Academics Advise SMEs on Survival: Differentiation & AI Key to Avoiding Layoffs

Matichon•Economy•2d ago

Reader Briefing

An independent academic advises Thai SMEs to navigate economic challenges by prioritizing adaptation, differentiation, and strategic AI implementation to avoid layoffs and ensure sustainable growth.

•Associate Professor Dr. At Pisalvanich, an independent academic and international economics expert, provided recommendations for SMEs facing business changes.
•Key strategies include adapting to new technologies, reducing unnecessary costs, and enhancing product/service differentiation.
•Recommendations for avoiding layoffs emphasize reducing overtime, not directly competing on price with imports, and adopting AI and automation tools.
•A shift in mindset from rapid expansion to safe and sustainable growth is crucial for long-term survival.

Overview

•On May 28, Associate Professor Dr. At Pisalvanich discussed strategies for SMEs to survive without layoffs.
•Associate Professor Dr. At Pisalvanich stated that Thai SMEs must adapt to survive.
•Thai SMEs are facing significant changes including technology, consumer behavior, sales models, and competition from low-cost imports, resulting in high risk of closure if they do not adapt.
•SMEs are advised to reduce overtime instead of laying off employees to retain experienced staff.
•SMEs are advised not to compete on price with Chinese products, but instead to create differentiation and add value.
•SMEs should utilize AI and automation in a 'small but worthwhile' manner to reduce repetitive tasks and increase efficiency.
•The current economic climate necessitates a shift in mentality from 'fast growth' to 'safe and sustainable growth'.
•SMEs that adapt faster and implement these strategies will have a better chance of survival and growth compared to those who maintain old methods.

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Source: Matichon (Original)