Bluebik suggests 4 areas to create opportunities during the economic downturn after the Covid-19 pandemic; likewise, the Tom Yam Kung crisis of the year 1997.
This leads to creations of new opportunities for players from gaps in the market as well as the phenomenon of digital disruption, business expansion across industries along with law enforcement of the Personal Data Protection Act.
Bluebik also provides guidelines to survive the crisis with cost-effective techniques, applying technology adoption, increase flexibility in business operations and build business strength through partnership. Furthermore, Bluebik discloses business plans to support both public and private organizations to recover promptly in parallel with the preparation coping with 2nd wave of the outbreak.
Mr. Pochara Arayakarnkul, Chief Executive Officer (CEO) of Bluebik Group Company Limited revealed that Covid-19 causes global recession including Thai economy. According to International Monetary Fund (IMF), it demonstrates a decrease in global GDP in 2020 by 4.9%, and Thailand is projected to fall by 7.7% due to the declining demand in the export and tourism sectors which are the key drivers of Thai economy. At the same time, it also creates opportunities for new players from emerging market gaps.
This leads to creations of new opportunities for players from gaps in the market as well as the phenomenon of digital disruption, business expansion across industries along with law enforcement of the Personal Data Protection Act.
Bluebik also provides guidelines to survive the crisis with cost-effective techniques, applying technology adoption, increase flexibility in business operations and build business strength through partnership. Furthermore, Bluebik discloses business plans to support both public and private organizations to recover promptly in parallel with the preparation coping with 2nd wave of the outbreak.
Mr. Pochara Arayakarnkul, Chief Executive Officer (CEO) of Bluebik Group Company Limited revealed that Covid-19 causes global recession including Thai economy. According to International Monetary Fund (IMF), it demonstrates a decrease in global GDP in 2020 by 4.9%, and Thailand is projected to fall by 7.7% due to the declining demand in the export and tourism sectors which are the key drivers of Thai economy. At the same time, it also creates opportunities for new players from emerging market gaps.
"According to the crisis, there are some businesses that have disrupted, while the others can seize the opportunities. In summary, business opportunities are divided into 4 factors as follows: 1) The market gap from the economic recession allows new players to enter the market with emerging demand. For instance, consumer behavior has shifted to more online platforms resulting in e-commerce and related businesses to grow at a rapid pace; 2) Digital distribution is a changing factor for business sectors in the long run. When consumers become accustomed to the digital platform, entrepreneurs have more opportunities to reach consumers online limitlessly; 3) Cross-industry expansion is also a chance to exchange information and to increase customer base from various industries. It creates a partnership that synergize each other’s strength in several dimensions; and 4) New enforcement laws, such as the Personal Data Protection Act (PDPA), promote credibility of the business in carrying out activities. Besides, they also trigger business to prepare data structure for further business use." Mr. Pochara said.
As mentioned above, Mr. Pochara added that searching for opportunities and surviving in fluctuating economies are the driving key for businesses and the government to recover after the pandemic and to prepare for the next future outbreaks. Therefore, organizations should prepare as follows:
1. Cost Reduction and Flexibility in Business Operations
Bluebik can help customers reduce costs by providing outsourcing services such as IT Outsourcing, Strategic Project Management Officer (PMO), Cloud Implementation and Cloud Migration as a service to save our client’s time and cost.
2. Business Transformation and New Business Opportunities (New S-Curve)
Bluebik has expertise in strategic planning for new business strategies as well as providing Digital Customer Experience Design in respond to rapid changes in consumer behavior.
3. New Venture Creation
Bluebik provides services for clients interested in expanding their investments or creating new competitive advantage by developing strategies to create opportunities for business expansion.
4. Compliance Services
Bluebik offers services that help businesses prepare for the PDPA and Data Governance design, as well as advisory services for supporting Business Continuity Plan (BCP).
Mr Pakorn Jiemskultip, Chief Technology Officer (CTO), Bluebik Group Company Limited, said that during this critical situation, everyone needs to be adaptive. In short time, groundbreaking technologies will respond to new lifestyles (New Normal). For instance, digitization creates opportunities for businesses to gain more advantages of Big Data. The rise of Contactless Technology and Cashless Payment Solutions reduces the risk of infection. These will not only lead the organization to a positive change in business but also enhancing customer experiences. To create new business model, digital skills and innovative thinking are required.
