Online Discussion #2: The Global Productivity Slowdown

After the 2023 elections in Thailand have ended and a government has been established with the Pheu Thai Party as the leader. There were policies during the campaign that were primarily related to economic development. And one of them has a policy that has an effect on raising the level of labor productivity is THACCA.

THACCA (Thailand Creative Content Agency) is an agency responsible for overseeing and supporting Thai creative industries that create all 8 industries that the government is accelerating to promote. And in this responsibility of the THACCA agency, there are parts related to the development of labor productivity with the following details :

1.Soft Power Mutual Funds:
Consolidate funds distributed in many agencies under the supervision of THACCA and increase capital for all industry sectors. And when supported by more capital, it will result in the amount of capital being more valuable and affecting capital per worker (k) more, which will increase output per worker (q) more. This is the reason why labor productivity increases to a certain extent due to the increase in capital.

2.Invest in infrastructure:
Expand learning centers in every province, add co-working spaces, and create complete facilities, including a place to provide professional knowledge to the general public. This is also one of the key points of improvement in labor productivity. Because when workers have more access to education and a working environment, they will have more knowledge and experience in working, and as a result of this, labor productivity will increase accordingly.

3.Elevate working people with 1 family, 1 soft power (OFOS):
Creating an incubator center to raise the level of creative potential in every area. This term is different from the last, for this will focus on developing the potential that requires creativity in the industry for workers through study and experimentation while studying. This is considered to raise the level of education and potential for workers, and the result of their increased abilities will improve labor productivity in Thailand as well.

Reference:
https://ptp.or.th/ofos-thacca-policy
https://www.sanook.com/news/9096822/

Technology that could improve labour productivity: Robotic Process Automation (RPA)

Robotic Process Automation (RPA) enhances labour productivity by automating repetitive tasks. RPA software, performing activities previously done by humans, handles tasks such as recruitment, payroll processing, maintaining customer data, and providing efficient customer service.

Routine tasks like data input and email responses consume time and lessen employee productivity. RPA, or Robotic Process Automation, tackles these tasks, allowing employees to concentrate on more critical work that requires human input. RPA operates with precision and efficiency, leveraging machine learning and AI to eliminate human errors. It can also facilitate skill development, teaching employees programming and analytics. Ultimately, RPA improves the work environment by reducing everyday tasks and enhancing communication through data synchronization and automated notifications.

To sum up, Robotic Process Automation is a technology that reduces the time spent on repetitive tasks, lowering labour costs, and enhancing overall labour productivity.

References

https://automationedge.com/blogs/10-best-use-cases-to-automate-using-rpa-in-2023/
https://www.linkedin.com/advice/3/how-can-rpa-improve-employee-productivity-engagement#free-up-time-for-high-value-work
https://ggsitc.com/blog/robotic-process-automation-reduce-labor-costs#:~:text=Improved%20Morale,complain%20and%20never%20grow%20tired.

Policy that supports Labor Mobility can help improving labor productivity




Labor mobility refers to the ease with which laborers are able to move around within an economy and between different economies. In terms of Geographic Mobility, an influx in laborers can increase productivity if they bring specialized skills to the workplace, and they might push out existing employees who are less productive. For Occupational Mobility, it can be restricted through regulations. Licensing, training, or education requirements prevent the free flow of labor from one industry to another. For example, restrictions limit the supply of physicians. However, The labor mobility still determines how quickly an economy can develop.

In conclusion, Increased labor mobility is generally good for the economy. Greater freedoms tend to yield happier workers and the filling of job positions, boosting productivity and the output of the economy. Therefore, labour productivity would be effectively increased by government measures that encourage labour mobility.

Reference : https://www.investopedia.com/articles/economics/09/labor-mobility.asp

Posted by 6405534 Kamanuch Suwan

Cloud computing is a technology that provides access to computing resources and services over the internet. Instead of relying on local servers and infrastructure, users can leverage remote servers hosted by cloud service providers to store, manage, and process data. Cloud computing offers several ways in which it can improve labor productivity.

Cost savings:
Because of cloud computing, businesses no longer need to build and maintain their own physical infrastructure. They will use on-demand computing services, which allow them to rent someone else's computers while only paying for what they use.

Mobility and accessibility:
Users can access applications and data via the cloud from any location with an internet connection. This encourages mobility and remote work, allowing employees to be productive from anywhere and also help businesses to collaborate and communicate more effectively.

