MORE has to be done to ensure that universities and the industry are collaborating effectively, said academics.

Prof Parveiz K. Ahmed said while presenting the Malaysia Business Sentiment Survey 2019/2020 today that universities are currently unable to supplement and complement the needs of the industry. 

“There are some deficiencies or gaps that are actually emerging that need to be tackled,” said the co-director of Global Asia in the 21st Century and deputy head of school (Research), School of Business, Monash University Malaysia. 

Firms, he said, are looking for strong engagement with universities to drive research and development innovation.

Meanwhile, Monash Malaysia Research & Development CEO Prof S. Mahendhiran S. Nair said some small and medium enterprises are turning towards frugal innovation, hence some have opted for universities to drive the Industry Revolution 4.0 agenda. 

“Small firms are the ones calling out to universities because the cost of Industry Revolution 4.0 (IR 4.0) for many of them are expensive,” he said. 

“This is where policies can be administered in providing greater incentives for universities to work with small and medium enterprises,” he added. 

Additionally, medium-sized firms are also on the lookout for graduates who could think critically and drive innovation. 

The survey is a joint initiative between Monash University Malaysia and CPA Australia.

Developing IR 4.0 capabilities and other industry-relevant skills among graduates are seen as a top priority for firms as they align with the current national agenda to transform into a technology driven economy and build competitive advantage. 

The survey which involved 604 firms in Malaysia said  business leaders have highlighted a scarcity in affordable training which they could use to build in-house capabilities to move up the value chain.

“They are of the view that universities should play a key role in providing the necessary education and training programs that help them to be globally competitive,” it said. 

Critical thinking emerged as the main competency sought by firms amongst talent. – December 16, 2019.