Malaysia government has been encouraging industry revolution in Malaysia to catch up with world’s trend. Industry 4.0 is now the new trend for industry all around the world. It means the fourth industry revolution which is driven by digitization of manufacturing. The industry evolves from machines, electricity to automation where machines programmed to replace human workers in assembly lines.
In industry 4.0, computers and automation come together in a brand new way. Communication and connection between computers are enhanced, increasing efficiency of industries to produce higher quality goods at lower cost. There are 9 pillars that drive the industry’s fourth revolution:
- Cloud Computing
- Internet of Things (IoT)
- Cybersecurity
- System Integration
- Big Data Analytics
- Additive Manufacturing (3D Printing)
- Autonomous Robots
- Augmented Reality
- Simulation
Budget 2019
From Budget 2019 (National Budget of Malaysia for year 2019), the government has proposed few items encouraging Industry 4.0 in Malaysia. An allocation of RM210 mil has been allocated from 2019 to 2021 to encourage industries in Malaysia to move towards Industry 4.0. This shows that our government also looks forward for the fourth industry revolution in Malaysia.
Small and Medium Enterprise (SMEs) also will be assessed under the Readiness Assessment Programme that will be done by the Malaysia Productivity Corporation. This is one of the government’s plans in Budget 2019 to help 500 SMEs to switch to Industry 4.0 technology. Hence, SMEs will need to up their game to if they would like to see their business grow and expand with the “Industry 4.0” wave.
In short, Industry 4.0 is a new trend in the world and it will be a good opportunity for SMEs to expand and grow their business if they go along the trend. Besides, government has allocated certain amount of money to help SMEs that meet certain requirements to switch to industry 4.0.
Stay tuned to see how TreezSoft helps your business to keep up with the trend!
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TreezSoft is a cloud accounting software for Small and Medium-sized Enterprises (SMEs). It allows you to access your financial information anytime, anywhere. It also allows you to have unlimited users for FREE for your account in TreezSoft. Our aim is to help reduce our clients' time spent on accounting mainly by using our automated processes and integration to help increase their company effeciency at a minimum costs. SMEs can use TreezSoft to keep track their expenses, accounts, daily operation e.g. Point of Sales (namely QPOS) system and etc.
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