"For the past 20 years, we have accomplished based on our skills and expertise in IT. But from now on, we would like to step in unfamiliar industries which are full of opportunities that could be leveraged with IT"
Mr. Siriwat Vongjarukorn, Chief Executive Officer and Managing Director, MFEC Public Company Limited or MFEC, entrepreneurs in the business of computer and IT network consultation, development and installation for public and private customers, revealed information about the company's business operations on the occasion of its 20th anniversary as it enters its twenty-first year, "In the past MFEC chose to engage in businesses where we had skills and expertise in customers' businesses. From now on, MFEC will turn toward businesses we are not familiar by applying our IT knowledge and expertise to expand the existing concepts of those businesses in order to create innovation and new business modules in addition to the application of cross matrix systematic internal management guidelines to support business unit executives in planning the care of employees and businesses in each department. The goal is to effectively meet the primary strategies and objectives of the organization and strengthen employees by instilling a sense of entrepreneurship."
As for the year 2017, due to the direction of IT industry growth, particularly on the government's Thailand 4.0 policy, which clearly supports the IT industry and startup businesses, we believe a large number of jobs will flow into the market. Therefore, MFEC has an opportunity to transform its internal organizational management to accommodate business opportunities that are created in addition to drive the organization to continuously generate revenue and profit every year in order to create a strong organization with sustainable long-term growth.
"There are two dimensions to the strategies to be implemented by MFEC: 1. The use of technology to upgrade or improve changing businesses, and 2. Creation of a new generation of people who are full of creative energy and potential in order to transform the organization into a network for mutual skill exchanges and development to achieve success. This type of business model changes the image from the past in which all people were employees. From now on, they are startups inventing new things in a more fun and capable way."
Having years of experience and skills means that our work could be the routine, and it is important to get away from all the typical routines in order to foster creativity and new innovations. That is the reason we decide to step out of the familiar and willingly to explore.
Since the past, MFEC has conducted its business with working teams that are skilled in various technologies together with the products of partners to meet customer demands. With the advent of cloud computing, however, hardware-related businesses will gradually decline until only the application layer remains. Although this appears to be a threat to the IT business, MFEC is rapidly adapting by mingling with and understanding the business problems of customers and then applying technological expertise to create new questions, solutions or business model adjustments for customers who are also being threatened by technological changes.
Furthermore, the company's financial status, which is full of surpluses, has signaled the opportunity and triggered investments. Therefore, the company has set policy to provide corporate venture capital (CVC) for employees who are ready to break away from the company to become startups, which holds fewer risks than investments compared to other ordinary startups. Moreover, this provides a motivation for employees to be creative and take responsibility in the growth and sustainability of the company. Finally, it provides career advancement opportunities for employees.
Mr. Siriwat further added, "Near the end of 2016, the meeting of the company's board of directors approved the company's joint ventures in new projects with employees. Accordingly, Playtorium Solutions Co., Ltd. was established, in which the company holds 70% of the registered capital of five million baht, or 3.5 million baht. Playtorium Solutions Co., Ltd. primarily is engaged in the provision of one-stop software testing and crowd testing services as well as recruitment of IT experts to response to projects on customers' demand."
For the aforementioned investment, in order to enable the company's expansion of its business base, build strong leadership in the information technology business and better marketing capacity, while the financial returns for Playtorium Solutions Co., Ltd. are expected to make profits for the company from its 2017 performance onward.
The launching of "PLAYTORIUM" represents the launching of the second MFEC center for product and office development that will reflect the organization's image that is filled with the power of creative thinking in combination with upgrading the work process under the "New Office – New Culture" concept, which is composed of the following four principles: 1.Collaboration; 2. Communication; 3. Concentration and 4. Chill Out", said Mr. Siriwat.
Mr. Siriwat even mentioned cooperation with a highly skilled expert in Thai love songs, Mr. Boyd Cheewin Kosiyabong, LOVEiS record label executive, who is collaborating in the building of the "Fanster" application, which is an app that allows LOVEiS artist fans to follow the movements of their favorite artists. MFEC is the developer of the aforementioned App and will earn future income from the platform.
"The goal of Fanster is our effort to generate income based on the ability of access to people in the modern era. In this way, the relationships between song fans and artists will become closer with more mutual participation through the modern technology. This offers a means of meeting the lifestyle needs of today's people. As a result, our business will be benefitted with income to support artists in writing new songs. Put simply, it's a win-win situation for everyone, including fan clubs, artists and businesses. Nevertheless, there is no guarantee that this venture will be successful. It is, however, a matter of trial and error with a new experience and ongoing development that is necessary in the dynamic world of consumers," said Mr. Siriwat.
In addition, MFEC has cooperated with the Faculty of Engineering Science, Computer Engineering, Chulalongkorn University, and the Industrial Liaison Program, or ILP, which is a joint effort by the strength of two work agencies for research and development in Data Science and Big Data. There is also a need to set goals for producing personnel who are "Data Scientists" who will become an integral cog in many dimensions of future economic development.
In addition to the goal for producing Data Scientists and organizing projects for the aforementioned research studies, MFEC and Chulalongkorn University have made plans for the establishment of a learning center called "Data Cafe Thailand" used in the development knowledge, projects and consultation services based on data analysis and knowledge from experts in science. Plans have also been made for the establishment of training curriculum for university students and external organizations, including the establishment of laboratory center for testing data science technology for people who are interested or organizations currently considering the implementation of data science in their businesses. Furthermore, benefits will be gained in the development of IT personnel who are currently facing a shortage.
"Thus, MFEC has made changes in its internal management strategies in order to handle the business opportunities occurring. MFEC has also pushed for organizations to have income and profit growth every year in order to build strong organizations with sustainable, long-term growth by planning for the creation of quality personnel and the use of efficient investments aimed at yielding worthwhile remuneration. At the same time, MFEC is responding to Thailand 4.0 policy and making changes in the IT and startup fields with restructuring of MFEC business strategies. The previous model was a "one man show" where technology was sold for customers to solve their own problems, but our new strategy is aimed at how new generation employees can be as successful as we are."