LETTER | SMEs must be technologically adaptive

LETTER | To prepare for a future where technological integration will be key to gaining a competitive edge, local SMEs could explore adopting AI and blockchain technologies.

One such technological application SMEs can begin exploring is generative AI to automate core marketing functions such as copywriting. Generative AI can help produce promotional materials with eye-catching copy at quicker speeds.

Generative AI is also able to assist with social media content through its image-generation features. This could create marketing materials in line with the latest media trends as quickly as possible, increasing consumer perception of the company as up-to-date and trendy.

Social media platforms have been demonstrated to algorithmically push and promote content which is of better quality and has a greater capacity to attract audiences.

Another way SMEs could prepare for such changes is to first invest and experiment with generative AI platforms to home in on the platform most suitable for the company’s operations – one that can be smoothly integrated into its marketing management.

It is important that SMES first pilot test the use of generative AI in demo marketing materials and gauge customer feedback on the quality of the material.

Blockchain technologies

The introduction of blockchain technology could be revolutionary for SMEs. While SMEs have undergone various digitalisation strategies to integrate the Touch ‘n Go and e-wallet system to accept digital payments, there has yet to be an initiative to accept cryptocurrency payments.

This precludes the possibility of Malaysians being able to pay using prominent crypto coins such as Bitcoin and Ethereum. Therefore, SMES must modernise its payment processing systems to allow the use of the crypto wallet.

This could be achieved by setting up QR kiosks for users to pay in cryptocurrencies and other forms of digital payment.

While cryptocurrencies are not yet considered legal tender in the country, these alternative payment systems continue to gain traction and could very well hold an important future in Malaysia which businesses must consider.

Another form of blockchain technology that should be explored is the decentralised ledger system. Blockchain ledger-based systems can help with transparent record keeping due to its peer-to-peer verification system which strictly authorises selected employees to keep an audit of any files kept.

Blockchain transactions, being secure, can then prevent unauthorised access to these documents and records, disincentivising the tampering of records.

Digitising the entire process itself, and assigning employees with unique digital user access codes to access the system, would better keep track of the individuals involved in managing business information - also allowing for backdating should there be an issue with mismanagement or underreporting.

The technology requires gradual and thorough implementation as it can only function if it has critical infrastructure such as network configuration and smart contracts development.

An important way for SMEs to prepare for the coming technological revolution lies in effectively training and upskilling workers so they are sufficiently tech-literate. A mismatch in the knowledge of the employees could prevent the technology from realising its full potential which could then burden the business.

The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.