Emerging Technology Opportunities and Challenges towards Organization and National Development

Abstract

Emerging technologies are playing a significant role in driving organization and national development. As these technologies continue to evolve, the opportunities and challenges associated with them rises. Current study aiming to identify the emerging technology opportunities and challenges towards organization and national development in the context of Malaysia. To achieve the objective, current study has deployed secondary qualitative analysis method with literature review approach. Based on the analysis, study finds that, AI, Blockchain and IoT are the most emerging technology that has significant contribution toward the organizational and national development. Study further, identified potential challenges and the showcase the potential process to avail opportunities of emerging technologies. Artificial Intelligence (AI) can help companies to automate their operations, reducing errors and increasing profitability. Automation can also enhance the quality of products, as machines are less prone to human error. Blockchain technology can provide a secure and efficient way to conduct transactions, making it possible for businesses to reach new markets and expand their customer base. Technologies like solar energy and wind turbines can help reduce the country's dependence on fossil fuels, which is important for the long-term sustainability of the environment. Another significant challenge is the lack of infrastructure to support the implementation of emerging technologies. Additionally, the lack of regulations for emerging technologies poses a challenge for organizations and the government, especially in areas such as data privacy and security. The government and organizations must work together to ensure that the public is informed about the benefits and challenges of these technologies. Therefore, these technologies can promote sustainable development and provide new business opportunities. In conclusion, the challenges that need to be addressed to fully leverage the benefits of emerging technologies, including the lack of skilled workers, infrastructure, and regulations in Malaysia would be discussed.