Cooperatives urged to embrace digital tech for growth
Cooperatives Commission of Malaysia chairman Datuk Ahmad Norihan Jalal said the current business environment in Malaysia was challenging and required cooperatives to use technologies such as artificial intelligence (AI) and Internet of Things (IoT).
'We cannot be complacent, the business world will continue to change and cooperatives need to ride this wave of change. If cooperatives don't adapt, they will be left behind,' he said at a media conference after attending Koperasi Sahabat Amanah Ikhtiar Malaysia Berhad's (Koop Sahabat) annual general meeting here today.
Ahmad Norihan said digitalisation would speed up various process in cooperatives, from internal administration to e-commerce, and will not only boost efficiency but open up more job opportunities.
'Digital transformation in cooperatives must be seen as a long term investment. AI, IoT and digital systems aren't new things,' he added.
Ahmad Norihan praised Koop Sahabat for launching an AI-based virtual support system, YATI, that was capable of giving immediate feedback and speed up access for its members, stating that the cooperative was brave in being innovative.
Meanwhile Koop Sahabat chairman Mohd Najib Mohd Noor announced a dividend of 10 per cent for the 2024 financial year involving a total of RM10.5 million for 449,848 members.
'Our revenue was rather high with a profit of RM37 million, about a 140 per cent rise from the previous year,' he said, adding that the Ar-Rahnu business was the highest contributor to the cooperative's revenue, followed by investments in real estate and housing projects.
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