In addition, Mr. Pakorn pointed out challenges in technological application for the unready ones and the prepared ones. For those who are not ready, they should look for an assistant or a consultant excelling in the formulation of technology deployment since it is a sensitive action. It could possibly lead to a wrong start and a high-priced end. To demonstrate, opportunity costs are inevitably expensive; especially in the design of user experience (UX-User Experience) and the interface design to connect with users (UI-User Interface). In contrast, for those who are ready, may search for aiding tools to automate operations including the concept of DevOps (working together effectively as a team) and Continuous Integration / Continuous Deployment (CI / CD method) to reduce developing time and duplications in work processes. Besides, they are invented to support oscillating changes, due to their functions that show an immediate result, and are intended to be used to deliver products to the market more instantaneously.
Mrs. Chantacha Suwannajitr, Chief Operation Officer (COO) of Bluebik Group Company Limited, added that, this year, our company also emphasizes support for clients’ adaptation to New Normal by connecting and balancing business processes from both front-end to back-end through a technological adoption in order to meet consumers’ changing demands. The business process transformation helps the client achieve 'Operational Excellence' under 3 main objectives; efficient productivities, effective work processes and abilities to support changes in a timely manner.
As mentioned above, Mr. Pochara added that searching for opportunities and surviving in fluctuating economies are the driving key for businesses and the government to recover after the pandemic and to prepare for the next future outbreaks. Therefore, organizations should prepare as follows:
- Searching for new business opportunities (New S - Curve) or creating a new business (New Venture Creation): Organizations should prepare their business during this period in order to make profits when the economy returns to normal and become a remarkable player; for example, retailers may exercise strategies to alter sales channels from the original to the place that connects lifestyle of the new generation (Third Place) or to increase sales channels via online platforms.
- Adopting digital platforms: Implementing digital platforms reduces costs and increases convenience, such as storing documents in the form of Soft files, using Video Conference program and Collaboration Tools which are suitable for employees to work remotely from home.
- Reducing costs and increasing flexibility: Organizations should turn fixed costs to variable costs allowing users to manage expenses as needed, such as outsourcing services from external vendors or selections of software applications (Software as a Service-SaaS). Most of which are charged on a Pay-as-you-go basis regarding a number of users and usage duration. Cloud computing similarly helps control overall costs including scale up/down to suit the business uses.
- Building a business partner (Partnership): Organizations should expand business areas both vertically and horizontally, such as mergers and acquisitions, collaborations with cross-industry alliances resulting in an opportunity to increase profit margin and market share while also reducing costs by creating the Economies of Scale.
1. Cost Reduction and Flexibility in Business Operations
Bluebik can help customers reduce costs by providing outsourcing services such as IT Outsourcing, Strategic Project Management Officer (PMO), Cloud Implementation and Cloud Migration as a service to save our client’s time and cost.
2. Business Transformation and New Business Opportunities (New S-Curve)
Bluebik has expertise in strategic planning for new business strategies as well as providing Digital Customer Experience Design in respond to rapid changes in consumer behavior.
3. New Venture Creation
Bluebik provides services for clients interested in expanding their investments or creating new competitive advantage by developing strategies to create opportunities for business expansion.
4. Compliance Services
Bluebik offers services that help businesses prepare for the PDPA and Data Governance design, as well as advisory services for supporting Business Continuity Plan (BCP).
Mr Pakorn Jiemskultip, Chief Technology Officer (CTO), Bluebik Group Company Limited, said that during this critical situation, everyone needs to be adaptive. In short time, groundbreaking technologies will respond to new lifestyles (New Normal). For instance, digitization creates opportunities for businesses to gain more advantages of Big Data. The rise of Contactless Technology and Cashless Payment Solutions reduces the risk of infection. These will not only lead the organization to a positive change in business but also enhancing customer experiences. To create new business model, digital skills and innovative thinking are required.
In addition, Mr. Pakorn pointed out challenges in technological application for the unready ones and the prepared ones. For those who are not ready, they should look for an assistant or a consultant excelling in the formulation of technology deployment since it is a sensitive action. It could possibly lead to a wrong start and a high-priced end. To demonstrate, opportunity costs are inevitably expensive; especially in the design of user experience (UX-User Experience) and the interface design to connect with users (UI-User Interface). In contrast, for those who are ready, may search for aiding tools to automate operations including the concept of DevOps (working together effectively as a team) and Continuous Integration / Continuous Deployment (CI / CD method) to reduce developing time and duplications in work processes. Besides, they are invented to support oscillating changes, due to their functions that show an immediate result, and are intended to be used to deliver products to the market more instantaneously.
Mrs. Chantacha Suwannajitr, Chief Operation Officer (COO) of Bluebik Group Company Limited, added that, this year, our company also emphasizes support for clients’ adaptation to New Normal by connecting and balancing business processes from both front-end to back-end through a technological adoption in order to meet consumers’ changing demands. The business process transformation helps the client achieve 'Operational Excellence' under 3 main objectives; efficient productivities, effective work processes and abilities to support changes in a timely manner.
