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https://www.nationthailand.com/blogs/business/40018589

Most Thai organisations still lagging in digital agility despite increased technology adoption during the pandemic

Astudy commissioned by Workday, a global leader in enterprise technology for finance and human resources, has found that most organisations in Thailand (91%) are still lagging in digital agility[2] – falling into the slow or tactical stages of digital agility maturity.

This is despite the opportunity to accelerate digital transformation and increase technology adoption during the pandemic.

The study found that the lack of suitable and skilled talent in talent acquisition and actively retaining them were the top two challenges cited by Thai organisations in pursuing digital transformation.

Conducted in association with IDC, the IDC-Workday Digital Agility Index Asia/Pacific 2022 highlights the extent to which Asia Pacific (APAC) organisations have progressed in digital agility since the COVID-19 pandemic.

First started in 2020, the study assesses and ranks organisations on the Digital Agility Index (DAI). From their scores, organisations are identified either as “Agility Leaders” if they are found to be in the agile/integrated stages of digital agility maturity, or “Agility Followers” if they are determined to be in the slow/tactical stages.

Thailand drops to 9th position in Digital Agility Index, overtaken by Indonesia

The study found that across the nine APAC markets surveyed, progress in digital agility is uneven.

With only 9% of organisations in Thailand at the advanced stages of digital agility, Thailand ranked ninth in the DAI, one position below its 2020 ranking.

It was overtaken by Indonesia which ranked eighth, having shown more progress in technological advancements.

Organisations in Australia achieved the greatest progress in digital transformation efforts and ranked first this year, followed by Singapore, New Zealand, South Korea, and Hong Kong. Taiwan, a new addition to the study, ranked sixth, followed by Malaysia.

From a regional perspective, only 38% of Apac organisations are in the advanced stages of digital agility. However, progress is being made overall as this figure reflects an 18 percentage point increase when compared to 2020. For the 62% of organisations in Apac lagging in digital agility (i.e. agility followers), technology adoption is often driven by functional requirements and business needs such as for e-commerce, safety measures, and remote work during the pandemic.

Shortage of skilled talent for digital transformation

The lack of skilled talent to carry out digital transformation initiatives is a key challenge to be addressed in Thailand. 80% of HR leaders surveyed said they have challenges in identifying the right skills needed to support evolving business requirements. Only a minority (7%) of organisations in Thailand have a holistic talent management strategy in place with employee engagement and data analytics to identify training needs and growth areas, which highlights the importance of closing the talent gaps within their workforce. 

Lack of enterprise-level technology adoption to drive digital agility

Complete integration of digital tools and processes can offer a single holistic view of resources, enable data-driven insights, and drive greater digital agility.

However, 61% of organisations in Thailand currently execute digital initiatives at the line-of-business level as necessitated by immediate needs, rather than at a strategic, cross-functional enterprise-wide level.

This in turn hinders business growth. Implementation challenges differ by function as well.

Challenges cited by IT leaders include lack of consistent integration across systems which impacts decision making (40%) and difficulty in choosing the right technology solutions that can help drive business agility (70%). On the other hand, finance leaders (80%) said they faced challenges in building a culture of cost containment for predictable cash flow. Only 3% of Thai organisations currently manage costs by using data-driven cost optimisation that leverages enterprise-wide and ecosystem data.

Need for greater collaboration between CFOs, CHROs, and CIOs to drive enterprise agility in the post-pandemic era

In the new norm led by a digital-first economy, leveraging digital agility can offer competitive advantages. This is only possible if organisations rethink their approach to closing digital agility gaps through technology and alignment of functional business requirements across the C-suite.

For positive business outcomes, not only must organisations accelerate their digital transformation to narrow the agility gaps but also have an integrated approach as a strategic imperative. This requires CFOs, CHROs, and CIOs to collaborate and work on their cross-functional digital transformation initiatives, and integrate digital talent management, as well as HR and finance processes.

Comments on the News

“While there is considerable progress with more organisations leaping to become agility leaders, the fact that the majority of organisations within the Asia Pacific are still lagging creates an opportunity to help organisations digitally accelerate,” said Sandeep Sharma, President for Asia, Workday. “With agility now a key source of competitive advantage in today’s digital-first economy, organisations supported by data-driven processes and imbued with digital skills and work cultures are best positioned to thrive in today’s changing world.”

“The unprecedented disruptions brought on by the Covid-19 pandemic forced many organisations to fast-track their digital transformations. It is not surprising to see increased technology adoption driving agility improvement,” said Lawrence Cheok, Associate Research Director of Digital Transformation, IDC. “However, true digital agility is about capitalising on change to thrive. To do so, organisations need to emulate agility leaders and make the leap from tactical to strategic enterprise-wide transformations in their culture, people, processes, and technology implementation.”

