It’s no surprise that innovation, evolution, and being technologically advanced has become more than a necessity in the manufacturing sector. From mass production lines to the use of robotics and automation capabilities, the manufacturing industry is changing at a fast pace and today we stand on the edge of the next phase of growth that is referred to as the Fourth Industrial Revolution or Industry 4.0.
The national policy on Industry 4.0 is a measure taken by the Ministry of International Trade and Industry (MIT) to bring a digital transformation in the Malaysian manufacturing industry and make businesses more resilient and well-structured. This is an attempt to push SMEs on the right track and allow them to embrace the latest technology, including Artificial Intelligence (AI), Machinery Learning (ML), and automation.
Adoption of Industry 4.0 Alongside Malaysian Government Grant
In order to encourage more and more SMEs within the manufacturing and related sectors, the government has introduced a new incentive or grant, termed the Industry4WRD Intervention Fund. This is in the reference to National Policy on Industry 4.0, which combines Readiness Assessment (RA), a comprehensive program to let SMEs extend their capabilities and get ready to adopt industry 4.0 technologies and processes.
For feasible recommendations and strategic management, SMEs should apply for Intervention Fund via the Malaysian Investment Development Authority (MIDA).