THAILAND PREPARATION TOWARDS DIGITAL TRANSFORMATION 4.0
Thailand requires digital transformation with possible inventive strategies to become Thailand 4.0 Digital strategies can provide strategic optimization for businesses to benefit from data assets and technology-focused activities(Bangkok Post, 2021), which might provide some aid in marketing, tracking analytics, and boosting ROI and among other things. Thailand 4.0 aim to open the country from the result of challenging in the past which is use to old agriculture(Thailand1.0-3.0) as a based.
SMEs (small and medium-sized enterprises)
SMEs (small and medium-sized enterprises) or any organization would profit significantly from digital strategies since they can save costs through improved ROI and having digital marketing plans would provide direction to the company. Marketing-related data would be more accurate and efficient: target audience, ongoing optimization, and value proposition outline.
What is Digitalization?
Digitizations is the process of transforming physical paper based data or analog into fully online data whereas digitalization is fully integration of online operations in all business aspect. Digital strategies would impact not just marketing, but also digital transformation. It would be helpful for corporation, assisting with communication to reduce errors and boost productivity, fostering an environment of employee excellence. With technology that can accurately update driver data-based insights, as well as an improvement in efficiency and productivity, businesses would be more robust, and customer satisfaction would skyrocket.
Digital strategies influenced to the customers will be more delighted with what they buy if processes are faster, security is tightened, resource management is strengthened, and they can trust the firm on the quality of the product with fewer errors.
Digital marketing 4.0
Digital Marketing of Thailand 4.0 has implement change which is including 3 main parts in digital marketing can be fully integrated into Thailand 4.0 economic policy.
Goods and services
The goods and services can be recommended through online channels was average Thai users spend around 9 hours and 11 minutes online daily and increase in quality of product.
Physical and online stores
Using online advertising or marketing through both facebook or online channels and integrating both physical store and online stores like Macy’s which provides both kind of stores for customer to choose.
The customers feedback is important and hence listening to your customers according to this case for digital marketing , we need to listen to customers via online feedback to improve upon both products and services.
In the case of blockchain, the public sector has implemented some various changes to be Thailand 4.0 ready including Electronic Transactions Development Agency signed an Memorandum of understanding (MOU) in 2017 with omise.co to build national electronic know your customers (KYC) platform as a part of ETDA digital id project (Asia Blockchain review,2019)
The Ministry of finance planning to use blockchain to track VAT payments to prevent refund fraud. The main target is to help verify VAT invoices which can help find fake invoices for VAT claims (Wichit C, 2018).
Bank of Thailand (BOT) plans to launch project to explore Proof of concept (POC) for cbdc (project Inthanon) Due to the phase 1 development of cbdc prototype using R3-CORDA platform to test the potential to enhance the efficiency of interbank payment transfers. Therefore, phase 2 studies the use of blockchain for regulatory compliance and data reconciliation, particularly to facilitate the reconciliation by banks of its customer accounts with its money transfer records as part of its compliance obligations under Bank of Thailand (BOT) regulation. According to the phase 3 Project Inthanon will cooperate with the Hong Kong Monetary Authority (HKMA) to achieve cross-border funds transfer which includes business modality and implementation of relevant foreign exchange regulations by aiming to reduce associated costs and enhance efficiency(Bank of Thailand,2019).
Looking forward to Thailand 4.0 !
The digital transformation , digital marketing and Blockchain implementation highlights the important of gradual change in Thailand 4.0 movement. All these topic of discussion are significant for both business and society in the near future and thereby digitalization economy can play a huge part in Thailand 4.0
Bangkok Post.(2021, July 2).Thailand’s digital transformation boosts data industry.
Asia Blockchain review.(2019,August 16).Blockchain for Thailand 4.0 Transformation. https://www.asiablockchainreview.com/blockchain-for-thailand-4-0-transformation/
Bank of Thailand.(2019,July 18).The outcome and findings of Project Inthanon Phase 2 and the Project’s Next Steps. https://www.bot.or.th/English/PressandSpeeches/Press/2019/Pages/n3962.aspx