Baht steady against dollar but expert warns of year-end volatility
MONDAY, DECEMBER 26, 2022
The baht opened at 34.76 to the US dollar on Monday, weakening slightly from Friday’s close of 34.73.
The currency will likely move between 34.65 and 34.85 against the greenback during the day and between 34.50 and 35.20 during the week, Krungthai market strategist Poon Panichpibool said.
Poon said that the baht could swing sideways and weaken in the short term due to the strengthening dollar and sales of risky assets.
However, he doubts the Thai currency will breach its resistance level since exporters are waiting to sell the dollar and foreign investors are reluctant to short the baht amid expectations it will strengthen.
Poon cautioned, however, that the low level of year-end transactions in the currency market could see the baht fluctuate heavily or in a wide range.
Meanwhile, lower-than-expected US jobless claims should ease market worries of another US Federal Reserve interest rate hike that would support further dollar strengthening, Poon said.
But he forecast the dollar would be buoyed if investors’ worries over the Covid-19 situation in China eased.
He also advised investors to use hedging tools such as options to manage risks in a highly volatile currency mark.
UTA executives visit Hong Kong International Airport
SATURDAY, DECEMBER 24, 2022
Mr. Keeree moves forward to develop U-Tapao International Airport and the Eastern Aviation City while UTA and leading organizations visit and observe the development of Hong Kong International Airport.
December 21, 2022, Hong Kong – Mr. Keeree Kanjanapas, Chairman of the Executive Committee, U-Tapao International Aviation Company Limited (UTA) led a group of executives from 4 organizations, including UTA, Bangkok Land Public Company Limited, Bangkok Bank Public Company Limited, Architects 49 Limited, which consisted of Mr. Kavin Kanjanapas, Mr. Paul Kanjanapas, CEO of Bangkok Land Public Co. Ltd, Impact Exhibition Management Co., Mr. Wirawat Panthawangkun, and Mr. Chanond Sophonpanich, as well as Mr. Prabhakorn Vadanyakul, Managing Director of Architects 49 Limited, to visit and recognize the Hong Kong International Airport Development Plan.
The plan covers not only the airport, but also the warehouse space and other key service areas, such as the Integrated Airport Center (IAC) and Sky Bridge. The group was welcomed by executives from Hong Kong International Airport, Mr. Jack So, Chairman of Airport Authority Hong Kong (AAHK), Mr. Fred Lam, Chief Executive Officer of AAHK and offered a tour of the airport.
The Hong Kong International Airport is considered an important inter-regional transportation hub, serving as an aviation hub for air travel to other important countries. It is also the airport complete security systems and facilities. In 2019, before the outbreak of COVID-19, the airport serviced 71.5 million passengers, 4.8 million tons of air freight, and had up to 419,795 flights. In addition, it recently won the Cargo Airport of the Year – Asia Pacific title at the 9th Payload Asia Awards ceremony and Airport of the Year title at the World Air Cargo Awards 2022.
In addition, on December 22, 2022, the executives from Hong Kong International Airport took the group to visit the robot-operated Hong Kong Air Cargo Terminals Limited (Hactl), which uses a robotic operating system in transporting containers and products that are not packed in large containers. By enabling the Automated Parts Store (APS) system, technicians simply scan part codes and specify the desired amount. Then, the robot takes the shortest route to deliver the parts to the technician. Through this system, work time can be reduced by more than 50%. In addition, the terminal can also operate 24 hours a day, saving up to 1,500 human work hours annually.
In last-ditch effort to delay power rate hike, business leaders turn to PM
FRIDAY, DECEMBER 23, 2022
Nongluck Ajanapanya
In a last-ditch effort to postpone a rise in electricity rates on January 1, business leaders on Friday urged Prime Minister Prayut Chan-o-cha to intervene and postpone the planned fuel tariff (Ft) rate hike until 2024.
Raising the Ft rate now will force businesses into the red and undermine their competitiveness at a time when they are heavily in debt and still recovering from the pandemic, they told a press conference they described as “urgent” on Friday.
The government plans to increase the rate on January 1 by 93.42 satang, up from its current 4.72 baht to 5.69 baht per unit.
