The Future of Malaysian SMEs in the Digital Economy

Abstract

Malaysian Small and Medium Enterprises (SMEs) are advancing towards the reception of the Industry Revolution (IR4.0), where the digital economy is part of its elements. The critical concern is the absence of innovative abilities just like the intelligence of the SMEs, which prompts confusion and lack of understanding on how the reception of such advancements could upgrade organisations' activities and advantage SMEs in the end. The impact of digitalisation on the economy worldwide has been tremendous and unbalanced. This paper discusses methodologies, not whether SMEs should acknowledge digitalisation but how digital economies can enhance their practicality while immediately resolving the issues. It outlines the digital economy in its current stage, overviews the high-level scene in Malaysia and draws out key game plan ideas for SMEs to take on digitalisation as a fundamental piece of their business continuity structure. It is an attempt to see the importance of the digital economy, which is still without conviction characterised by confirming the digital economy's impacts that benefit SMEs and investigating how the digital economy might have tackled the performing multiple tasks vortex, notwithstanding the absence of financial resources. Based on past research and analysis of several publications, this paper will permit a more insightful understanding of the significance of Malaysian SMEs to be modernised through an organised deployment of the economic digitalisation exercises that ensure business sustainability and endure the unpredictability of pandemic consequences.