EY survey shows Malaysian businesses ready to live with Covid-19, adopt technology
23 Mar 2022
Malaysian businesses are prepared to live alongside Covid-19 and are prioritising technology adoption as the country enters the transition to the endemic phase on April 1, 2022.
According to the ‘Ernst & Young (EY) Business Pulse Survey: Living with Covid-19 and Winning Together’, 86 per cent of over 500 companies, including large companies as well as micro, small and medium enterprises (MSMEs) are ready to live alongside Covid-19.
Meanwhile, 77 per cent are prioritising the adoption of technology as they fast-track their adaptation to the new normal.
“Around 48 per cent of large companies and 37 per cent of MSMEs indicated that technology had the most positive impact on their business during the pandemic,” Ernst & Young Consulting Sdn Bhd said in a statement today.
Additionally, 43 per cent of the respondents are optimistic about business recovery to pre-pandemic levels in the next one to two years after facing two years of challenging conditions due to the Covid-19 pandemic.
“With the evolving market disruptions and changing consumer preferences amplified by the Covid-19 pandemic, businesses need to prioritise capability development as they seek to transform their operating models for the future.
“Speed and agility are of the essence,” said EY Asean Consulting Leader and Ernst & Young Consulting Sdn Bhd’s managing partner, Chow Sang Hoe.
According to the survey, MSMEs are paying greater attention to readapting business size, changing the business model or entering new business ventures (58 per cent) and improving their financial positions (48 per cent).
The survey also revealed that moving forward, key business priorities will be reskilling people (74 per cent) and digital adoption (74 per cent).