The press conference was organised by the Joint Standing Committee on Commerce, Industry, and Banking – a business lobby group. It wants the Ft rate rise postponed until the second half of 2023 but some business leaders want it delayed until 2024. Sources said the standing committee’s chair, Sanan Angubolkul, was expecting to hear from the prime minister tonight.
Press conference speakers comprised Federation of Thai Industries renewable energy advisor Suwat Kamolpanus, Thai Retailers Association president Yol Phokasub, Thai Hotels Association president MarisaSukosol Nunbhakdi and the chair of the board of directors of Siam Cement, Roongrote Rangsiyopash.
Yol Phokasub
Yol said the retail and service sectors are overburdened due to high wages, interest rates, and other costs, while revenues are low.
“Electricity costs range from 20% to 50% [of all costs] in the retail and service sectors … Electricity costs will rise by more than 20% .. if the Ft is adjusted,” he said. “I’m concerned this will result in negative income and undermine the competitiveness of entrepreneurs.”
Rising electricity costs will damage the hotel industry, Marisa said.
Marisa Sukosol Nunbhakdi
The tourism industry is showing signs of recovery, but not every hotel, particularly medium and small-sized hotels, has recovered to pre-pandemic levels, she said.
The cost of electricity is usually equivalent to 5% of total costs and revenues, but it is now about 11% of total costs and 6-8% of revenue, Marisa added.
“COVID-19 has had the greatest impact on us. Tourist numbers are currently far below what they were. As a result, we require more time and supportive measures to recover. The increase in the Ft fee will cost us more money, which we will be unable to pass on to our customers,” she explained.
Roongrote Rangsiyopash
Roongrote said that if the government insisted on increasing the Ft fee, it would force large manufacturers to relocate their production bases, especially those who use large amounts of electricity like cement, ceramic, metal, and glass-making makers. Mid-sized businesses will take a bigger hit, he said
“Most manufacturers are medium-sized businesses and they might be wiped away [by the Ft rate hike],” he said.
Suwat Kamolpanus
Renewable energy advisor Suwat urged the government to review assumptions made in the new Power Development Plan by reducing the proportion of natural gas, particularly liquefied natural gas (LNG), in order to avoid high electricity costs.
LNG will be imported so controlling its costs will be extremely difficult, Suwat said. However, if the government can reduce the use of LNG by encouraging greater use of renewable energy this problem will be solved in the long run and Thailand will achieve energy security, he said.
Rolex Day-Date: The watch that defined a generation
FRIDAY, DECEMBER 23, 2022
A deep look into one of Rolex’s most iconic timepieces
Dubbed “the President’s Watch” by enthusiasts and the general media, the Rolex Day-Date has earned a rightful place among the most significant watches of our time.
And while most will recognize the Day-Date by its all-gold models, this invaluable timepiece represents so much more than just opulence, class, and sophistication.
So in celebration of the historic Rolex Day-Date, let’s explore its true origins, to find out what sets it apart from other models, and how it still remains timelessly iconic through almost seven decades since its first launch.
Innovating since 1956
Upon its first release in 1956—the same year that late rock icon and Rolex-owner Elvis Presley entered the United States’ music charts for the first time—the Rolex Day-Date immediately made history.
It was the first calendar wristwatch to indicate the day of the week, spelled out in full on its dial. This was considered by many as an incredible achievement of technical prowess at the time of its inception.
Furthermore, since its creation, the Day-Date has only been made from precious metals, which include 18-carat yellow, white, or Everose gold—Rolex’s very own version of rose gold—or 950 platinum.
One of the most prominent features of the timepiece is its ability to display the day of the week in the buyer’s language of choice. Buyers can currently select from 26 languages in total, including English, Dutch, Spanish, Moroccan, Indonesian, and Italian, to name a few.
Additionally, the Day-Date’s Oyster case means it is completely waterproof up to a depth of 100 meters, or 330 feet underwater. These features are found in both size varieties of the timepiece; As of 2020, the Day-Date only comes in 36 mm and 40 mm sizes.
Identity and Purpose
The Day-Date was born out of Rolex’s never-ending desire for more. In 1945, the watchmaker had just released the Datejust, which was its first watch to display the date at the 3 o’clock mark. And although it has become a legend in its own right, the Datejust is considered the predecessor of the Day-Date.