Published : August 07, 2022

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https://www.nationthailand.com/business/40018583

Thai hotels are suffering from severe staff shortages as the hospitality industry struggles to recover from the fallout of Covid-19, according to the Thai Hotel Association (THA).

About 68 per cent of hotels surveyed said they are short of staff to cover all departments – including maids, receptionists, cleaners, cooks, waiters and technicians.

Hotels are especially in need of workers with service and language skills, said the association’s president Marisa Sukosol Nunbhakdi.

“Most hotels are under pressure from labour shortages in almost all departments, as related businesses in their local areas have yet to reopen,” Marisa said.

She was citing results of a THA survey conducted on 118 hotels between July 17 and 25.

The survey found that only 33 per cent of hotels had raised their wages in a bid to attract staff.

Results also showed that hotel occupancy rate in July averaged 45 per cent, up from 38 per cent the previous month. The forecast for occupancy rate in August was 42 per cent.

Marisa attributed the recovery to the country’s full reopening on July 1, when the Thailand Pass entry system was scrapped, as well as government subsidies for domestic travel.

“Most hotel customers are Thais although the number of foreign guests is increasing — mostly from Asia and the Middle East, followed by western Europe,” she said.

Average room rates have risen since last year but are still lower than pre-Covid times. Hotels have delayed price increases due to low purchasing power and occupancy rates, Marisa added.

Recovery in the Thai hotel sector will strengthen this year but is still reliant on Thai tourists, according to Siam Commercial Bank’s Economic Intelligence Centre (EIC).

The EIC has raised its forecast for foreign arrivals this year from 7.4 million to 10 million.

It also identified many “challenges” for the Thai hotel industry, including higher operating costs, a labour shortage, and tougher competition as luxury hotels cut prices and others reopen after the pandemic.

Published : August 06, 2022

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https://www.nationthailand.com/business/40018548

Thailand is attempting to fill the void in China left by Beijing’s ban on more than 2,000 Taiwanese food imports amid rising tensions across the Taiwan Strait.

Commerce Minister Jurin Laksanawisit said on Friday that the Thai trade attaché in Beijing has been instructed to gather a list of products that Thailand can export to China to make up for reduced supply from Taiwan.

“We found demand in food and beverage products, including instant noodles, frozen fish, snacks, fruits and various drinks,” Jurin said.

China imposed targeted economic sanctions on Taiwan, which it considers to be part of its territory, after US House Speaker Nancy Pelosi made a high-profile visit to the island on Wednesday.

Beijing barred shipments from more than 100 Taiwanese exporters of food ranging from fresh produce to baby food, confectionery and pastries.

Jurin, who also doubles as deputy prime minister, said on Friday that Thailand’s imports and exports had not been affected by the tensions between China and Taiwan.

He added that his ministry’s Department of International Trade Promotion would hold an online business-matching event for Thai exporters and Chinese importers on August 24-25. About 150 Thai exporters and some 200 importers from China and Hong Kong have agreed to take part.

The commerce minister said the event would help bolster Thailand’s exports.

In the first six months of the year, Thai exports totalled 5 trillion baht, a 12.9 per cent increase from the same period last year. Last year’s exports totalled 8.5 trillion baht.

Published : August 05, 2022

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https://www.nationthailand.com/business/40018537

The baht opened at 35.82 to the US dollar on Friday, strengthening from Thursday’s close of 36.

The currency is expected to move between 35.70 and 36 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said the baht might swing sideways or strengthen more than investors expect due to the weakening of the dollar and the selling off of gold.

Moreover, the baht is supported by the hope of the Thai tourism sector’s recovery.

The currency market, however, is highly volatile as the US employment data is expected to be revealed soon.

If the data is better than expected, then the market may be concerned that the US Federal Reserve will increase the interest rate, which will cause the dollar to strengthen.

Poon said some importers, especially energy companies, will buy the dollar after the baht strengthens beyond the 36 to the dollar level, while some investors may sell the dollar for profits.

The baht’s new support level would be at 35.70 to 35.80 to the dollar while its resistance level is 36.20 to the dollar.

Published : August 05, 2022

By : THE NATION

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https://www.nationthailand.com/business/40018511

Inflation and climate change will be the top priorities for the APEC Business Advisory Council (Abac) meeting in Thailand from November 13 to 16.

