Generative AI Sparks Transformation in Thai Family Businesses
A significant transformation is underway in Thai family-owned businesses as they transition leadership and embrace generative AI (GenAI). This pivotal moment represents not just a leadership change but a strategic shift towards adopting innovative technology to secure future success.
The latest survey of PwC indicates that Thai NextGen leaders have a more positive outlook on GenAI compared to the current generation. A notable 79% of Thai NextGen recognize AI as a transformative force, closely aligning with the global average of 73%. This perspective is shared by Thai CEOs, 61% of whom believe that GenAI will significantly alter how companies create, deliver, and capture value, according to the 27th Annual CEO Survey – Thailand.
Developing a GenAI strategy is critical for Thai family businesses to avoid existential threats and contribute to the country’s economic growth. Interestingly, while Thai NextGen leaders generally have a positive sentiment towards GenAI, their personal interest (64%) is lower compared to their global peers (82%). Despite this, nearly 80% believe that GenAI is a powerful force for business transformation. Many see AI adoption as a means to drive innovation, with 48% believing it will spur business growth, 42% seeing it as a way to adopt new technologies, and 33% expecting it to enhance workforce skills.
However, Thai NextGen also feels that their family businesses are struggling to keep up with technological advancements and doubt the current generation’s understanding of AI. There is a notable disconnect between personal interest, skills, and the business’s approach to AI. Surprisingly, 58% of Thai family businesses have either banned the use of GenAI or have not yet started exploring it, which is slightly higher than the global average of 49%. While one in three Thai family businesses are in the early stages of AI exploration, only 3% have dedicated personnel or teams for GenAI.
Although close to half of Thai NextGen say they are knowledgeable about GenAI, only 6% consider themselves highly knowledgeable, and 21% admit to having no knowledge at all. This disparity suggests a gap between perceived knowledge and actual engagement with GenAI. While Thai NextGen recognizes AI’s potential for benefits, they also have concerns. About 30% worry that GenAI could increase the spread of misinformation, and 27% are concerned about legal liabilities and cybersecurity risks. These concerns are lower compared to global NextGen, particularly regarding cybersecurity (48%). This indicates that while Thai NextGen is actively exploring AI’s applications and benefits, widespread adoption and implementation still have a long way to go.
| GDP (nominal) | Capital | Head of State | Head of Government | GDP (nominal) per capita | GDP (PPP) | GDP (PPP) | GDP (PPP) per capita |
|---|---|---|---|---|---|---|---|
| Thailand | Bangkok | Maha Vajiralongkorn | Srettha Thavisin | 512.193 | 7.298 | 1.578.452 | 22.491 |
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