Rolex needed to innovate beyond the successes of the Datejust, with a more opulent, undeniably-luxurious option for its buyers. The birth of the Day-Date in the mid-50s was exactly that: the introduction of the brand’s new flagship model for years to come.
And it’s no surprise why this special timepiece has earned its reputation as “the President’s Watch,” as it has found its way around the wrists of the world’s most popular people. Let’s take a look at some of the most noteworthy individuals who are known for owning and wearing Day-Dates:
A true “President’s Watch”
The Day-Date has been proudly presented on the wrists of several US presidents, most notably Lyndon B. Johnson, who wore his model so frequently that it became synonymous with his time in the Oval Office. Other US presidents who have worn the Day-Date include Richard Nixon, Gerald Ford, and Ronald Reagan.
Outside of the Office, you’ll find the Day-Date on the wrists of globally-known athletes and celebrities. These include NBA icon Michael Jordan, the late James Gandolfini—also known as Tony Soprano from The Sopranos, and even the Dalai Lama himself.
Some might say the Rolex Day-Date is just one material object among an ocean of others that are simply flaunted among the rich.
But the invaluable timepiece’s popularity among the affluent and powerful comes as no coincidence. The Day-Date was purposely designed for leaders, and it is precisely because of Rolex’s ambition that it continues to be worn by them, over 60 years since it was first introduced to the public.
Time Midas is an official retailer of Rolex watches in Bangkok. For more information about available Day-Date models and more, visit its official website and buy Rolex Day-Date here.
Thailand leads the way at the Dot Property Southeast Asia Awards 2022
FRIDAY, DECEMBER 23, 2022
The Dot Property Southeast Asia Awards 2022 celebrated a diverse collection of real estate developers, projects and agents with more than 45 winners from across the region honored. Leading Thai developers Supalai and MQDC were among those recognized this year.
This was the first time since 2019 that the Dot Property Southeast Asia Awards were held fully in person with winners hailing from seven different countries. Nearly 300 property leaders were in attendance for the biggest night in Southeast Asia real estate which took place at Four Seasons Bangkok on December 15.
“Competition both domestically and regionally has seen the quality of Southeast Asia real estate improve greatly over the past few years. From urban condominiums to beachfront villas, property seekers expect the best and the Dot Property Southeast Asia Awards 2022 winners deliver in that regard,” Adam Sutcliffe, Dot Property Director, Events and International Markets, states. “However, the Dot Property Southeast Asia Awards 2022 was much more than a celebration of winners. It was an opportunity for us all to finally be together in one place, share stories and reconnect after three long years.”
It was a night to remember for many Thailand-based developers. Best Sea View Pool Villa was presented to Supalai Scenic Bay Pool Villa from Supalai while the outstanding Hyde Heritage Thonglor from Grand Star Company was presented with the award for Best Luxury Condominium.
“We are extremely proud that Supalai Scenic Bay Pool Villa has won Best Sea View Pool Villa at the Dot Property Southeast Asia Awards 2022. We’ve worked hard to create a world class destination and winning shows our villas are unrivaled in Southeast Asia,” Khun Prateep Tangmatitham, Supalai Public Company Limited CEO, said.
SM Development Corporation (SMDC) from the Philippines won Developer of The Year Southeast Asia 2022, the top honor in addition to the Special Recognition Award for Corporate Social Responsibility while its Sail Residences and Gold City projects were also recognized.
Elsewhere at the Dot Property Southeast Asia Awards 2022, Vietnamese firm DOJI Land, RLC Residences from the Philippines and Malaysia’s Sime Darby also took home honors.
Developer of The Year Southeast Asia 2022
SM Development Corporation (SMDC) (The Philippines)
Southeast Asia People’s Choice Award for Project of the Year 2022
Sunshine Sky City from Sunshine Homes (Vietnam)
Dot Property Southeast Asia Awards 2022 developer winners
Developer honorees at the Dot Property Southeast Asia Awards 2022 displayed excellence in their respective categories through hard work, resiliency and ingenuity. In Thailand, Botanica Luxury, a respected Phuket villa developer, took home two awards while DOJI LAND in Vietnam made an impressive breakthrough this year.
