Digital transformation key to surviving economic uncertainty
Transition to the digital economy and adopt AI and big data, ex-finance minister Somkid Jatusripitak tells business community
Former Finance Minister Somkid Jatusripitak advised Thai businesses to quickly adapt to changes and transition to the digital economy, driven by big data and artificial intelligence (AI) to survive global economic uncertainty.
He was speaking at the event “WHA Open House 2024: Explore - Discover - Shape the Future”, held in Bangkok on Wednesday. Somkid currently serves as the board chairman of WHA Corporation Plc, a leading property and real estate developer.
The former Finance Minister pointed out that the global economy is facing constant uncertainty, driven by the fallout from the Covid-19 pandemic, ongoing geopolitical conflicts, climate change, and technological disruptions.
“The greatest disruptor would be the reelection of Donald Trump as new president of the United States,” said Somkid, adding that Trump’s presidency will likely lead to intensified trade wars and geopolitical conflicts on a global scale.
He proposed a strategy for businesses to cope with the volatility of current factors, emphasising that speed and accuracy are crucial for conducting business.
“Those who do not transition to digital, big data, and AI, and who remain slow and inaccurate, will not survive in today’s world of uncertainty,” he said. “The model and goals of all businesses have already changed. Profit and revenue should no longer be the sole objectives of a business."
"Ensuring completeness for the community we live in is our most important goal. We want to convey this message, communicate what we are doing, explain it, seek allies, and share it with friends across the private sector. This is to ensure understanding and to build partnerships to create a better future for both the private sector and Thai society," Somkid said.
Jareeporn Jarukornsakul, Group CEO of WHA Corporation, said that WHA’s mission and goals will not focus solely on profit and revenue, but will emphasise sustainability, creating stability, speed and accuracy, and coexisting with society and communities.
“Through our vision ‘We Shape the Future’, WHA aims to become a tech-driven organisation that offers platforms to exchange business visions and opportunities, helping to drive the Thai industry to compete at international level,” she said.
Jareeporn added that WHA is committed to 3 major megatrends: Facilitating the moving of investment bases due to geopolitical factors, establishing technological infrastructure, and developing climate change technology to leave a better world for the next generation, under the company’s goal of achieving net zero emissions by 2050.