ABAC 2022 chairman Kriengkrai Thiennukul said the agenda was the result of a discussion at the third council meeting in Ha Long, Vietnam, from July 26 to 29.

The council agreed to field five urgent proposals for the APEC leaders’ summit. All five proposals aim to accelerate the region’s economic recovery and re-establish momentum for long-term, inclusive and resilient growth, he noted.

The five comprise enhancing regional economic integration by supporting more free trade agreements, developing a foundation of digital infrastructure and a digital ecosystem, promoting sustainable practices for micro, small and medium enterprises, ensuring sustainable food security and implementing macroeconomics and financial measures to increase productivity and growth.

“We believe these proposals will serve as a guide for future sustainable development in all sectors,” he said.
 

However, Kriengkrai pointed out that geopolitical tensions, high energy and food prices and the severe impact of climate change pose additional challenges for Asia-Pacific business leaders to address.

He expected to present the final version of the proposals to the APEC leaders’ summit later this year after the next ABAC meeting in November.

The proposals will enlighten the government sector on business needs and solutions for all parties involved.

Meanwhile, Poj Aramwattananont, ABAC Thailand member and APEC CEO Summit 2022 chairman, highlighted the increased emphasis on food security and sustainability through the use of technologies and a bio-circular green economy.

“ABAC calls for double efforts in facilitating trade, deterring export prohibitions and restrictions, and cross-border cooperation relating to food ecosystems to ensure the private sector takes part in APEC’s food security policy, which will be of great importance in the future,” Poj pointed out.

The council meeting concluded with a shared commitment to help the Asia-Pacific region advance towards wealth, growth, and inclusive sustainability, Kriengkrai said.

“The business sector’s voice can shape the future of regional cooperation because it reflects the real needs of those who play a key role in driving the economy,” he added.

Published : August 04, 2022

By : Nongluck Ajanapanya

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https://www.nationthailand.com/business/40018494

The baht opened at 36.26 to the US dollar on Thursday, strengthening from Wednesday’s close of 36.28.

The currency is expected to move between 36.10 and 36.30 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said the currency market is in a risk-on state and might provide the dollar with support to strengthen, especially if foreign investors go for mass purchases of Thai stocks again once the tension between China and the US eases over Taiwan.

However, he suggested investors beware of currency market volatility that might increase after a key Bank of England meeting.

If the BOE shows concern about a shrinking or regressing economy at the end of the year, it might pressure the pound sterling to weaken and in turn support the dollar, which could strengthen.

Poon also advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.

Published : August 04, 2022

By : THE NATION

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https://www.nationthailand.com/business/40018479

The Thai economy is entering a “parallel universe” marked by deglobalisation, geopolitical conflict, high inflation, and rising interest rates, KKP Research said on Wednesday.

KKP Research chief economist Pipat Luengnaruemitchai said these factors are a challenge to the global and Thai economies both in the short and long terms.

He said the economy will gradually recover from a low base, adding that the global gross domestic product is expected to grow at 3.3 per cent as domestic consumption and investment start to return to normal.

However, inflationary pressures and rising cost of living are worries for recovery of the Thai economy, he said.

“Interest rates are on the way up as a result of inflationary pressures, and central banks around the world are raising interest rates,” he said.

“A possible global economic slowdown or recession in the near future may also affect the pace of recovery of the Thai economy,” he warned.

He expected the Bank of Thailand’s Monetary Policy Committee to raise the interest rate by 25 to 50 basis points during its meeting on August 10.

He pointed out that many sectors were yet to return to their pre-Covid levels, as households and businesses are still affected and have trouble paying back their debts.

In addition to short-term factors, he said the Thai economy is facing several structural challenges that hold back economic growth and place the country at risk of losing competitiveness.

He added that environmental factors such as technological development are changing rapidly.

“Therefore, a solution for the Thai economy in this new world is economic restructuring to increase competitiveness,” he said.

He added that the country will also need to support investments, promote research and development, upgrade the quality of education and labour skills, liberalise labour and services, reduce monopoly, and improve economic and political institutions to reduce the opportunity gap.

Published : August 03, 2022

By : THE NATION

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https://www.nationthailand.com/business/40018478

Geopolitical tensions and inflation could boost Thailand’s gold demand in the short term, as a safe haven for investors and a means of wealth preservation for consumers, the World Gold Council said.

Andrew Naylor, regional CEO, Asia Pacific (ex-China) of the council, said during an online press conference on Wednesday morning that due to the economic slowdown and uncertainty factors, gold remains a preferable alternative for Thai people.

He said consumer demand for gold during the second quarter this year had already increased 14 per cent, from 7.5 tons in the same quarter last year to 8.5 tons this year.

