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Altair Engineering Sdn Bhd, the Malaysian operations of Altair Inc. (Nasdaq: ALTR), a global leader in computational science and artificial intelligence, encourages Malaysian enterprises to accelerate advanced technological adoption to drive economic growth.
“Technological convergence is driving productivity and economic growth. Leading the way, over the past few years, Altair has acquired several global technology companies aimed at providing better value for customers and offering customers end-to-end solutions,” Altair Senior Vice President APAC, Masatomo Ayame, said at the inaugural Altair Technology Conference (ATC) held in Pulau Pinang recently.
ATC is a global event that showcases the latest cutting-edge technology and was aimed at spurring technological advancements of the future in Malaysia. The event attracted more than 240 participants from 45 companies. In addition to 21 business presentations, the one-day plenary also witnessed numerous business matching sessions between companies. Ayame also highlighted Altair’s aim to assist the companies in keeping up with trends and to swiftly adopt high-tech solutions.
“The convergence and overlapping of high-performance computing (HPC), simulation, artificial intelligence (AI) and digital twin is placing machine learning (ML) at the center of how these technologies can contribute to productivity and economic growth. Businesses, regardless of the industry they operate in, are always seeking for new ways to reduce cost and improve profit without compromising on quality”, said Altair Managing Director ASEAN and ANZ, Srirangam Srirangarajan.
Aside from achieving cost-effective business advancements, challenges like data overload, lack of data science expertise, and unscalable production environments may also hinder businesses from achieving sustainable growth in the evolving industry. Realizing this, Altair recently acquired RapidMiner, a data science platform with a shared vision of making data analytics simpler for users, yet scalable, governed, and safe enough for all enterprises.
According to Srirangam, the top three industries that would benefit from this acquisition the most are, manufacturing, banking and insurance. Businesses in the manufacturing industry would be able to improve productivity rates, increase customer satisfaction, optimize inventory which will save cost, and improve decision-making on business profits and losses. These capabilities are needed to promote the digital adoption among businesses as well as supports Malaysia’s ambition to be in the top 10 in digital infrastructure by 2025.
Aside from manufacturing industry, Altair’s acquisition of RapidMiner also brings benefits for banks and the insurance industry. With 62% of Malaysian consumers using fintech or e-wallet services, a significant jump from just 15% in 2017, the number of consumers having a digital bank account is expected to double by 2026. Expecting to reach almost 40% of the country’s population, the banking industry is also a honeypot for fraud. Implementation of RapidMiner in a bank’s operational system aims to improve fraud detection and reduce positive fraud and Anti Money Laundering (AML) cases.
Altair also announced an update to its simulation portfolio, Simulation 2022.1, which enables more efficient, innovative products by applying advanced simulation, cloud-based computing and optimization for cleaner, more sustainable product life cycles. The update can also support companies in driving improved design decisions earlier in the development process, increasing the product efficiency in a shorter amount of time.
“The simulation tools have come of age due to product complexity and market pressure. Our simulation platforms enable product designers to efficiently conduct various simulations before progressing to the physical prototype phase. It also helps to highlight valuable insights and details that might not have otherwise been uncovered,” explained Srirangam.
Altair’s efforts to accelerate advanced technology adoption among Malaysian businesses is in support of the government’s move to boost the nation’s economy via high-value investments and generating high income employment opportunities. This is supported by the Budget 2023, which outlined an allocation of RM100 million under the Domestic Investment Strategic Fund (DISF), to promote the development of domestic tech-based companies. Altair believes such continuous efforts will solidify the nation’s commitment and recognition for the positive long-term impact technology investment will have on Malaysia’s economy.
