Analysts warn of disruptive wave
Connectivity amplifying exponential tech effects
Business organisations need to transform or risk being left behind because the effects of disruptive technologies will come more quickly than expected, say leading business technologists.
“Business organisations need to drive transformation faster, within one year, not three years as many have planned,” said Orapong Thien-ngern, chief executive of Digital Ventures, the fintech subsidiary of Siam Commercial Bank.
The financial industry is being rocked by exponential technologies such as blockchain, artificial intelligence, big data, quantum computing and security, said Jason Yap, global risk advisory and innovation practice leader of Deloitte Southeast Asia.
Banks need to operate upside-down as lean organisations, embrace more digital technologies like chatbots and make data more meaningful.
He said the effects of exponential technology are being felt more quickly than expected because the world has become hyper-connected.
Businesses need to learn from those technologies and experiment with them, said Mr Yap.
He particularly sees big changes coming from the Internet of Things, biomedical science, artificial intelligence and blockchain/distributed ledgers over the next 5-7 years.
“Businesses need to integrate all of these trends,” said Mr Yap.
Chanond Rungkritya, founder and chief executive of Ananda Development, said businesses in Thailand should apply technologies rather than build and focus on deep technologies.
“We can learn from others and apply it to a local context by focusing on understanding customers,” said Mr Chanond.
He said that in the transformational age, the real estate sector is also undergoing massive disruptions because of rapid changes in customer lifestyles and demographic shifts.
The property sector will no longer focus solely on location as transport systems improve, he said.
Ananda aims to become a seamless property service platform by utilising exponential technologies to develop quality of life upgrades in modern living, covering safety, speed and convenience in the areas of housing, commuting, work, health and personal finance.
Nattaphol Vimolchalao, executive director of Siam Rajathanee Group of Companies, said disruptive technologies are taking off faster and will increasingly become relevant to users because of greater accessibility.
Those technologies are 5G, solar cells, genome sequencing and artificial intelligence.
Nuttapon Nimmaphatcharin, president and chief executive of Digital Economy Promotion Agency, said the government has to reduce digital exclusion, especially availability access for children and people with disabilities.
State agencies will also need to open up public access to their data so it can be used for new business development.
“Firms that embrace exponential technologies have grown faster than ever in the past 4-5 years,” said John Leslie Millar, head of Exponential Social Enterprise Co Ltd, the organiser of SingularityU Thailand Summit.
SingularityU, to be held in Bangkok on June 19-20 at InterContinental Hotel, will bring together top leaders, global technology experts and innovators to discuss the effects of exponential technologies on businesses, industries, societies and the global community.