Digital transformation underway

[webfact]

Digital transformation underway

By PHUWIT LIMVIPHUWAT 
THE NATION

 

Pete Chemsripong, general manager of ThoughtWorks (Thailand)

 

FINANCIAL technology (fintech) has taken the lead in Thailand’s digital transformation process, to be followed by e-commerce in the next five years, said Pete Chemsripong, general manager of ThoughtWorks (Thailand), a global tech-consulting firm.
 

“Knowledge of how new technology can re-model businesses is still limited to websites and applications,” he said. 

 

In the past few years, we have seen the rise of financial technology and its adoptation by financial institutions and new companies, setting the first stage of a technological transformation in the country, Pete told The Nation.

 

But, when it comes to small and medium-sized enterprises (SMEs), there is little awareness of what digital technology has to offer in terms of improving daily operations, he said.

 

Pete predicts that after fintech, e-commerce would be the next technological trend, before transformation in other segments such as agriculture and education. He, however, expects the Thai public sector to lag behind in undergoing a holistic digital transformation. 

 

With fintech leading the charge in transforming the economy, key financial institutions have been funding tech startups to strengthen the ecosystem in Thailand. 

 

Krungsri Finnovate, a corporate venture capital (CVC) arm of Krungsri, plans to invest up to US$50 million (Bt1.577 billion) in seven tech startups this year, focusing on artificial intelligence (AI) and big data analytics, according to Sam Tanskul, managing director of Krungsri Finnovate.

 

One of its investments, which has been finalised, saw Finnovate teaming up with a Singapore-based startup “Silot”. The company develops QR code-payment systems and is currently working on AI to help banks streamline their operations. 

 

Silot has already developed a QR code-payment system for Krungsri Bank while Krungsri Finnovate has so far invested $2 million in the company. 

 

Digital Ventures, the startup investment and development subsidiary of Siam Commercial Bank (SCB), plans to invest $55 million in “deep tech” startups over the next two years.

 

Meanwhile, Kasikorn Vision (KVision), an investment holding company of Kasikornbank, has set aside $245 million as seed money for startups in the Asean region.

 

“Digital technology is the competitive advantage,” Pete said, adding, “it blurs market competition”.

 

For example, he said, banks nowadays do not only compete with each other for daily transactions as e-commerce and social messaging companies can also develop their own digital payment systems in direct competition with financial institutions. 

 

“To fully capitalise on the opportunities arising from the digital disruption in the market, firms must see technology as a core issue,” he continued.

 

“Instead of assessing the performance of the company by departments, with the issue of technology falling only to the IT department, firms should instead assess their performance holistically, especially when it comes to technology.”

 

Furthermore, the rise of digital technology also allows SMEs to compete with big corporates. 

 

“The number of franchises or branches do not matter that much these days as firms can now get in touch with their customers online and learn more about their behaviours through data analytics,” Pete said.

 

However, the key challenge for SMEs in the process of technological transformation is the lack of awareness and know-how in implementing changes, he contended.

 

Nevertheless, with the digital transformation underway, many businesses have followed the trend with a number of logistics and agricultural firms starting to use machine learning to improve their operations. 

 

Amid growing demand from corporate clients for new technology, ThoughtWorks is striving to meet their needs. 

 

The company will increase the number of tech consultants based in Thailand, currently 40, by 30 per cent this year. 

 

The consulting company will also hire foreign talent to further strengthen its workforce and services, offering efficient and holistic advice to companies seeking new technology for better performance. 

 

Source: http://www.nationmultimedia.com/detail/Economy/30369246

 

-- © Copyright The Nation 2019-05-13

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[Lupatria]

3 hours ago, webfact said:

The company will increase the number of tech consultants based in Thailand, currently 40, by 30 per cent this year. 

Does this indicate they hope for foreign talent struggling with red tape and work for a meager salary?