The council pointed out that the demand was supported by a 10 per cent year-on-year increase in demand for jewellery from 1.7 tons in the second quarter of 2021 to 1.9 tons in the second quarter of this year and a 15 per cent year-on-year increase in bar and coin demand. Jewellery consumption has been supported by the economic recovery, emergence from Covid restrictions and a rebound in tourism.

“This is the sixth consecutive quarter that we’ve seen a year-on-year rise in jewellery consumption in Thailand, owing to lower gold prices as well as higher safe-haven demand for gold amid a weaker local currency and inflationary concerns,” Naylor said

However, global jewellery fabrication outperformed consumption as demand remains well below pre-pandemic levels, he added.
 

The latest Gold Demand Trends report reveals that the overall global gold demand (excluding over-the-counter) in the second quarter was down 8 per cent year on year to 948 tons. However, thanks to strong exchange-traded funds (ETF) inflows in the first quarter, gold demand for the first half of 2022 is up 12 per cent compared to the first half of 2021 at 2,189 tons.

In terms of global demand, gold price fell in the second quarter of 2022 after an initial rally in April on geopolitical risks and rising inflationary pressure, as investors shifted their focus to rapidly rising interest rates and a strikingly strong US dollar, the council said.

The 6 per cent drop in gold prices over the quarter impacted gold ETFs, which saw 39-ton outflows in the second quarter. The first half of this year has seen net inflows totalling 234 trillion, compared to 127 trillion in outflows in the same period last year, the council said. 

However, given a potentially softening inflation outlook amid continued rate hikes, the second quarter decline is likely to set a weaker tone for ETFs in the second half of 2022, the council added.

In the second quarter, demand for gold bars and coins remained stable year on year at 245 tons. Demand increased significantly from India, the Middle East, and Turkey, helping to offset weakness in China, caused in part by ongoing coronavirus lockdowns. As a result, global bar and coin demand fell 12 per cent year on year to 526 tons in the first half of this year.

In the jewellery sector, gold demand in the second quarter increased 4 per cent year on year to 453 tons, aided by a 49 per cent increase in Indian demand compared to the second quarter of 2021, Naylor said.

The strong performance in India has compensated for a significant drop of 29 per cent in mainland China, where the market was hampered by coronavirus lockdowns that slowed economic activity and reduced consumer spending.

Meanwhile, central banks were net buyers in the second quarter, adding 180 tons to global official reserves, the council said. Net purchases reached 270 tons in the first half of the year, matching the findings of the council’s recent central bank survey, in which 25 per cent of respondents stated that they planned to increase their gold reserves in the next 12 months.

In the technology sector, gold demand was down 2 per cent from the second quarter of 2021 at 78 tons, resulting in the demand being marginally lower year on year at 159 tons in the first six months of this year, the council said.

The electronics industry has continued to face supply chain disruption, as well as diminished consumer appetite for electronics as the cost-of-living crisis takes hold; both of these factors contributed to the slight drop in demand.

According to the council’s Gold Demand Trends data series, mine production for the first half of the year reached a new high of 1,764 tons, up 3 per cent from the first half of 2021.

Some projects mined higher-grade deposits, and the Chinese mining industry returned to normal output levels after safety stoppages last year, boosting output.
Gold price increases in the first quarter and increased economic hardship and uncertainty led to an increase in recycling activity, with total recycling reaching 592 tons in the first half of the year, an increase of 8 per cent year on year, the council said.

Louise Street, senior analyst Europe, Middle East and Africa at the council, said there are both threats and opportunities for gold in the second half of 2022. Safe-haven demand will likely continue to support gold investment, but further monetary tightening and continued dollar strength may pose headwinds.

“As many countries face economic weakness and the cost-of-living crises continue to squeeze spending, consumer-driven demand will likely soften, although there should be pockets of strength,” said Street.

Published : August 03, 2022

By : Nongluck Ajanapanya

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https://www.nationthailand.com/business/40018477

Fortune announced the Fortune Global 500 list for 2022, ranking the world’s largest corporations by revenue for fiscal 2021. and Walmart claims the top spot for the ninth consecutive year,

Fortune announced the Fortune Global 500TM list for 2022, ranking the world’s largest corporations by revenue for fiscal 2021. Walmart claims the top spot for the ninth consecutive year, and for the 17th time since 1995. Saudi Aramco (No. 6) reclaims its title as the world’s most profitable company, with $105 billion in earnings.

Mainland China (including Hong Kong), with 136, once again has the most companies on the list, up one from last year.  Adding Taiwan, the total for Greater China is 145. The US, with 124, is up two; in third place, Japan lost six, for a total of 47.