Best Community Lifestyle Developer – Nichada Group (Thailand)
Best Breakthrough Developer – DOJI LAND (Vietnam)
Best Resort Lifestyle Developer – Andaman Riviera Construction Co., Ltd (Thailand)
Best Luxury Developer – Sunshine Homes (Vietnam)
Best Developer Investment Villas – Botanica Luxury Phuket Co.,Ltd. (Thailand)
Best Luxury Villa Developer – Pearl Island Property Co., Ltd. (Thailand)
Best Developer Villa Architectural Design – Botanica Luxury Phuket Co.,Ltd. (Thailand)
Best Retail Developer – Sunway Malaysia (Malaysia)
Best Leisure Developer – Sun World (Vietnam)
Best Township Developer – Phu My Hung Development Corporation (Vietnam)
Best Sustainable Township Developer – Sime Darby (Malaysia)
Best High Rise Developer – Intiland (Indonesia)
Best Mixed-Use Developer – Prince Real Estate Holdings (Cambodia)
Best Developer Sustainable Villa Design – Tampah Hills (Indonesia)
Dot Property Southeast Asia Awards 2022 project winners
Projects of all shapes and sizes were recognized at the Dot Property Southeast Asia Awards 2022. High-rise condominiums, such as Hyde Heritage Thonglor from Grand Star Company Limited, are changing urban living for the better while destination developments, like Supalai Scenic Bay Pool Villa from Supalai, capture the hearts and minds of those wanting a residence in paradise.
Best Luxury Condominium – Hyde Heritage Thonglor from Grand Star Company Limited (Thailand)
Best Sea View Pool Villa – Supalai Scenic Bay Pool Villa from Supalai Public Company Limited (Thailand)
Best Mixed Use Development – Gold City from SM Development Corporation (SMDC) (The Philippines)
Best Ultra Luxury Residences Bangkok – Dusit Residences from Vimarn Suriya (Thailand)
Best Lifestyle Condominium Development – The Piazza at The Grand Citygate Davao from Grand Land Inc. (The Philippines)
Best Ultra Luxury Housing Development – Nichada Onyx from Nichada Group (Thailand)
Best New Launch Villa Development – Asherah Villas from Thai Molman Realestate Co.,Ltd. (Thailand)
Best Beachfront Resort and Residences – Sunshine Beach Resort and Residences from T.H. Group Phuket Co., Ltd (Thailand)
Best Luxury Township Development – Empire City Thu Thiem from Keppel Land Vietnam (Vietnam)
Best High End Condominium Development – One9Five Asoke-Rama9 from TC Development (Thailand)
Best Iconic Urban Development – 57 Promenade from Intiland (Indonesia)
Best Luxury Mixed Use Development – Royal Platinum from Hong Leai Huat Group (Cambodia)
Dot Property Southeast Asia Awards 2022 design, innovation and sustainability winners
Southeast Asia has taken on a leading role when it comes to design, innovation and sustainability in real estate. Winners in these categories have shown an ability to think differently while elevating existing standards. Sierra Valley Gardens from RLC Residences in the Philippines and The Aspen Tree from Magnolia Quality Development Corporation in Thailand were among the notable projects to be honored.
Best Condominium Architectural Design – Sail Residences from SM Development Corporation (SMDC) (The Philippines)
Best Sustainable Development – Sierra Valley Gardens from RLC Residences (The Philippines)
Best Luxury Villa Interior Design – NILA Residences from Mirah Development (Indonesia)
Best Holistic Care Residences – The Aspen Tree from Magnolia Quality Development Corporation Limited (Thailand)
Best Landscape Architectural Design – Vine Residences from SM Development Corporation (SMDC) (The Philippines)
Best Green Development – Botanica Forestique from Botanica Luxury Phuket Co.,Ltd. (Thailand)
Best Ultraluxury Condo Architectural Design – One Pearl Bank from CapitaLand (Singapore)
Best Multigenerational Living Township – City of Elmina from Sime Darby (Malaysia)
Best Smart City – Gamuda Cove from Gamuda Land (Malaysia)
Best Luxury Interior Design – 8 Conlay from KSK Land (Malaysia)
Best Serviced Office Provider – Regus – Part of IWG (Southeast Asia)
Special Recognition Award for Corporate Social Responsibility
SM Development Corporation (SMDC) (The Philippines)
Special Recognition Award for Regenerative Design
Selo Group (Singapore)
Southeast Asia’s Best Real Estate Agencies 2022
The work of real estate agencies in the region is vital to healthy markets. These firms ensure everyone can find their ideal home, holiday residence or investment. A total of five companies were named as Southeast Asia’s Best Real Estate Agencies 2022.
