“Digitalisation is no longer a buzzword or a future possibility, but a reality that is now embedded in every aspect of our lives. While the changes might lead to a higher demand of highly-skilled workers, it also holds boundless opportunities in newly-emerging jobs.”
Those are the words of Datuk Seri Chua Tee Yong, Deputy Minister of International Trade and Industry, during his keynote address at the ‘Shaping Digitalisation – Malaysia and Siemens: Our Journey Together event. It aims to propel Siemens Malaysia to become a key enabler for the country’s transition into digitalisation, as part of the Transformasi Nasional 50 (TN50) initiatives.
“We are in the middle of a revolution that we have come to witness, which is the Fourth Industrial Revolution or better known as Industry 4.0. This concept has already been embraced by developed countries while some are already moving towards it and now, Malaysia too is heading in the same direction,” he continues.
To demonstrate Siemens’ ambition of becoming the global leader in industrial technology and a powerhouse in digitalisation, the event was filled with panel discussions, track sessions and a marketplace of exhibitors that includes a virtual reality showcase.
During the event, attendees were spoiled with an array of engaging topics surrounding digitalisation, such as the digitalisation landscape and the uptake in Malaysia. It discussed how Malaysian companies and individuals can leverage on the boundless opportunities to advance operations for all areas of society.
The session helped determine where we stand in terms of readiness and adoption, where we go from here and how Malaysians can grow by utilising it. In a way, recognising these aspects could indirectly affect the trends in the market, change the industry and impact the different sector.
Although there have been a lot of talk about the volatility of digitalisation, the clear advantages would more than make up for it, like faster-time-to-market, higher productivity, increased flexibility and competitive edge, more rapid availability, and less fault-prone.
Datuk Chua also highlights that the journey won’t always be smooth-sailing, emphasising the importance of Malaysian employers, employees and businesses to be ready and adapt appropriately to the impacts of digitalisation. “It has been proven that digitalisation has the ability to redefine productivity, reliability, safety, customer experience, as well as the customer and revenue management while enhancing global competitiveness.”
However, those benefits come with a set of other challenges to manage as well, which includes meaningful analytics for customers and safeguarding businesses against cyber-security threats, all while bridging digital and societal divide.
Simplifying Digitalisation with AI
Another highlight of the event is when Byron Heath, Vice President of Mindsphere Siemens Singapore explained how digitalisation doesn’t have to be as complicated as many would believe. With the company’s open cloud platform and operating system known as Mindsphere, what used to require a lot of time and effort to calculate could be deduced in mere minutes.
Specially developed for the Internet of Things, the Mindsphere enables the evaluation and analysis of large data volumes for insights and optimisation of organisational assets. It is even used to offer predictive maintenance for plants and energy data management.
“Mindsphere compares historic data to real-time operating data in order to catch subtle changes long before reaching critical levels. Companies will be able to go from ‘repair and replace’ to ‘predict and prevent”, explains Heath.
Apart from that, the event featured a session titled ‘Urban Renewal through Smart Mobility’, explaining how transformation projects with forward-driving technology and reliability can efficiently mobilise people to lead towards a better, connected city. Additionally, the reliability and sustainability of future power supply systems should also be considered in order to move towards smarter integrated power supply solutions to face the new energy markets.
Finally, a panel discussion on how to acquire new technologies, leverage on funding opportunities and enabling the value-add customers marked the ending of the eye-opening event. The discussion touched on several methods of upgrading ‘from what may be obsolete yesterday’ to meet today’s constantly evolving environment.