CBS and CUTIP introduce digital transformation model A practical roadmap to business transformation

Friday 08 October 2021 10:17
Chulalongkorn Business School (CBS) and the Technopreneurship Innovation Management Program of Chulalongkorn University (CUTIP) unveiled their new digitalization journey after a survey found that while the majority of participating local businesses revealed a digital maturity level as adopters (were in the initial stage of implementing the digital transformation process), a mere 5% of respondents had been successful in implementing a significant change in their business (differentiators).

Assoc. Prof. Wilert Puriwat, Dean of CBS, said that CBS has developed programs and activities to groom modern executives to cope with a rapidly changing business world in the age of digital transformation. He added that the ongoing COVID-19 pandemic was serving as a catalyst for organizational transformation.

Despite organizations in Thailand being required to gear up for digital transformation, implementation is still slow. CBS is therefore encouraging business leaders through various approaches. Recently, CBS teamed up with CUTIP to organize a panel discussion titled "Digital Business Transformation 2022", as part of the "CBS Dean's Distinguished Seminar Series" and also launched the Digital Transformation Compass E-book. The event was aimed at encouraging Thai businesses to adopt the digital transformation roadmap model through a digital maturity assessment.

Assoc. Prof. Wilert pointed out that the organizations failed to change their businesses because they fell into the trap of focusing on quality products without realizing that business digital transformation requires innovations that respond to people's diverse lifestyles and attitudes. Today, every digital business is a human business.

Meanwhile, the enterprises have to change their strategic thinking from CRM (Customer Relationship Management) to DRM (Digital Relationship Management).

In addition, business owners have to shift from 'Entrepreneurship' to 'Innopreneurship' and this requires 3 key factors referred to as TIP. T stands for transformation to innovation starting from changing the vision, mission, and people in the organization. I is for insight which provides in-depth information about customers, and P is for a proactive strategy that takes the business one step ahead of the competition. Business leaders have to transform the vision into reality rather than just imagine it. They should also have a strong survival instinct.

Surachai Chetchotisak, CEO of RS Group, one participant in a case study of the business transformation model, said that over the past 40 years, RS has faced many changes and noted that media & entertainment is one of the industries most impacted by digital disruption. RS has become an iconic game-changer for this industry by transforming Media & Entertainment into Entertainmerce business.

"At present, the business is facing high uncertainties due to the rapidly changing market. Thus, RS must be alert and aware of the situation to adjust business strategy and solve problems immediately they arise."

Surachai added that RS has placed emphasis on developing the Entertainmerce ecosystem by seeking more strategic partners and enabling them all to have synergy with each other. Over the next two years, RS has set a target to establish horizontal growth, keeping commerce firmly at the core.

Thanapongphan Thanyarattakul, the author of Digital Transformation Compass, said that most businesses did not know the starting point for generating new growth opportunities or even if what they are doing is keeping them on the right track. The digital transformation process requires 3 major tools: Digital Maturity Assessment, Digital Transformation Model, and Digital Transformation Metrics.

Dr. Nattaporn Virunhagarun, head of research into "Thailand Digital Transformation Readiness 2021", said the survey conducted over the past year clearly revealed that most of the participating organizations were confused about how to begin the transformation. The average digital maturity level was 2.27 out of a score of 4, with 57% of respondents at the stage where they could start the implementation. This was followed by a group who were thinking about change. The survey showed that only 5% of respondents were successful in business transformation through leveraging digital technology.

Dr. Nattaporn explained that major causes of digital transformation failure are unclear vision, copying competitors, lack of an industry-oriented roadmap and paucity of necessary resources, and a concentration on PR (no actual transformation is taken).

In addition, the survey found that people were holding companies back because of low digital maturity readiness due to a lack of skills and digital literacy as well as the capacity to learn new methods and approaches.

Dr. Borwornnant Thongkallaya, President of PMAT (Personnel Management Association of Thailand), said that people transformation is a major challenge for the organizations to address in parallel with the organizational transformation. Furthermore, HR transformation is also needed spanning from recruitment to retirement.

For those who are interested in full panel discussions , please view all clips at www.facebook.com/CBSChula www.facebook.com/cbsAcademyChula

Source: Maxima Consultants