The Foundry Industry: Adapting to Sustainability Amidst Digital Era Challenges for Family Businesses in Thailand
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Abstract
The Thai foundry industry, largely comprised of multi-generational family businesses, is facing major changes in the digital era, including intensifying competition, technological advancements, and dynamic industry structures. Entrepreneurs must adapt quickly for survival and sustainable growth. With Thai cast iron product exports valued at 45 billion baht in 2021, the industry's importance to the Thai economy is evident. This article analyzes four key challenges facing Thai family businesses in the foundry industry: technology and innovation, human resource development, environment and energy, and transition to digital business. Based on environmental analysis, the study finds that key strategies for family businesses in this industry should focus on developing knowledge management systems, creating innovation networks, developing corporate brands, planning business succession, adjusting business models, and driving digital transformation. These strategies will help Thai family businesses in the foundry industry adapt and grow sustainably amidst the challenges of the digital era.
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