Challenges in the digital landscape
During this era of digital transformation, companies have had to develop and transform to respond to the changing business climate. Over the next two years, to stay competitive, Thai business leaders will focus on restructuring to save costs or improve efficiency (60%, compared to only 36% of other APEC leaders), strengthening their resilience to adapt to change (51%), and expanding or relocating existing business to new cities/regions (32%).
On the other hand, APEC business leaders see accelerating the digitisation of business processes (44%) as the priority over the next two years, followed by restructuring to save costs or improve efficiency (36%) and strengthening their resilience to adapt to change (35%).
Q23:What are the most important areas your organisation needs to improve upon over the next 2 years to stay
competitive? (Rank the top 3)
Source: PwC’s APEC CEO Survey 2018
With Industry 4.0 picking up pace locally and globally, traditional business models will be disrupted and the race to transition to digital enterprises will intensify. This will redefine the workforce and business processes.
Technology will play an increasingly important role in becoming efficient and effective. Enabled by the digital revolution, markets have become more interconnected. Local businesses will face intense competition from multinational companies in developed markets both on their own turf and regionally.
To keep pace, Thai companies will need to consider their own digital transformation journey by carefully analysing the conditions on entry, committing to upgrading the skills of their employees by structuring a realistic plan for development, and tapping into the advantages of human-machine collaboration efficiently to stay ahead of their competitors.
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