Aligning SMEs to Megatrends and Industrial Revolution 4.0
Megatrends are global, sustained and macroeconomic forces of development that impacts business, economy, society, cultures and personal lives thereby defining our future world and its increasing pace of change.
Goods, capital and labour are now travelling globally at an ever faster pace and not in the usual patterns. Technological innovation is re-shaping commerce and industry across all sectors, as well as the work and lifestyle of the people. These changes are imminent at the national level and will reshape businesses through the way they think and operate. Therefore, SMEs that seizes the opportunities arising from the Megatrends stand to gain significantly

Thus, SMEs need to be nurtured on the importance of moving on to Industry 4.0 rather than maintaining themselves in conventional business. Benefits of industries moving on to Industry 4.0 are increase in flexibility, increase in productivity, increase in efficiency, quality and reduced time to market, more research development and demonstration (R&D&D) activities and the potential of developing new skills and talent globally.
SMEs should also know that the Government is currently formulating a national framework on IR 4.0 in order to promote the industry. In May 2017, the Cabinet tasked MITI, MOSTI and MOHE to lead this initiative. A High Level Task Force (HLTF) led by MITI with members from relevant Ministries and Agencies has been established since March 2017 to spearhead the development of the whole of Government strategies for Industry 4.0 with strong stakeholders’ feedback including from the industry.
Source: MITI website and SME Corp. Malaysia 2017 survey
