What should Thai businesses do amid an economic slowdown?
Amid uncertainties of the US-China trade war, declining growth in Thai export values and tourism revenues, Thai businesses should use Artificial Intelligence (AI) and Machine Learning (ML) technology for predictive data analytics to better understand their massive customer data in order to improve their experiences, according to Oracle’s managing director, Taveesak Saengthong.
With the transformation of digital data to customer behaviour insights, businesses that can look ahead will differ from competitors and are able to weather through the economic slowdown. Opportunities for growth in Thai economy are mainly driven by Thai government’s various projects – EEC, Smart cities, 5G, Data centre, Digital economy, National e-Payment, High-speed trains, Civil State projects, and stimulus packages including the “Taste-Shop-Spend” campaign.
In September, Oracle announced “Openworld” – its mission to help people see data in new ways, discover insights, unlock endless possibilities. Continued technology development and upgrade, expansion of Cloud global footprints, partnerships within ecosystem. ie Microsoft, VMWare, Cloud Free Tier through ‘Always Free’ campaign, introduction of the world’s first autonomous Linux operating system are major drivers towards the next milestones.
Taveesak believes Oracle’s full range of products and services, over the years ahead, will be one of customers’ choices for delivering differentiated user experiences at the right time and stay ahead of ever-changing expectations. The technology investments come with only monthly operating expenses instead of large capital expenditure, for government agencies and business enterprises. Finance teams will able able to reduce time-to-close monthly accounts payable by 30 per cent, HR departments can reduce talent review cycle by 70 per cent, supply chain can cut planning cycles from 1 week to 48 hours while customer experience will reduce campaign execution lead time from 4 weeks to 5 days.
In the Thai market, Oracle’s business goals are to encourage the uses of private cloud and AI/ML to reduce human workforce, error, processing time and to increase security confidence and productivity to provide effective and efficient business solutions to those supply chain at reasonable prices and to meet customers’ needs. Its ‘Always Free’ campaign will offer autonomous database, compute and storage, networking / load balancing, monitoring / notifications.
Meanwhile, government projects are speeding up in line with the fiscal 2019-2020 budget allocation for digital infrastructure, government technology improvement and human resource development focusing on educational technology, health technology, agri-tech, government tech, human resource tech, and fintech. The competitiveness of private Thai enterprises will increase given the country’s strategic location near CLMV countries, rising e-commerce, upcoming 5G technology for fully-integrated and automated processes, banks reshaping their businesses and tourism. Taveesak sees strong growth potential in technology investment.
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