ISSN: 2265-6294

Adaptation Guidelines of the Business Sector to Accommodate the New Normal

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Somchai Kitiporn, Thanin Silpcharu, Sunee Wattanakomol

Abstract

During global changes, organizations should be able to manage their business in new normal situations to survive and build competitiveness. This research aims to study the adaptation guidelines of the business sector to accommodate the new normal and conduct qualitative and quantitative research. Conduct qualitative research by conducting in-depth interviews with 9 experts in order to create tools for quantitative research and conduct group discussions 11 experts to find consensus to certify the model of this research. A quantitative survey was sent to 500 business operators or executives of award-winning organizations or companies listed on the Thai Stock Exchange. The analysis was performed using descriptive statistics, reference statistics, and multiple statistics in data analysis. The results of the research revealed that the business organization's adaptation approach supports the new normality that prioritizes all four components namely, Mindset Change (X̅ = 4.58), Demand Responsive (X̅ = 4.52), Digital Transformation (X̅ = 4.49) and Resource Management (X̅ = 4.49). The hypothesis testing results found that manufacturing and service businesses emphasize the business organization's adaptation approach to accommodate the new normal. There was no statistically significant difference at the 0.05 level. The results of the analysis of the developed structural equation model revealed that passed the assessment criteria were consistent with the empirical data where the level of probability of chi-square is 0.090; the relative chi-square is 1.108, the conformity index is 0.952, and the root index of the squared mean of the error estimation is 0.015.

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