New norm prompts Sunway to become more data-driven, digitally connected

KUALA LUMPUR (Sept 12): The way forward for Sunway in the midst of the pandemic “is to be more digital-driven and asset-light”, and be “more agile and dynamic in a rapidly changing landscape”, director of Sunway Bhd, Sarena Cheah said in an interview with The Edge Malaysia.

“The new norm resulting from this pandemic will push us forward to become more data-driven and digitally connected to grow our market share and build up our revenue base,” she said.

“As we have some breathing space this time around, versus during the AFC (Asian financial crisis), this will allow us to quickly adapt our strategies in accelerating our digital initiatives while exploring new M&A and/or business opportunities.

“Ultimately, we will continue to expand on the strength of the ecosystems we have created. But this time around, these are no longer limited to physical ones but include virtual communities,” Cheah added.

She explained that the adoption of technology has accelerated greatly owing to the Covd-19 situation and Sunway is taking the chance to “review how we adapt to new channels of communication, delivery and engagement as well as how we transact”.

“Since 2000, we have invested more than RM200 million in our digital transformation journey, including improving our internal processes, enhancing customer-facing initiatives and business ventures. Moving forward, we target to invest about 1% to 2% of our revenue yearly,” Cheah told the weekly.

“As we continue to build upon and improve how we run our current businesses in this new digital era, whatever new ventures we look at will likely be in the digital space, which is scalable and at the same time, helps us amplify our strengths and capture new markets.

“With the rise of big data and the rapid adoption of financial technology (fintech), we believe there is an opportunity for us to venture into digital payments and banking,” she revealed.

Sunway’s business involves a number of industries including real estate, construction, trading and manufacturing, building materials, healthcare, retail, hospitality, theme parks and education.

“Within this ecosystem, we see myriad opportunities with the amount of transactions we do on a daily basis,” Cheah said.

And what is the major lesson learnt from the pandemic?  

“React fast. Act fair. Keep the future in mind.”

She explained that decisions had to be made quickly during the movement control order (MCO) period where “speed and clarity of mind were important as well as communication”.

“There were certain decisions we had to make that would have consequences. So, I think that perspective of having to be fair to all stakeholders was important.”

Still, “every crisis presents opportunities for learning,” she said.

“If you ask me, businesses in the future do not need to be exactly the same. It will take a different shape and form as we continue to stay relevant. The new generation of consumers are now more digitally savvy, and we should tap this trend to grow.”

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Read the full report in this week’s The Edge Malaysia