By The Nation
Chanchai Chaiprasit, CEO for PwC Thailand, said that he saw a challenging year for businesses, as clients face adversity in the wake of the pandemic. The Bank of Thailand predicts that the Thai economy will contract 8.1 per cent this year before gradually recovering in 2021.
“Our strategic focus will be on helping our clients manage the financial impacts so that they can recover as quickly as possible,” Chanchai said. “Reaching out to clients and listening to their pain points in dealing with the pandemic will be crucial as they look to restart operations,” he said.
“Advice on issues such as liquidity management, cost controls and utilising existing assets in the most effective manner can help businesses return to a near-normal level within 12-18 months,” Chanchai added.
Even though the economic outlook remains highly uncertain, Chanchai said it was important for PwC Thailand to continue investing in technology.
“The lockdown period has proved that our technological investments during the past one to three years have paid off,” he said. “We were able to adapt to the situation quickly, allowing our people to operate remotely without a hitch while still maintaining high-quality services for our clients," he said.
Chanchai revealed that PwC Thailand will focus on five key priorities for fiscal year 2021 business operations (July 1, 2020 to June 30, 2021) including: Proactively engaging early to support clients on issues that matter most to them as they deal with the Covid-19 aftermath; putting processes and essential technologies in place to protect staff, in line with relevant safety protocols; building trust with clients, data management and transparency; continuing to invest in key technologies and aligning with the PwC network strategy to scale up innovation, as well as develop new products and services; upskilling employees across the firm, especially regarding digital skills, to ensure they receive an equal opportunity to develop and learn the skills needed to prepare themselves for the future of work.
“As we move forward, it’s clear that PwC Thailand will have to monitor the economic situation very closely,” Chanchai said. “This year won’t be any easier for us or other business operators across the country, many of whom are our clients,” he added.