[Pedrogaz]

Dream on. Thailand the hub of the digital economy? How about using a computer once in a awhile instead of making people fill out dozens and dozens of forms that ask for the same information for the simplest of things. A great leap forward in efficiency can be achieved very easily with a little thought, but apparently a little thought is hard to find.

[gunderhill]

Until a  Thai company can actually answer an e  mail... I won't  believe it.

[gunderhill]

28 minutes ago, Pedrogaz said:

Dream on. Thailand the hub of the digital economy? How about using a computer once in a awhile instead of making people fill out dozens and dozens of forms that ask for the same information for the simplest of things. A great leap forward in efficiency can be achieved very easily with a little thought, but apparently a little thought is hard to find.

And  all those massively over employed folk would be out of a job, a  job that could be done by one person even  now instead of  the  3-4 milling around.

[nickstav]

Maybe they should work on the country's human intelligence before moving on to artificial intelligence.

[tifino]

1 minute ago, nickstav said:

Maybe they should work on the country's human intelligence before moving on to artificial intelligence.

or stay with what they do best:  transforming human digitals

[Cadbury]

6 hours ago, webfact said:

Digital transformation underway

It is certainly well underway and has been for some time in the boiler room pyramid and romance scam industries.

Seems like some of the more legitimate businesses are catching up; if you can call finance and banking legitimate. 

[MaxLee]

6 hours ago, webfact said:

Digital transformation underway

But the NEW COmputer crime Act overrides everything, sorry....

[Basil B]

3 hours ago, Lupatria said:

6 hours ago, webfact said:

The company will increase the number of tech consultants based in Thailand, currently 40, by 30 per cent this year. 

Does this indicate they hope for foreign talent struggling with red tape and work for a meager salary?

I doubt another 12 consultants will make that much difference... 

[mok199]

From a Nation that cant slow road carnage or plastic bag abuse...

[Fex Bluse]

7 hours ago, webfact said:

The consulting company will also hire foreign talent to further strengthen its workforce and services, offering efficient and holistic advice to companies seeking new technology for better performance. 

This is the only sentence that has any real relevance in the article.

 

While there are a very small number of capable Thais, Thailand is broadly not ready for the challenge, as almost all of us would guess.

 

Thailand has structural issues in education and workforce productivity that prevent it from being even marginally useful in a "Digital Economy" or any economy.

 

I mean, I have never seen such back technology -- other than in sub-Saharan Africa and maybe a couple countries in now war-torn countries.

 

And, the Thai power brokers are too xenophobic to allow foreign talent to help in any fair and meaningful capacity.

 

However, this reality won't stop them from the opportunity to pose in photos for articles.

[DrTuner]

Already fully done, Thais are now smartphone zombies, 1-0.

[Redline]

Decades behind, but I see some hope with Kbank-they seem to be moving quickly

[BuckBee]

pretty sure they call it a confuser here ...

[madmitch]

I'll fax my c.v.

[Rhys]

Somchai learns to count?

 

[Chazar]

Sod  that how about  just decent customer  service from Thai businesses instead.......you  know just the basics

[dcnx]

On 5/13/2019 at 12:57 PM, Fex Bluse said:

This is the only sentence that has any real relevance in the article.

 

While there are a very small number of capable Thais, Thailand is broadly not ready for the challenge, as almost all of us would guess.

 

Thailand has structural issues in education and workforce productivity that prevent it from being even marginally useful in a "Digital Economy" or any economy.

 

I mean, I have never seen such back technology -- other than in sub-Saharan Africa and maybe a couple countries in now war-torn countries.

 

And, the Thai power brokers are too xenophobic to allow foreign talent to help in any fair and meaningful capacity.

 

However, this reality won't stop them from the opportunity to pose in photos for articles.

They get their story and it’s over. This guy probably won’t be heard of again.

[dcnx]

33 minutes ago, Rhys said:

Somchai learns to count?

 

THISSSS THAILAAAAAAANNNNN!!!!!