Bridge Estate
Prime Global Asset Co., Ltd.
Sunway Estates
Asher Property
RE/MAX Island Real Estate
CENLAND
“The performance of Thai developers, projects and real estate agencies at the Dot Property Southeast Asia Awards 2022 was truly impressive,” Sutcliffe added. “A special mention must go to the work of developers in Phuket, such as Botanica Luxury and Pearl Island Properties who are behind Anchan Villas. Their ability to understand the local market and buyer preferences and then deliver exceptional residences has cemented their place among the region’s top homebuilders.”
The Dot Property Southeast Asia Awards 2022 would like to thank Savills and their CEO Robert Collins for serving as official Awards Consultants. A special mention also goes to official venue partner Four Seasons Bangkok and VIP Transportation provider Mercedes-Benz Primus Autohaus for their continued support.
BJC launched “Donjai”, a new retail business model to support Mom and Pop Store
FRIDAY, DECEMBER 23, 2022
BJC developed a retail business model based on “Sho Huay Shop” under the name “Donjai” to develop a POS system aiming to help small shop operators grow sustainably.
This alliance with both suppliers and commercial banks will be announced next year. The plan is to open up more 8,000 stores with a target of 30,000 more stores by 2027.
Mrs. Thapanee Techajareonvikul, Senior Executive Vice President of Chief Executive Officer of Berli Jucker Public Co., Ltd. or BJC said, “The concept of ‘Donjai’ originated from Khun Charoen Sirivadhanabhakdi who wanted to participate in helping to develop local entrepreneurs to be able to generate long-term growth, developing Sho Huay stores to have a modern management system with information data base to drive sustainable sales. The soft launch project of Donjai began in early 2022 was well received. Approximately 1,000 grocery store operators have joined us and we will continue to launch official partnerships in early 2023.”
The 2023 goal is to increase the network to about 4,000 stores and to continue having a network of 30,000 stores nationwide by the year 2027. The stores joining the network are 1 of over 400,000 grocery stores nationwide. It is a small to large community retail store that sells directly to consumers, including wholesalers.
Mrs. Thapanee said, “Although there are many large operators under this model, I think it’s good to help develop entrepreneurs of grocery stores to have better management skills to bring sustainable growth in the long term. Grocery store operators are important in driving the grassroot economy. Their weaknesses in terms of management especially in stock management added a significant cost over the years and this the number of grocery stores nationwide did not increase much.”
Mrs. Thapanee added that the highlight of “Donjai” is that store operators can design their own investments and select products for sale without sharing profits with anyone even though the investment budget is not high. The store format is divided into 2 types: the first format, BJC uses Big C, Retail stores under BJC group to be a distributor of products for the convenience of ordering products and the second format is to adapt the POS system developed to suit and meet business needs of grocery stores. BJC will renovate the shops to have a modern style and attract more customers. The shop owners can choose the scope of improvement or decorate the shops by themselves according to the budget. No matter which types they choose, the project will charge a monthly expense as a system administration fee of about 4,000 baht that will be returned to the store based on the products purchased.
The distribution of products to the store will be under Big C network with over 200 branches to assist in the delivery. The operators can ensure that there will be no problem in managing the products that will be sold in the stores with this developed POS system showing clearly the information of which products sell best or what products are needed by the community to enable efficient management and to reduce costs and solve the problem of stock management.
“‘Donjai’ was born on the basis of our intention to come and help develop grocery stores to have good management. This will ultimately affect the sustainable growth of the whole system, not only BJC’s affiliated businesses like Big C whose customers are part of the grocery trader only but also, to grocery store operators and suppliers, product owners who join in the Eco system of Satisfaction to grow together in Thailand. We also look at developing projects Donjai in Vietnam by using the prototype from Thailand to develop further there. This will be another opportunity for Thai products to be able to expand and the opportunity to sell to Vietnamese people as well.” Mrs. Thapanee concluded.
