Openness to change and human resource development are key for Thai companies wanting to stay competitive in the changing market landscape, say analysts.
Pailin: PTT constantly preparing for change
Pailin Chuchottaworn, president and chief executive of PTT Plc, told a competitiveness forum yesterday that changes happened faster than before, so being ready to adapt was vital.
"To stop adapting and embracing competition means you're getting out of the game," he told the forum hosted by the Thailand Management Association on its 50th anniversary.
For instance, banks, car makers and retailers previously dominated the Fortune 500 list of top companies, but now most have been replaced by technology and energy operators.
"This is why the company constantly changes in the market. That's the only way to prepare and adapt for change," Mr Pailin added.
Kan Trakulhoon, president and chief executive of Siam Cement Group (SCG), said openness was crucial for his company as it transitioned from a domestic to a regional player.
"My hope is local staff can run SCG's country subsidiaries. It is also challenging to encourage our staff to work abroad, as Thais love to stay close to home," he said.
Hans-Paul Buerkner, chairman of Boston Consultancy Group, said Thai companies needed to play a stronger role in Asean, and many of them had begun to expand internationally.
Kan: Keen for SCG staff to work abroad
"The key for Thai businesses to remain competitive is to strengthen products and services. It's always good to think of how they could improve or be different," he said.
Businesses need to use technology more to create opportunities for smaller companies to play a bigger role in the world economy. Thai businesses need to always think of how to move to the next level year by year.
Kishore Mahbubani, dean of the National University of Singapore's Lee Kuan Yew School of Public Policy, said the Asean Economic Community will play a crucial role in changing the perception of global companies to develop dedicated Asean strategies.
"Asean needs to be understood in its own way. When we look at Asean in slow motion, it seems that it's moving nowhere. In decades, Asean has achieved a lot. Things will get progressively better, but it will not be next year," he said.
On the sidelines, Mr Kan said SCG might revise its sales forecast this year for the fourth time since the political unrest began in last year's fourth quarter.
The most recent revision was made in April, when the group set 2014 sales to grow by 3.5% to 477 billion baht.
SCG expects flat growth in cement demand this year after 7% growth last year, due to megaproject delays and slowing demand from upcountry housing projects.
In April, SCG forecast cement demand would grow by 2% this year, down from the previous projection of 5%.