Stuart Dean, Chief Executive Officer, GE [General Electric] ASEAN, (pic) said:
Malaysia's chairmanship of ASEAN next year, which coincides with the implementation of the ASEAN Economic Community (AEC) will revitalise Malaysia's economic growth while also positioning South East Asia as a strong integrated market with a highly competitive and equitable economy.
No doubt, science, technology and innovation can be powerful determinants and enablers of economic development in Malaysia and the AEC in the coming year. Focus on these key areas will have positive impact on key industries and sectors such as Oil & Gas, Power and Water, Transportation, Aviation and Healthcare. Therefore, GE foresees the following developments in Malaysia in 2015.
Industrial Internet: the combination of Big Data analytics and Internet of Things (IoT) will dramatically alter the competitive landscape of industries. Industrial Internet solutions is set to offer businesses in the country distinctive operational, strategic and competitive advantages that will increase operational efficiency and innovation whilst exploring potential for new, value-added services.
Realising the opportunities in this area, we recently launched Predictivity, our portfolio of Industrial Internet solutions here in Malaysia, which will leverage our new Remote Diagnostics Centre in KL. In the coming year, we believe that industry players can leverage on opportunities in the Industrial Internet era to reach greater capital efficiency and fulfil the growing energy needs in Malaysia and the region.
Building on this, 'Simplification' of technology and processes will become a critical focus for businesses in 2015 and beyond. Drawing inspiration from lean, dynamic and successful startups, businesses should adopt simplification tools and streamline operations to boost productivity, speed and market impact. Through this, they will focus more on driving decisions closer to markets and making their teams and employees more accountable for outcomes.
In line with this, in the coming year, talent development across all industries will remain at the core of the progress to come. Businesses will experience the pressure of attracting, retaining and developing next-generation talent; millennial employees who are risks takers who prefer to think outside of the box. Beyond providing attractive salary packages, businesses should focus on technology-centric flexible workplaces that encourage innovation and creativity while outlining clear growth opportunities.
GE is confident that Malaysian businesses and industry will progress towards the areas outlined above. Thus, we are excited to work with the private and public sector in Malaysia to build human capital capabilities and develop world-class leaders, driven by a culture that is collaborative and conducive for innovation and growth. We are very excited by the opportunities that 2015 presents and we look forward to strengthening our position as the nation's key partner as it assumes the stewardship of ASEAN in 2015.
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