For the first time, the aggregate revenue of Fortune Global 500 companies based in Greater China (including Taiwan) exceeded the revenue of US companies on the list, accounting for 31% of the total.

Of the 2022 rankings, Fortune List Editor Scott DeCarlo says, “A rebound from the worst depths of the pandemic created a huge tailwind for the world’s largest companies by revenue. Aggregate sales and profits hit record levels in the fiscal year 2021 for the Fortune Global 500. The Global 500 is the ultimate scorecard for business success and the companies face another big test navigating several global economic headwinds in 2022.”

Fortune Global 500 companies generated revenues totalling $37.8 trillion—more than one-third of the world’s GDP—for an increase of 19% over last year, marking the highest annual growth rate in the list’s 33-year history. Cumulative profits were up 88% over last year, for a record $3.1 trillion. Companies on the 2022 list employ 69.6 million people worldwide and are based in 229 cities and 33 countries and regions around the world. The number of women CEOs of Fortune Global 500 companies rose to 24 this year, from 23 last year.

The 2022 Fortune Global  500 Top 10 LIST:   
1. Walmart (U.S.)    
2. Amazon.com (U.S.)  
3. State Grid (China) 
4. China National Petroleum (China)    
5. Sinopec (China)   
6. Saudi Aramco (Saudi Arabia)
7. Apple (U.S.)  
8. Volkswagen (Germany)   
9. China State Construction Engineering (China)
10. CVS Health (U.S.) 

View the complete list here: https://fortune.com/global500/2022

In her foreword to the magazine’s August/September 2022 issue, Fortune Editor-in-Chief Alyson Shontell writes, “Here’s the catch: [These] numbers reflect financials from 2021 when the world was starting to bounce back from COVID-19. This year has brought a whole new truckload of challenges… For businesses of every size, the real test will be who can survive and thrive in tough conditions like these, especially if—or when—a recession of unknown length and depth settles in.”

Companies are ranked by total revenues for their respective fiscal years ended on or before March 31, 2022. All companies on the list must publish financial data and report part or all of their figures to a government agency. Figures are as reported, and comparisons are with the prior year’s figures as originally reported for that year. Fortune does not restate the prior year’s figures for changes in accounting.

Published : August 03, 2022

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https://www.nationthailand.com/business/40018470

The Tourism Authority of Thailand will seek a budget of 1 million baht to boost foreign arrivals so the country achieves its targeted tourism revenue of 1.5 trillion baht this year.

The first seven months of the year have seen 3.33 million foreign tourists visit the country.

TAT governor Yuthasak Supasorn said he would wait for the economic situation administration centre to hold its meeting, during which he would raise the budget request.

Yuthasak said TAT would need precisely 1.035 million baht to carry out its so-called “booster shot” measure to stimulate the entire tourism industry, so that the 1.5 trillion baht revenue target this year could be reached.

The target would be 50 per cent of pre-Covid levels in 2019, when the country gained 3 trillion baht in tourism revenue, Yuthasak noted.

TAT hopes to lure 10 million foreign tourists, who are expected to generate 844 billion baht in income, and encourage Thais to make 160 million trips to create extra revenue of 656 billion baht, he said.

The number of foreign tourists has significantly increased following the easing of Covid travel restrictions, Yutthasak pointed out.

He said 3,334,326 foreign tourists visited Thailand from January 1 to July 31 from the following top ten nations:

– Malaysia: 420,660

– India: 337,282

– Singapore: 183,836

– UK: 167,232

– Laos: 157,831

– United States: 152,635

– Cambodia: 148,897

– Vietnam: 131,770

– Germany: 124,930

– South Korea: 120,321.

Yuthasak said the top five entry points for foreigners were Suvarnabhumi Airport (1.92 million arrivals), Phuket International Airport (603,974), Don Mueang International Airport (191,893), Sadao border checkpoint (141,337) and Nong Khai border checkpoint (77,401).

He noted that after the government cancelled the Test & Go measure on May 1, the number of tourists that month jumped to 532,177, compared to 297,365 in April.

When the government cancelled quarantine for foreign arrivals on June 1, the number of visitors soared to 788,258 that month.

And after the government scrapped Thailand Pass in July, the number of foreign arrivals last month rose to 1.21 million, the TAT governor said.

“After Thailand Pass was abolished, about 33,000 to 49,000 foreign tourists arrived each day in July, raising the total number for the month to 1.21 million,” Yuthasak added.

Published : August 03, 2022

By : THE NATION