From the Old Era to the New Economy: Sahapat Pibuls Vision for Driving the Nation with Digital Power

The New Economy is a major economic shift that centers on innovation, technology, and data as its core, replacing reliance on traditional physical assets.

Key elements of the New Economy include digital businesses, big data, artificial intelligence (AI), and automation systems. This transformation is crucial because it not only enhances business efficiency and agility but also serves as a key to elevating the country's competitive edge, enabling it to leap forward in the digital age.

Mr. Natthaphon Dechvitak, Deputy Managing Director of Sahapat Pibul Public Company Limited and board member of Navavej International Hospital, shared an overview and the important role of the "New Economy" in reshaping Thailand into an era fully driven by innovation and data.

New Economy: The Heart of Economic Leapfrogging

Mr. Natthaphon clearly defined the New Economy as an economic system that no longer primarily depends on physical assets like factories or machinery. Instead, it is driven by technology, innovation, and data, which are the most valuable resources of this era. This shift leads to significant changes in the labor structure and occupations, opening opportunities for small businesses and individuals to access, grow, and expand quickly.

With this potential and flexibility, the New Economy becomes a vital mechanism to strengthen the country's competitiveness and propel Thailand to a stronger position on the global stage.

Strengths and Areas for Urgent Development Toward the New Economy System

In the transition to the New Economy era, Thailand has a strong foundation that can be effectively leveraged. Mr. Natthaphon identifies three key strengths closely related to this context:

• Digital infrastructure that already exists, including nationwide 5G networks and advanced digital payment systems such as PromptPay and various QR Payment methods.
• Thailand's progress toward becoming a Medical Hub or regional leader in healthcare.
• The tourism industry, which remains a vital pillar of the country.

However, to achieve sustainable growth in the New Economy, Thailand must accelerate development in four areas:

• Digital literacy among the population, which needs to advance beyond basic social media usage to deeper knowledge and understanding.
• Reforming education and research structures to focus on building digital knowledge and innovation aligned with the New Economy.
• Facilitating easier access to funding for small entrepreneurs, with financial institutions encouraged to accept intangible assets—such as patents, intellectual property, or credit scoring—as collateral.
• Improving laws and regulations, which remain complex and overlapping, to allow for greater agility and flexibility in doing business in the digital era.

Sahapat’s Business Plan Driving Innovation to Embrace the New Economy

At Sahapat Pibul Public Company Limited, digital technology has been continuously and long applied in operations. The company is one of the pioneers in introducing computers to Thailand from early on and has utilized technology to efficiently manage an inventory comprising tens of thousands of diverse products.

Currently, the sales staff operate fully digitally, using tablets to record and send orders from stores directly to the Central Warehouse. This enables much faster, more accurate, and efficient invoicing and shipping preparation since all processes "run on the cloud," reducing complexity and delays caused by paperwork.

Moreover, Navavej Hospital, a Sahapat affiliate, has integrated technology for comprehensive patient care by developing a Digital Health Platform and applications that allow patients to manage their health data, schedule appointments, handle finances, and receive receipts entirely via mobile devices.

What is most noteworthy is the next-level development: the use of artificial intelligence (AI) to support doctors in diagnostics, data recording, and systematic report writing. This allows physicians to fully engage and focus on patients, while AI manages all background data. This exemplifies how technology can create the best possible healthcare experience for patients.

Photo: Kamphon Lertsitisak