Mrs. Wadeerat Charoencoop (middle), Chief Financial Officer of RATCH Group Public Company Limited, a leading power company in Thailand with an ambitious vision to become a leading value-oriented energy and infrastructure company in Asia Pacific, was awarded with Asia’s Greatest CFO 2022-2023.
The event was organised by AsiaOne Magazine, a leading India’s magazine.
The award was recently presented by H.E. Abderrahim Rahhaly (left), Ambassador of the Kingdom of Morocco to the Kingdom of Thailand and H.E. Dr. Sándor Sipos (right), Ambassador of Hungary to Thailand, at India-Thai Chamber of Commerce, Sathorn, Bangkok.
Siam Commercial Bank wins two world-class awards, named Best Bank of the Year for Asia-Pacific region and for Thailand
FRIDAY, DECEMBER 23, 2022
Siam Commercial Bank (SCB) has once again proven its superiority by being selected for prestigious Best Bank of The Year in the Asia-Pacific region and Best Bank of The Year in Thailand 2022 awards for the third time in the last five years.
The Bank of the Year 2022 awards and ceremony were organized by The Banker, a provider of economic and financial intelligence for the global financial sector and a member of the world’s leading media outlet The Financial Times. The two awards demonstrate the Bank’s resolve to turn its traditional company into a financial technology firm by implementing a major organizational restructure that has resulted in dramatic changes to working styles and business practices. In the past year, the success of the transformation has begun to manifest itself in the form of higher earnings, a better capital position, decreased operating expenses, and enhanced operational efficiency.
In sharing the good news, Siam Commercial Bank Chief Executive Officer Kris Chantanotoke revealed, “Amid the influx of new digital technology that has disrupted traditional banking operations and completely changed the landscape and competitive context of the banking business, SCB foresaw the need for its current ongoing major organization restructuring to support our banking business, both now and in the future. The Bank must be mindful of a variety of challenges, particularly non-bank competition. Success will depend on how well the business portfolio manages to address the many issues and requirements of the target market. Increasing the use of digital technology to back digital sales, raising revenue from strategic partners, decreasing the cost-to-income ratio, and keeping a solid capital basis are all part of the plan.”
“The Bank recognizes that a major reorganization necessitates the cooperation and resolve of all employees to adapt their mindsets and attitudes in the best way possible. It will involve learning to use modern technology, adjusting approaches, and increasing productivity through the use of more technology, with the belief that the cooperation of employees will allow us to maintain standards and provide the best services and experience to customers who have always placed their trust in the Bank’s services. Siam Commercial Bank has every reason to be proud to have won these prestigious accolades.”
Revolutionizing financial reporting in the digital age
FRIDAY, DECEMBER 23, 2022
Finance and Accounting team, if you ever happened to discuss what they have been suffering from their work so far, one of the most frequently mentioned issues will certainly include a painful report production process – by Vichai Suknaibaiboon, Advisory Partner at Deloitte Thailand.
Repeatedly, month after month, to serve such standards and business and executive requirements, the FA people need to dedicate their time and motivation in preparing numerous spreadsheets and presentations with numbers, charts, and relevant footnotes and narratives. The process involves efforts of data gathering, manipulation, and spreadsheet gymnastics, which can consume days to weeks to produce the usable outcomes. Based on the survey of 600 global finance leaders conducted by Deloitte, it was found that companies surveyed spent 48% of their time creating and updating reports, whilst they spent only 18% of their time interacting and communicating with the business perspective (See Figure 1).
More than ever, especially after the COVID-19 pandemic, businesses currently require greater support from holistic reporting in decision-making process to strengthen themselves or at least survive the upcoming crisis. Though many companies have strived to reduce time in generating reports and enhance ability to get insights more quickly by standardizing reports into those ones which are necessarily required, there is still a huge room for improvement in response to the dynamically changing business requirements. We can see that the trend is shifting from periodic reporting-monthly, quarterly, and annually to a more real-time-insights manner for off-cycle reporting. Further transformation entails the interaction between working people and reported information which will replace static data merely displayed in the system or printed on paper. Underlying these mentioned characteristics, the key driver for changes lies on emerging intelligent technologies which will not only remove laborious work but also improve the user experience.
