A strong finance function can drive innovation and proactively influence real-time strategic decision making, while its commercial insight helps broaden interactive stakeholder engagement and communication.
All organisations are grappling with the myriad of employee agreements and obligations that result in a wide variety of payments to their people.
Despite the challenges facing the Thai economy, businesses in Thailand can succeed in 2020 by reducing overheads, conserving cash, improving efficiency of internal structures, and focusing on customer service.
Sustainability is vital to an organisation’s success. Team-building activities are an excellent way to generate ideas for improving sustainability.
Startups tend to be comprised of young, dynamic people who are passionate about their work and emotionally invested in the company’s success. However, as the business grows more complex and market conditions change, startups sometimes struggle to implement proper processes. It is here that many fledgling companies begin to go off-course. Failure to organise the business correctly and make necessary adjustments can lead to slowdowns in workflow, stalling the organisation just when it is most in need of momentum. Lapses in regulatory compliance are another common side effect of inexperience, resulting in fines and loss of investor confidence. Having passionate workers is excellent, but startups must also implement clear strategies and efficient processes in order to ensure both regulatory compliance and long-term success.
As businesses strive to maximise growth and performance, they must always keep an eye on the changing environment around them. These changes typically occur among their customers or competitors, but regulatory policy can also have a big impact on business operations. The Thai government has recently enacted a number of policies, provisions and regulations to respond to new developments around the business world. These include the Personal Data Protection Act, new merger amendments to the Trade Competitions Act of 2017, and the Cybersecurity Act – all requiring potentially significant action among businesses operating in country.
Ever since the Industrial Revolution, manufacturing has been at the forefront of innovation. New technologies that improve efficiency and productivity have always been enthusiastically implemented, leading to great benefits for both producer and consumer. Today, an important new dimension is at play, as manufacturers find themselves in the midst of the digital revolution. Those who embrace the forces of disruption will prosper, while those who resist the inevitable will fall by the wayside. Digital transformation is the only way to ensure lasting success, and manufacturers need to take every step necessary to ensure it is done correctly. Manufacturers that do not commit to digital transformation will not be able to keep up with competitors who can offer data-based services to their customers. If they do not offer the latest services, buyers will find someone else who does.
Hendrik van den Berg is the Founder and Managing Director at Neos IT Services. Having founded the company in 2005, Hendrik and his diverse team have transformed Neos into a thriving business. I recently met with Hendrik to have a detailed discussion of business transformation and what it entails. The most fascinating insights from the interview revolved around the role of technology and cultural change in the transformation process.
Years after its inception, Blockchain remains a central focus of the tech world, thanks to its potential to revolutionise business activity in every sector. Yet when it comes to the actual integration and implementation of Blockchain technology into mainstream use and business value chains, people may be getting ahead of themselves. Public interest in Blockchain has largely been limited to the hype surrounding cryptocurrencies – and in some ways, the Bitcoin phenomenon itself is a useful metaphor for Blockchain as a whole. In both cases, while the potential for genuine disruption is great, the current level of excitement nevertheless seems premature, as a number of complex obstacles still need to be overcome.
True business transformation requires change to an organisation’s culture, processes and strategies in the face of shifting norms, digital disruption and evolving consumer needs. If done effectively, the benefits can be both immediate and long-lasting. However, transformation for its own sake is not a sustainable recipe for success. Before they begin the change process, companies must set clear goals to determine where they want to go and what enablers they will need to get them there. A clear plan for benefits realisation is critical to successful transformation.
For many manufacturers, cash flow is the limiting factor that determines how many new business opportunities they are able to pursue, and how ambitious their strategy can be as they plan for the future. The demands of Industry 4.0 require data-driven management both inside and outside the factory, requiring continuous capital investment to keep pace with a fast-moving business environment. Pricing pressures add to the challenge, reducing margins even as customer demands increase ever more quickly. Even the most forward-thinking manufacturers will have trouble staying ahead of the curve if they cannot access enough internal cash flow to keep the wheels of innovation turning.
I recently met with Richard to discuss how British businesses can establish themselves and prosper in Thailand. The two most salient points he made were about the imperative of understanding the complexities of the Thai market, along with the need to foster strategic local partnerships.
From the outside, multi-generation family businesses often appear to be models of stability. Yet underneath the durable exterior structure, many such companies must deal with highly complex family politics and emotional components that affect how they operate and how they are led. Lack of cohesion and strategy during crucial processes – like business transformation and succession – causes the vast majority of family businesses to fail before they reach the third generation.
Most family businesses fail to survive past the third generation. Personal disputes, legal challenges, and other obstacles can tear family businesses – and sometimes entire families – apart. Fortunately, safeguards are available to help ensure a smooth transition between generations. The process of succession can be supported and facilitated before it even begins, with the help of a well-written family constitution.
Conversations in Business is a series of interviews and articles where I discuss best practices and insights with successful thought leaders in the commercial sector I recently had the pleasure of meeting with former Mead Johnson Nutrition CEO Steve Golsby to discuss some of the business insights he has accrued over a long and prosperous career. Steve’s career progression began in earnest during his time as a brand manager at Unilever. His work in the marketing department included two overseas assignments, and led to him taking the role of Country Manager. After 15 years with Unilever, he joined the American pharmaceutical company Bristol-Myers Squibb as the head of its consumer products portfolio for the Asia-Pacific region.
Too often considered to be a medium-to-low priority, corporate culture affects everything about an organisation – from the way its over-arching goals, to its internal behaviour, to the types of interactions it creates with its customers. Moreover, corporate culture issues are primarily leadership issues, because the way senior management thinks and acts will always affect the mindset at other levels of the organisation.