Thailand - 'Tried, true mindsets may be obsolete in new era'

The need to elevate one's skills and revamp business mindsets has never been stronger than now, as the world enters a new technological era and global financial and trade zones face major winds of change, three of Thailand's top industry captains say.

Taking part in a talk show titled "Great CEOs, Great Vision: The Challengers of Thailand's New Frontiers", marking the grand opening of Krungthep Turakij TV on Tuesday night, the trio were unanimous on their verdict that old business mindsets will face a turbulent, if not disastrous, time in this new era.

In addition to the technological revolution and what seems to be an imminent global realignment of key financial players, Kan Trakulhoon, chief executive officer of Siam Cement Group, said the upcoming Asean Economic Community posed an immediate challenge to virtually everyone in Thailand.

"Either you will have to go there [the Asean market] or they [Asean business competitors of Thais] will come here," Kan said. He added that companies' past strengths could even become irrelevant, "so everyone will have to get himself to a new level".

He said business formulas based on manufacturing products and how to get them out to customers would have to incorporate something very important - innovation.

Kan suggested that Thai companies maintain their good DNA (corporate culture) and embrace new thinking, because what used to work in the past may no longer succeed in the new age.

PTT chief executive Pailin Chuchottaworn echoed Kan's suggestions, saying business mindsets that used to revolve around manufacturing would have to expand to include added values for customers, concern for the environment, and sustainability.

Corporate social responsibility will carry greater significance, as firms will need to strengthen their bonds with customers, he pointed out.

"In the past, businesses would (once in a while) help society. Businesses in the future must really become integral parts of society. Profit-sharing with society must become a real norm in doing business," he said.

InTouch executive chairman Somprasong Boonyachai said Thai businesses were facing three big changes - regulatory change, technological (platform) change, and customer behavioural change. Labour at all levels is also being affected or will be soon by those changes, hence the need to adapt by learning new, relevant skills, he said.

The big changes facing companies mean that they will have to "keep some [labour] and ditch some"."This situation often reminds me of when I was a soldier.

There would be times when we were told to abandon as many things as we could and keep only what was absolutely necessary, like the compass," he said. "What I'm saying is everyone at every level must always make sure he or she is irreplaceable."

At the end of the talk show, The Nation editor-in-chief Suthichai Yoon asked the three executives what they would do if they could be prime minister for just one |day. The answers revolved around swift and enforced political and bureaucratic changes so that the country, especially the younger generation, would become better prepared as it heads towards the new frontiers.

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