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.
References
Ali, H. M., Mohamed, M. A., & Mat, S. H. (2019). The internet of things (IoT) in Malaysian transportation sector: Opportunities and challenges. IOP Conference Series: Materials Science and Engineering, 526(1), 012060.
Awang, A. K., Ramli, N. N. M., &Yusoff, R. C. M. (2021). The legal and regulatory framework for blockchain technology in Malaysia: A review. Journal of Internet Technology and Secured Transactions, 9(1), 1-14.
Aziz, F. A. A., Abas, F., & Othman, Z. A. (2020). Artificial intelligence in healthcare: A scoping review of potential uses and challenges in Malaysia. Journal of Healthcare Engineering, 2020, 1-18.
Bazeley, P., & Jackson, K. (2013). Qualitative data analysis with NVivo. SAGE publications limited.
Begum, R. A., Raihan, A., & Said, M. N. M. (2020). Dynamic impacts of economic growth and forested area on carbon dioxide emissions in malaysia. Sustainability, 12(22), 9375. https://doi.org/10.3390/su12229375
Braun, V., & Clarke, V. (2006). Using thematic analysis in psychology. Qualitative research in psychology, 3(2), 77-101.
Chin, T. F., Lim, J. S., & Goh, M. L. (2020). The challenges and prospects of data protection law in Malaysia: A comparative study. Journal of Law, Technology and Policy, 2020(1), 1-12.
Cheong, J. J., Chai, I., & Tan, C. Y. (2020). Blockchain adoption in the Malaysian financial sector: A qualitative inquiry. Journal of Financial Services Marketing, 25(2), 75-85.
Esteban-Navarro, M.-Á., García-Madurga, M.-Á., Morte-Nadal, T., & Nogales-Bocio, A.-I. (2020). The rural digital divide in the face of the COVID-19 pandemic in europe—recommendations from a scoping review. Informatics, 7(4), 54. https://doi.org/10.3390/ informatics7040054
Goh, Y. M., Zailani, S., & Aziz, Y. A. (2021). Robotics and automation adoption in the Malaysian manufacturing sector: A systematic review. Industrial Management and Data Systems, 121(5), 1215-1241.
Hanna, N. K. (2020). Assessing the digital economy: Aims, frameworks, pilots, results, and lessons. Journal of Innovation and Entrepreneurship, 9(1). https://doi.org/10.1186/s 13731-020-00129-1
Ho, C. S., Teo, S. S., & Sze, S. C. (2020). The potential of green technologies in the Malaysian construction industry. Journal of Engineering, Design and Technology, 18(5), 1187-1201.
Kadir, M. R. A., Jalil, F. A., & Din, S. S. (2020). Blockchain technology in Islamic finance: A review of the Malaysian market. Journal of Islamic Monetary Economics and Finance, 6(1), 63-88.
Low, S., Ullah, F., Shirowzhan, S., Sepasgozar, S. M. E., & Lin Lee, C. (2020). Smart digital marketing capabilities for sustainable property development: A case of malaysia. Sustainability, 12(13), 5402. https://doi.org/10.3390/su12135402
Mohamad, A., Haron, H., & Nor, M. M. (2021). Challenges of adopting emerging technologies in Malaysia: A review. Journal of Telecommunication, Electronic and Computer Engineering, 13(1), 135-140.
Nurshuhada, Z., Ramayah, T., &Norziha, M. (2018). A blockchain-based halal food traceability framework for the Malaysian halal supply chain. Journal of Islamic Marketing, 9(2), 326-342.
Ng, C. K., Moyle, B. D., & Tan, K. H. (2020). The potential of internet of things (IoT) in tourism: A case study of Malaysia. Journal of Hospitality and Tourism Technology, 11(3), 434-452.
Sathish, M., Kaliannan, M., & Abdul Halim, H. (2019). Internet of things (IoT) adoption in logistics: A case study of Malaysia. Journal of Industrial Engineering and Management, 12(3), 479-496.
Tahir, M. H., Jan, M. T., & Awan, U. R. (2019). Towards smart cities in Malaysia: A review of enabling technologies and challenges. Cities, 93, 142-158.
Tan, M. L., Chan, F. T. S., & Chung, S. H. (2019). An exploratory study of artificial intelligence adoption in the Malaysian manufacturing industry. Industrial Management and Data Systems, 119(5), 1005-1022.
Tan, A. (2019, April 10). How technology is shaping Malaysia's economy. Computer Weekly. Retrieved from https://www.computerweekly.com/news/252462116/How-technology-is-shaping-Malaysias-economy
U.S. Department of Commerce. (2021). Malaysia - Information & Communications Technology. Retrieved from https://www.trade.gov/country-commercial-guides/malaysia-information-communications-technology#:~:text=In%202021%2C%20ICT%20 contributed%2022.6,in%20the%20future%20global%20economy.
Wong, K. Y., Ramli, N. N. M., &Yusoff, R. C. M. (2020). Factors influencing the adoption of artificial intelligence (AI) among small and medium-sized enterprises (SMEs) in Malaysia. International Journal of Business and Society, 21(3), 1230-1246.
World Bank. (2021, June 25). Malaysia's digital economy: A new driver of development. Retrieved from https://www.worldbank.org/en/results/2021/06/25/malaysia-s-digital-economy-a-new-driver-of-development
Yusoff, R. M., Ibrahim, F., & Ali, M. H. (2019). A review of cybersecurity issues in Malaysia: A critical perspective. Journal of Cybersecurity and Mobility, 8(1), 1-15.
Zainudin, N. N., Abdullah, R., & Ibrahim, N. I. (2020). The challenges of implementing Industry 4.0 in Malaysia: A review. Journal of Advanced Research in Dynamical and Control Systems, 12(1), 392-399.
