U.REKA’s objective is to support Deep Tech as they can enhance Thailand’s economic competitiveness. Aside from cultivating skills and knowledge, collaborations with the business sector are also crucial for innovations so they become products or solutions that are economically valuable for the country. At U.REKA Open House & Ideation Bootcamp, we invited leading executives in Thailand to share with U.REKA participants their views about technology and effects on business operations. Here are some key takeaways from the event.
Executives at the event are:
- Retail business representative – Kriengsak Tantipipop, CEO, The Emporium Group.
- Tourism business representative – Wallapa Traisorat, President, Asset World Corporation.
- Finance and banking business representative – Orapong Thien-Ngern, CEO, Digital Ventures.
Disruptive Technology – Opportunity or challenge?
Some may view that technology benefits business but, in a way, it requires adaptation, and this is a challenge which affects every industry. All 3 executives from different industry agree on this.
Orapong explains that technology can build and deprive opportunity if you are unable to adapt in time. Large corporates should be cautious about this aspect.
Kriengsak shares from a retail industry point of view that the retail business is very complex because it involves many parties, all of which, have different levels of difficulties towards disruption. Often, technology arrives but the people can’t keep up. As a service provider, the solution is to speed up and keep up with technology. However, precautions must be incorporated because using technology at the wrong timing can bring about disadvantages rather than advantages.
For the tourism industry, Wallapa mentions that Disruptive Technology has played an important role in this industry and is advancing at great speed. 50% of transactions in the industry are digitalized and integration of online and offline experience is seamless, thus, service on digital and physical platforms has no boundaries.
New prospects for retail, tourism, and finance in the Digital Disruption era.
Although all 3 speakers view that Disruptive Technology is a challenge but once the opportunity is mentioned, everyone has interesting viewpoints from their expertise in the field.
Kriengsak shares from a retail business point of view that although we see large retail stores closing or selling their business, conversely, e-commerce firms are buying physical stores. This is because they give more value to “customer experience”. This is an indicator that experience from physical stores are a strength that online stores can’t replace.
Wallapa, from the tourism industry, views that today, customer experience begins at the flight ticket or hotel booking website page. Those who can manage to give customers a good journey experience, they will have the upper hand, and this is where technology is required. As mentioned, more than 50% of the industry is driven by technology
Orapong provides a holistic viewpoint that business opportunities are for those who realize problems and provide direct-to-the-point solutions. The rise of new technology are opportunities for a new environment from technology that hasn’t been developed into innovation. This will bring about new business models and is the reason why U.REKA aims to develop Deep Tech which has much room to uncover and develop into businesses.
Digital Transformation and enhancing Thailand’s competitiveness.
Digital Transformation is a matter that business needs to address. All 3 executives suggest interesting methods to adapt organizations and prepare for the change.
Kriengsak views that every organization has Digital Transformation challenges. As for the retail sector, the customer, solution, process and business model must adapt simultaneously. Today, customers have changed and embraced new technology. The problem is rather within the organization. Kriengsak sees that change is a more challenging matter than creating new things. Organizations need to maintain the balance between cultivating skills for existing employees and those who are new to the organization.
Wallapa sees that leaders in the organization must first be aware of the situation. Then, gradually embed a digital awareness culture. Also, creativity is needed to forecast the future. Wallapa stresses that creativity is the origin of innovation.
An example from Wallapa is managing a team in their organization. They have appointed a new team specifically for digital projects. This helped with flexibility and the acquisition of suitable skills for Digital Transformation.
Orapong emphasizes the awareness of change in the world. Firstly, organizations must create an understanding regarding disruption for employees. Afterward, they can begin to consider the changes that can be done. Lastly, with understanding and change, adaptive mindsets will be activated. This is the goal of handling Digital Transformation.
Next steps that the business sector wish to see in the Disruptive Technology era.
Lastly, all 3 executives share what they wish to see in the Disruptive Technology era that is affecting the global economy. Kriengsak from retail hopes for technology that gives customer insights that focus on experience analysis. This can be useful for retails stores to enhance their service.
From the tourism sector, Wallapa hopes for technology that improves resource management for the industry. For instance, an AI that utilizes data to enhance energy usage in buildings and technology that increases access to customers.
Orapong points out that, in the future, the finance industry may compete with the tech business who, today, are developing innovation for money management. In some countries, they offer services similar to banks. At present, they are not directly competing with banks as the government hasn’t allowed such transactions. Therefore, if large banks still hinder technology development, their chance of extinction is rather high.
These are ideas from leading executives in Thailand regarding adaptation in the Disruptive Technology era. We hope that it gives you a better picture of solutions and how businesses are tackling Disruptive Technology. For more tech updates, follow us here.