Innovation and Advanced Technologies:
cloud computing allow companies to take advantage of latest technologies like artificial intelligence, machine learning, or a big amount of data. These platforms allow businesses to use them without investing in dedicated expensive infrastructure and expertise.

Reliability and Performance:
Cloud service providers often offer high levels of reliability and performance, backed by service level agreements (SLAs). This can result in improved uptime and consistent performance for applications and services.

To summarize, cloud computing boosts labor productivity by delivering cost-effective, scalable, and adaptable IT solutions. It allows for remote collaboration, easier access to advanced technologies, and allows businesses to focus on their core competencies, resulting in more efficient and innovative work processes.

Ref:
https://segwitz.com/the-benefits-of-cloud-computing-for-small-and-medium-sized-businesses/
https://www.skysilk.com/blog/2016/cloud-computing-small-medium-business/

    the implementation of smart manufacturing, also known as Industry 4.0, represents a strategic approach to enhance labor productivity within a country. By integrating IoT devices, sensors, and data analytics into manufacturing processes, smart factories achieve automation, optimization, and real-time monitoring of production activities. The key economic benefits include increased efficiency, as IoT-enabled equipment optimizes processes and reduces downtime, leading to higher output. Quality improvement is achieved through real-time monitoring, minimizing defects, and enhancing product quality. Resource optimization contributes to economic sustainability by efficiently managing resources, reducing waste, and minimizing environmental impact.

    Government initiatives supporting Industry 4.0 through financial incentives and regulatory frameworks further stimulate economic growth and competitiveness in the manufacturing sector. Embracing these methods is an indication of an advanced and sustainable economic strategy that encourages economic growth and long-term industrial productivity.

Reference : https://www3.weforum.org/docs/FOP_Readiness_Report_2018.pdf

The significant integration of virtual reality (VR) and augmented reality (AR) technology has the ability to improve a number of industries and increase worker productivity. These technologies, which are especially useful in sectors like manufacturing and field services, provide virtual training environments that speed up skill development and performance enhancement without the need for physical equipment. AR's real-time guidance overlays minimize errors and downtime for professionals doing maintenance or repairs. AR and VR speed up the product development cycle by allowing faster prototyping cycles and analyses in product design. Virtual try-on and visualization tools improve retail experiences by decreasing returns and increasing engagement. Healthcare uses similar technology for medical procedure and training simulations. Additionally, VR's remote collaboration features facilitate meetings and teamwork, which may save money and time on travel. These technologies offer increased productivity across a variety of sectors through improved training efficiency, error reduction, remote collaboration, and more engaging experiences, but their effective integration will need investments in hardware, software, and staff training.

Reference: https://www.sciencedirect.com/science/article/pii/S1474034620300914

Author: Saran Takahashi 6405622

    The economic influence of immigration on the labor market is complex. On the other hand, immigration augments the labor supply by introducing more workers. This increase in the workforce has the potential to stimulate demand for goods and services, creating new job opportunities as companies seek to meet the heightened demand. However, the overall impact is contingent upon factors such as the nature of migration, its location, and timing. High-skilled occupations, demanding substantial training, may experience different effects compared to low-skilled positions. Comprehensive statistical studies are essential for a nuanced understanding of the tangible economic consequences of migration, as these impacts can vary significantly across different contexts.

     
      In summary, implementing a new policy that enables immigrants to work and settle legally can potentially expand the labor supply and increase employment opportunities. However, the success of such a policy requires thorough and careful study to ensure the good outcomes.


Source: https://migrationobservatory.ox.ac.uk/resources/briefings/the-labour-market-effects-of-immigration/

How Robotic Process Automation can reduce labor costs and boost productivity

RPA or Robotic Process Automation is software that automatically performs repetitive tasks that would otherwise need to be completed by employees. From the Office Worker Survey by UiPath showed that 68% believe PRA increases productivity and saving time for the employees, 52% believe RPA ensures a better work life balance and 43% believe RPA empowers workers to focus on more important work. Repetitive tasks is a major cause of burnout and stress within the workforce. Rather than overworking employees with tasks that can be more easily and efficiently completed by bots, it makes sense for companies to invest in RPA systems. These are how RPA benefits in productivity boosting.

• Improved Morale - Using RPA to do repetitive works instead of employees can improve employee morale and initiative, so they are now more likely to be stretched creatively.
  

• Extremely Accuracy - RPA bots are extremely accurate
  

• Reliability and Consistency - Once the employees programmed, the bots can perform the same way every time.
  

