IOI Corporation Berhad and PETRONAS Win 2023 ASEAN Enterprise Innovation Award, Showcasing Projects that Build Internal Digital Capabilities

SINGAPORE, July 6, 2023 /PRNewswire/ -- 124 submissions from public and private organisations throughout Southeast Asia were received for the annual ASEAN Innovation Business Platform (AIBP) Enterprise Innovation Awards - out of which 47 projects were selected as finalists. Since 2017, the awards aim to give recognition to Southeast Asian based organisations which have embarked on projects to digitally transform their business through the adoption of innovative technology.

Unsurprisingly, almost a third of the submissions involve some aspect of artificial intelligence (AI) or machine learning (ML). Many organisations in Southeast Asia, especially consumer facing businesses, have been exploring the use of AI/ML and the recent rise of generative AI has opened up a range of questions around the utility of this technology.

IOI Corporation Berhad and Petroliam Nasional Berhad (PETRONAS) emerged as the winners from Malaysia and received their awards at the AIBP Conference and Exhibition, held on 4 - 5 July 2023, at the InterContinental Kuala Lumpur.

Endorsed and supported by the Ministry of Science, Technology & Innovation (MOSTI), the Ministry of Communications and Digital (KKD), the Ministry of Investment, Trade, and Industry, CyberSecurity Malaysia (CSM), and the Malaysian Industry-Government Group for High Technology (MIGHT), the event spotlighted Malaysia's Industry4WRD initiatives while addressing the challenges faced by local enterprises and public service organisations in adopting digital transformation.

IOI Corporation Berhad's winning project highlighted numerous technological innovations in both upstream and downstream operations. Notably, the company achieved success with the implementation of the "ONE IOI Integrated Platform" and the digitalisation of its production plants. By equipping these plants with IoT sensors and integrating them with artificial intelligence analytics, IOI has gained the ability to leverage valuable insights and optimise its operations further. These various implementations have played a pivotal role in streamlining business operations, enhancing cost efficiency, and boosting palm oil production, thereby benefiting the wider supply chain ecosystem. Founded in 1969, IOI Corporation Berhad has become a key player in the industry, employing approximately 24,000 people and boasting a market capitalization of over US$5 billion (MYR 23.4 billion).

Meanwhile, the other winning project from Petroliam Nasional Berhad (PETRONAS) demonstrated the organisation's commitment to data-driven intelligence for informed decision-making and operational efficiency. At the core of their strategic initiatives lies the innovative Enterprise Data Hub (EDH), a dual-cloud data liberalisation and enterprise analytics platform, functioning as a data factory for analytics across diverse domains and business entities. The EDH ecosystem's transformative Data as a Service offering facilitates seamless access to valuable data insights, further enhancing decision-making and operational effectiveness. PETRONAS, with close to 50,000 employees and a global reach spanning over 100 countries, continues to solidify its position as a leading player in the energy sector. PETRONAS was ranked at 216 in the Fortune Global 500 list for 2022.

"This year finalists had many interesting projects with clear articulation of how technology can solve business problems. Congratulations to the winners and I encourage all Malaysian enterprises to look at what Petronas and IOI did in creating new business models, and drive sustainable growth." said Datuk Dr. Mohd Yusoff Sulaiman, President and CEO, Malaysian Industry Government Group for High Technology, Advisory Board Member and a judge for the awards.

IOI and PETRONAS join other winners from the region which include Metro Pacific Investment Corporation, Megaworld Corporation, Vietnam Prosperity Joint Stock Commercial Bank, Vietnam Posts and Telecommunications Group, Sampoerna, Bank Mandiri, Kasikorn Business Technology Group and PTT Global Chemical Public Company.

About ASEAN Innovation Business Platform (AIBP)

AIBP serves as an avenue for public and private organisations in Southeast Asia to access information about enterprise growth and innovation. With a current network of over 30,000 stakeholders in Southeast Asia, AIBP continues to develop ecosystems by engaging in activities which create value-adding information for our stakeholders seeking to make transformative impacts within their organisations. For additional information about AIBP, please visit www.aibp.sg 

SOURCE ASEAN Innovation Business Platform (AIBP)