Digital Transformation 2024 and Beyond – Insights from the C-Suite

Digital Transformation 2024 and Beyond – Insights from the C-Suite – Feb 22

The AMCHAM Digital Economy event recently covered the trends in digital disruption, strategies for achieving success, industry insight, and the CEO leadership role in navigating these transformations.  The session was moderated by Nitin Modi, AMCHAM Digital Economy Committee Co-Chair, starting with the simple terms of digital transformation as how to “future-proof a business”.

The first speaker:Dr. Narain Chutijirawong, Executive Director of Deloitte Thailand shared the key findings from Deloitte Thailand's Digital Transformation Survey 2023: The top technology implementation includes technology like cloud, traditional web, mobile app, and data analytics. The digital DNA Maturity spectrum starts from Exploring Digital, Doing Digital, Becoming Digital and Being Digital. Most of corporates, ~ 43%, are in the stage of Doing Digital (meaning mostly leverage digital technologies to extend capabilities but still focused around the same business, operating and customer models) whilst 15% are in Being Digital stage (meaning optimized models and profoundly different from prior business modles).  From the various transformation initiatives, the top successful results were reduced cost and increased employee productivity and the top challenges are lack of expertise, insufficient budget and resources, and immature digital culture.  The better perception of C-Level towards result of digital transformation is evidenced by the 239% improvement of success rate as they gain experience and confidence with better technology selection and realistic digital transformation KPIs.

The second speaker, Wayne Williams, CFO of the Minor Hotel Group mentioned about a number of pandemic responses and emphasized that reputation is everything.  The value and growth are the key.  6Ps to drive growth and value are: Patrons (exceeding customers’ expectation), People (adaptive, agile and inclusive workforce), Portfolio (trust & branding), Product (differentiated and optimized efficiency), Performance (revenue/profit) and Probity (ESG/ future proofing business). Key technology priorities to support growth are 1.Competitive and Differentiated Recognition (platform/data to drive the loyalty and figures) 2. Digital Experience and Footprint (consistent customer experience) 3. Cross Compatible Information Systems (seamless integration) 4. Insight to decision-makers (real-time info) 5. Integrity and Automation (transparent core process) 6.Organization Structure (equipped digital skill) 7.Security and Data Privacy  8.Emerging Trends and Technologies (Innovation).

The third speaker, Clay Miller,  Principal Advisor of Ecosystm covered Thailand: Technology Drivers and Impact on Digital Transformation. A lot more happening in Thailand is primarily focused on four sectors, including 1.Healthcare, 2.Wellness and Medical Tourism, 3.Education and 4.Agriculture and Food. 89% of enterprises in Thailand say they have a technology focus.   Employees in Thailand are more open to hybrid work. During the past 18 months, Generative AI has come to the forefront (drawing the enterprise interest and early adoption ) and has potential of reshaping industries. Most decided to join the AI journey from exploring and in discussions to the early stage of ongoing proof-of-concept and implementation. Some challenges of AI in Thailand are perpetuating bias, potential misuse, lack of context understanding, and integration with existing systems. Thus, some developments are required for example,. the responsible AI guidelines, the human validation, and the API integrations.

Source: This article was consolidated by Digital Economy Committee 

Digital Economy Committee. Co-Chairs includes Nitin Modi; Director of Deloitte Thailand Lyn Kok, Founder & CEO of Mula-X; and Waleeporn Sayasit , GM of TCC Technology

 

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