• Compliance - RPA bots only follow the instructions they have been programmed with.
  

• Integrates with legacy systems - RPA does not disrupt nor override the company’s legacy system.
  

Reference : https://ggsitc.com/blog/robotic-process-automation-reduce-labor-costs

The Pomodoro Technique, conceived by Francesco Cirillo, is a celebrated time management approach known for its effectiveness in enhancing labor productivity. This method involves focused work intervals, termed "Pomodoro" interspersed with brief breaks. Designed to minimize distractions and amplify concentration, the technique has proven valuable across various work environments. Its adaptability and simplicity make it an effective tool for individuals and teams striving to optimize task management and boost overall efficiency.

- Focused Work Periods: Breaking the day into concentrated intervals promotes heightened concentration, leading to efficient task completion.
- Reduced Procrastination: The structured approach minimizes procrastination, motivating employees to stay on task within defined intervals.
- Better Time Management: Promoting awareness of time helps individuals allocate their time effectively, crucial in multitasking work environments.
- Mitigation of Distractions: Encourages minimizing distractions, creating a more focused and productive work environment.
-Enhanced Mental Well-being: Regular breaks contribute to reduced stress and mental fatigue, fostering overall well-being and sustained productivity.
- Adaptability for Remote Work: Offers a structured approach for remote workers, aiding focus and efficient time management.
- Incremental Task Completion: Breaking tasks into manageable segments boosts motivation and overall productivity.
- Promotion of Deep Work: Facilitates deep work by minimizing interruptions, leading to higher-quality outputs.
- Personalized Work Rhythms: Flexible Pomodoro durations cater to individual work styles, accommodating diverse preferences.

Incorporating the Pomodoro Technique into the work routine contributes to improved focus, efficiency, and job satisfaction, ultimately enhancing labor productivity.

Ref: https://friday.app/p/pomodoro-method

Family-friendly policies, such as parental leave, might seems to have a negative effect on labor productivity and the company, but it isn't.

There are clear evidences in U.S., maternity leave or parental leave does not cause the company to lose money as entrepreneurs feared. Instead, paying employees who take maternity leave or leave to care for their children, improve parents’ morale and work commitment. Since it ease parents to balance paid work with family responsibilities.

Companies such as Microsoft, Nestle and Facebook have such policies. It is proven that taking time off to raise children does not harm the company. It also helps to make employees more energetic and efficient in the competitive market. Moreover, the money which was compensated is already deducted from the employees' income each year.




From the statistical evidence above, the estimated impact from the availability of parental leave on labor and multifactor productivity, has a greater positive effect than the unavailable ones. Additional parental leave appears to increase the level of productivity, in part by allowing workers with family responsibilities to maintain their links to the workforce.

Some countries and some firms which doesn't have parental leave, might adopt this parental leave policies to increase its labor productivity. For example, over the longer term, firms might substitute capital for labor in order to reduce the potential cost of parental leave, thus increasing the capital-to-labor ratio and leads to a higher labor productivity.

However, the positive impact of parental leave on productivity may occur only for short periods of leave, whereas long periods of leave lead to a depreciation of human capital, even if workers will eventually return to their pre-birth job.

References:



6405605 Kittipop Kositchaimongkol

Vietnam faces labor productivity challenges due to rising wages, prompting the approval of the National Program for Increasing Labor Productivity. With goals like sector-specific growth rates and higher education levels, the program emphasizes the role of science and technology. It adopts strategic approaches, including macroeconomic improvements, supportive legislation, and regional development, while potential funding sources include state budget capital and international sponsorship.

Key Takeaways:
1. Productivity Goals : Vietnam aims for ambitious sector-specific growth rates and endeavors to rank among the top three countries in ASEAN for labor productivity.
 
2. Strategic Measures: Implementation focuses on macroeconomic enhancements, supportive legislation, and regional development to foster competitiveness.

3. Funding Considerations: Specific budget figures are not detailed, but potential funding sources include state budget capital, private enterprise, and international sponsorship.

In my opinion, The National Program reflects a comprehensive strategy to boost productivity, touching on vital areas such as education, technology adoption, and legal frameworks. A notable example of technology that could uplift productivity is the integration of Industry 4.0 technologies. Policies supporting widespread tech adoption would be pivotal in realizing the program's objectives, fostering competitiveness, and bolstering Vietnam's economic landscape.

