The digital competitiveness of a nation is its engine of wealth generation and economic growth.
It powers the digital transformation of existing companies such as the recently announced formation of SCBx. And it gives birth to unicorn starts-ups like Flash which has revolutionised the e-commerce supply chain in Thailand.
Thirty years ago, the Institute for Management Development (IMD), one of the world’s top three business schools, with campuses in Switzerland and Singapore, established its World Competitiveness Centre, dedicated to measuring competitiveness in more than 60 leading economies. In 2017, IMD introduced digital competitiveness rankings to help nations benchmark their progress as they digitally transform.
This year, the company has reported that Thailand advanced to the 38th spot in digital competitiveness – the highest place it has achieved since ranking started.
Moving up in this ranking is not easy. First, an economy needs to improve its technological context by increasing available capital and making the technological and regulatory frameworks more flexible. IMD’s research shows Thailand’s advancement in this area through continued investment in telecommunication and banking infrastructure. IMD has supported these advancements through executive education partnerships with SCB, PTT and dtac.
Second, you need to improve digital knowledge embedded in talented people who continuously seek education as technology progresses. The ranking reveals Thailand’s advantage in the number of science graduates as well its ability to attract highly skilled foreign personnel. IMD looks forward to supporting the improvement of digital knowledge in Thailand through live interactive courses, such as Digital Transformation Foundations, that can be taken as early as October 2021 from the comfort of your home.
Third, the economy needs to be more future-ready through improved IT integration, extensive business agility and the adaptability of the entire population. Once again, Thailand excels with its focus on robotics, combined with open attitudes to change and globalisation. In 2020, IMD collaborated with the Thai Listed Companies Association to offer a Digital Disruption programme which attracted more than 150 senior leaders from 25 Thai companies and organisations.
Despite these achievements, much remains to be done. Total expenditure on education remains low, which leads to low mathematical literacy and insufficient digital and technological skills. Consequently, the proportion of those working in science and technology sectors remains too low.
IMD remains deeply committed to continuing to work in partnership with businesses and industry associations such as TMA, as well as governmental organisations, to develop the next generation of leaders equipped with the knowledge, technology and future-ready mindset needed to advance Thailand’s digital competitiveness.