Malaysia By embracing AI and addressing existing challenges, we can power our economic engine and become the region's leading innovation hub.
By fostering public-private collaboration, investing in talent development and prioritizing AI implementation, Malaysia can unlock the true potential of this innovative technology and increase its competitiveness.
Malaysia is at the forefront of AI with its policies and various initiatives. The digital economy is on track to achieve its goal of contributing more than 25.5% of gross domestic product (GDP) by 2025.
Unlike in the past, these efforts will be synchronized with implementation by government-related enterprises and timely actions by the private sector.
Benefits of AI for Malaysian industry:
Accelerating innovation: AI can analyze vast amounts of data to identify patterns and trends that humans often miss. This fosters innovation by allowing companies to develop new products, services, and business models. Companies that don't leverage AI for innovation risk falling behind in the race to develop the next big thing.
edge of efficiency: AI automates repetitive tasks, analyzes data faster, and optimizes processes. Companies that integrate AI can significantly increase productivity, reduce costs, and increase profits. Imagine a manufacturing plant using AI to optimize processes and an AI-powered e-commerce platform to streamline order processing. Companies that lag behind will have a hard time competing with AI-powered business efficiency gains.
Customer experience revolution: AI personalizes the customer experience by understanding customer needs and preferences. This leads to targeted marketing, custom recommendations, and improved customer service. Imagine a travel agent using AI to curate personalized travel packages, or a retailer using AI to recommend products based on a customer's past purchases. Companies that don't take advantage of AI risk losing out to competitors who cater to individual customer needs.
Disruption with AI-first companies: Whole new businesses built around AI could emerge and disrupt traditional industries. Consider companies like Grab, which has revolutionized transportation, food delivery, and courier services. Industries that fail to adapt to the changing landscape brought about by AI may be blindsided by entirely new competitors.
Subsidy
Below are some of the grants available for AI implementation and other industry innovations.
Ministry of Science, Technology and Innovation (Mosti):
Mosti plays a central role in driving AI development in Malaysia. They oversee the national AI strategy, which includes initiatives that may provide indirect support for AI implementation. Stay tuned to Mosti's website (https://www.mosti.gov.my/en/) for the latest information on funding programs related to AI.
Malaysia Digital Economy Corporation (Mdec):
Mdec actively supports digital transformation across various industries. Although we do not have specific grants aimed solely at implementing AI, we do offer related programs depending on your project focus. Explore funding opportunities under initiatives such as the Digital Transformation Grant and the Global Innovation and Tech Alliance on Mdec's website (https://mdec.my/).
Other research funding organizations:
Consider grant opportunities offered by other public research organizations such as:
Basic Research Grant Scheme: Managed by the Ministry of Higher Education (https://www.mohe.gov.my/en), this scheme supports basic research across a variety of fields, including AI-related projects within universities. may be included.
Science Fund: Managed by Mosti, this fund provides grants to research projects in a variety of scientific fields and may collaborate with some AI initiatives.
My Digital Co., Ltd.
MyDigital Corporation was incorporated in September 2021 as a strategic change management office to drive implementation of initiatives under Malaysia's Digital Economy Blueprint and National IR4.0 Policy.
Fourth Industrial Revolution (IR4.0)
Malaysia has established ASEAN's first IR4.0 center, known as Malaysia Center 4IR. The role of this center is to build the foundation for leveraging IR4.0.
Connect Malaysia to the world's leading 4IR practices and accelerate the adoption of emerging technologies.
IR4.0 serves as international cooperation and partnership development.
Position Malaysia as an IR4.0 innovation hub.
Gain access to top experts, innovators, and policy leaders.
Expose your company to cutting-edge technology governance and implementation
It serves as a global platform that promotes a multi-stakeholder ecosystem and facilitates the development of policy frameworks across centers around the world.
Solving problems as a hub between government and the private sector.
Provide support for pilot projects, knowledge transfer, and talent development.
Maiaira
Malaysian Autonomous Intelligence and Robotics Association (MyAira) is a non-profit organization established in 2021. Its main objective is to accelerate innovation in the field of AI and robotics, connect entrepreneurs and start-ups at an early stage, and be a catalyst for a better direction. National policies, laws, and regulations regarding AI and robotics.
MyAira is an international collaboration platform based in Malaysia that fosters a connected ecosystem by:
Provides a collective platform to express common industry concerns in advancing robotics, digital workforce, unmanned vehicles, artificial intelligence and autonomous intelligence.
We will promote research and development in autonomous intelligence, robotics, digital human resources, unmanned vehicles, and cybersecurity, as well as provide consulting input on technology solutions and services.
Promote and organize trade missions, events, exhibitions, conferences, virtual events and webinars to promote global trade and cooperation with global industry associations.
Promote AI awareness and education in educational institutions and the general public.
Provides a collective voice for relevant industries to contribute to government on regulatory issues.
AI is more than just a trend; it's a transformative force. Although the adoption of AI comes with its challenges, its benefits are undeniable.
Companies that adopt AI early may gain a competitive advantage. The longer the industry waits, the greater the risk of falling behind and becoming obsolete. The industry is rushing to adopt AI because it has immense potential to revolutionize efficiency, innovation, and customer experience.
of The author is Chief of Mind Unzipper and Founder of Mindbloom Consulting. Comments: letters@thesundaily.com