Embracing digital tools could have been one among alternatives for FA people to reshape their work life by speeding up report production process. Little by little, some companies have started implementing such tools as point or end-to-end solutions, while many are still hesitating to transform themselves. Yet, it is quite surprising to learn that many organizations are still relying on traditional ways to compile data from sources and produce into reports despite the prevalent handful technologies, such as automation, advanced analytics, machine learning, presence nowadays. Perhaps one of the factors that delay the decision to do so is just basically that the management do not know how to push the start button. Here are some tips we would like to share:
Organize your data. Because your report quality will certainly depend on the quality of your data, somehow you will need to redesign the way to manage your finance and enterprise data prior to the adoption of those digital reporting tools. This could involve implementing data platforms that can develop gradually to support structured and unstructured data or cleansing your data to avoid ‘Garbage-in, Garbage-out’.
Gain buy-in from the C-Suite. We know that the first mover role here should belong to CFO since the issue was raised from FA side. Nonetheless, it is also crucial for the CFO to bring these ideas to the entire C – suite. If other leaders support technological innovation in finance, it can also help the business to further adopt the innovation and apply to other functional processes to make the most of their capabilities.
Focus on the user experience. Early in your journey, explore “what-if” questions with key users. Ask them how they might use information differently if their reports were more intuitive, more visual, and more proactive. Build in formal and informal mechanisms for generating feedback. These actions make sure you put technologies in the right place and right way.
Take small steps. Just try applying solutions to specific segments or functions first. You do not want to make a huge investment at a time to find it hurts the most when things are not going well as you have dreamt of. Look for high-impact use cases to build a base of advocates. For many firms, sales reports can be a good choice to start with. Make sure you pilot with a range of potential users who will become your champions. Then you can span the full range of usage among those who will eventually adopt the technology.
Reassure your people. Workforce disruption is inevitable for companies trying to adopt automation or digital tools. Since some more routine and laborious tasks may be obsolete when new technologies take place, make sure you have plan to build new talents and skills for your people to cope with the changes. Work with employees to make the most of their human skills, empowering them in new roles that rely on high-level analysis, relationship-building, and creativity.
Reimagine your people. Start thinking about your people in future conditions. What types of skillsets you will need? Be aware that, with the handful digital tools armed in your company, the time allocation of the finance workforce will shift toward analysis, prediction, and decision support. Thus, in collaboration with your HR team, make sure they understand this so that you will get the right persons at hand.
Finally, let us imagine how life would be much easier if there is a personal assistant helping you gathering data and composing the first draft of all reports, or the chatbots that can retrieve insights you need to know without diving in all sources of data by yourself. Now you can focus on the value-added activities.
Chinese tea chain debuts in Thailand with outlet in Bangkok
FRIDAY, DECEMBER 23, 2022
Nongluck Ajanapanya
Premium Chinese tea house Chagee has opened its first branch in Bangkok, hoping organic tea leaves from its own farm will entice tea drinkers to its debut shop on the sixth floor of Central World.
Chagee Thailand CEO Aphichat Chuanchaiwong told a press conference on Friday that the company plans to open 10 more branches in Bangkok next year and has a revenue target of 50 million baht.
Even though there are many domestic and international tea shops, particularly bubble tea, in Thailand’s market, there is still room for new players, Apichat said, citing market research by Chagee that valued the market here at 26 billion baht. The research found a lack of premium tea drinks made from high-quality ingredients, which created an opportunity for Chagee, said Aphichat.
Even consumers of bubble milk tea expect it to contain high-quality, healthy ingredients, Apichat said.
He described the chain’s concept as “Chinese Chic”, saying it only uses genuine Chinese tea from its own organic farm near Kunming, Yunnan province, “the birthplace of tea”.
Chagee launched in southwestern China in 2017 and rapidly expanded throughout the country before expanding regionwide. It now has more than 500 branches in Asia.
Yol Phokasub
Marisa Sukosol Nunbhakdi
Roongrote Rangsiyopash
Suwat Kamolpanus
SootinClaimon.Com 