large data sets and perform a variety of tasks, it still lacks human judgement and emotional intelligence.
Upskilling and reskilling initiatives are vital to build this symbiotic relationship. Having excellent digital literacy and deep knowledge of emerging technologies can help workers take on careers that adopt AI in their operations. Some roles may also cease in the future due to the automated nature of AI, so workers must adapt to evolving technological trends to stay relevant in an increasingly competitive labour market.
Privacy and security issues are also major concerns of using AI. Microsoft disclosed that 83 per cent of Malaysian employees are using their own AI tools at work. It also found that 52 per cent of respondents are hesitant to admit their use of AI. However, using external AI tools to manage company-related tasks may cause unwanted data breaches. Therefore, businesses must adopt company-wide AI deployment strategies to ensure that employees use AI responsibly without jeopardising company data.
As AI continues to become pervasive across various industries, businesses must be ready to address its issues if they want to invest in its development for the growth of their companies. They can reap plenty of benefits with the proper integration of AI and machine learning in business operations.
Business and management courses with AI subjects
AI is also being incorporated in higher education to nurture AI-savvy talents. Universities in Malaysia are responding to this rising AI demand by including AI or machine learning-related subjects in their courses across various disciplines, such as:
Bachelor in Accounting (FinTech) (Hons) - Taylor’s University
This programme offers Data Analytics and Machine Learning as a subject, allowing students to understand how machine learning can assist in evaluating data.
Bachelor of Finance (Fintech) (Hons) - UNITAR International University
Finance students specialising in fintech will take Principles of Artificial Intelligence as a subject in this course. They can learn how AI is integrated as an emerging technology that’s transforming the finance sector.
Bachelor of Digital Enterprise Management (Hons) - Multimedia University (MMU)
This course from MMU offers a combination of management and IT subjects to develop well-rounded graduates with in-demand skills. Students will take Data Analytics using Machine Learning Techniques to learn how this branch of AI can help them understand and interpret data better.
Bachelor in Banking and Finance (Hons) - Asia Pacific University (APU)
Students will take fintech-related subjects to complement their banking and finance knowledge in their second year of this degree. One of the subjects included is Applications of AI in Finance, where students can gain knowledge of how AI is being used in the finance industry.
Master of Finance (FinTech) - Asia Pacific University (APU)
One of the core subjects of this fintech-focused master’s programme is Artificial Intelligence. Students coming from non-tech backgrounds are required to take Fundamentals of Artificial Intelligence as a prerequisite. Students will acquire an understanding of why AI is important in the field of fintech.
Master of Business Analytics - Sunway University
Students will learn Machine Learning for Business Decisions as a core subject. This postgraduate programme also offers AI and Decision Making as an elective. These subjects can help develop their AI expertise in making vital business moves in their career.
Innovate your future
The world is constantly evolving with emerging technologies like AI transforming the way businesses work. Effective AI applications in business operations can improve productivity among workers which can boost profitability. It’s vital for professionals to keep up with these changes by continuing to upskill so they and the businesses they work for can get ahead in this competitive landscape. You can also prepare yourself for an AI-driven labour market by studying a course that incorporates AI in its curriculum.