Reference : https://www.vietnam-briefing.com/news/vietnams-national-program-for-increasing-labor-productivity-key-takeaways.html/

Ways to improve Labor and Productivity



There are issues that fail to motivate and inspire the workforce, which can be enhanced by using these methods to improve labor and productivity.

1. Examine the Operations
Observing the body language and actions of the workforce to locate the cause of slowdowns in the labor process, then designing and implementing new processes to solve the problems

2. Examine Employee Feedback
Request feedback on job responsibilities and areas where they notice reoccurring productivity challenges. A small communication breakdown between two departments may slow down productivity, and resolving it can eventually enhance your efficiency and profits.

3. Examine Available Data
Examine any available data to create a production baseline measure. This makes it possible to implement changes while gauging their actual impact on production.

4. Build Better Processes
After identifying labor and production issues, begin enhancing current processes and designing new operating policies by investing in new equipment or others that are more complex, such as restructuring the entire process. In many business models, updating technology and re-configuring the business model are important if they want to survive in a highly competitive industry. For example, when a business loses production advantages because its competitors are using automation, changing the business structure is the only option to remain relevant and profitable.

5. Employee Training Programs
Changing the processes is only effective when the real labor force is taught to use the new systems. For each job, use mentors, written resources, and video as a reference. Employees will become more efficient in their responsibilities if they work through specialized training days while encouraging queries. If the labor force continues to underperform in terms of productivity, this necessitates extensive training or re-training to ensure that individuals are performing their job tasks to the best of their ability.

6. Motivate the Labor Force
A simple lack of motivation may cause labor to slow down and production to suffer as a result. Offering performance bonuses is a powerful motivator. Employee loyalty and production ability will be boosted by job security and benefits. Motivation is also influenced by the work environment, such as a vibrant break-room and a comfortable work setting. Employee health programs are also essential since a healthy worker is automatically more productive and motivated.

Reference: https://smallbusiness.chron.com/ways-improve-labor-productivity-4845.html

By Suchaya Prapaso 6405581

Predictive Maintenance Technologies


Predictive Maintenance Technologies are revolutionizing industries, boosting labor productivity significantly. By using real-time data and advanced algorithms, these innovations predict equipment failures in advance. This proactive approach minimizes unexpected breakdowns, reducing unplanned downtime and improving overall equipment effectiveness (OEE). Optimized maintenance schedules and early issue detection ensure machinery operates efficiently, maximizing output. These technologies streamline resource allocation, enhance safety, and drive continual productivity improvements and cost savings. Ultimately, they empower industries to make data-driven decisions, optimizing resources and sustaining growth in labor productivity.

How does predictive maintenance work?
Establishing a predictive maintenance program involves analyzing historical equipment data, engaging stakeholders, evaluating critical equipment, creating detailed records, integrating existing protocols, setting maintenance frequency, defining roles, organizing integration, and implementing a CMMS for streamlined operations and predictive insights

To sum up, predictive maintenance is a method that focuses on fixing issues in machines before they cause a breakdown. It improves the reliability of equipment and supports informed decision-making. Overall, it significantly boosts labor productivity and operational efficiency across various industries.

References:
www-spotfire-com/glossary/what-is-predictive-maintenance
www-erp-information-com/predictive-maintenance

Collaborative workspaces

An example of innovation that can improve the productivity of workers is Collaborative workspaces.

Collaborative workspaces are shared work environments that enable individuals and organizations to work together on projects, ideas, and goals. Collaborative workspaces can improve productivity by enhancing creativity, networking, and learning. Some examples of collaborative workspaces.
Coworking Spaces
- Think of these as shared offices where people from different professions work together.
- WeWork is a popular example.

Incubators and Accelerators
- These are like support systems for new businesses.
- They offer shared offices, guidance, and networking.
- Techstars is a well-known accelerator.

Innovation Hubs
- Picture places where smart people come together to create cool stuff.
- MIT has several hubs where researchers and entrepreneurs team up for innovative projects.

The collaborative workspaces are spots where individuals and groups team up to work on projects, share ideas, and achieve goals. Examples include shared offices (like WeWork), startup support centers (like Techstars), and innovation spots (like MIT's hubs). They are all about making work more fun, creative, and successful by bringing people together.

References:
https://www.forbes.com/sites/theyec/2023/07/28/four-collaboration-hacks-to-achieve-better-team-productivity/?sh=1c69dccd7965
https://www.bondcollective.com/blog/collaborative-workspace/
https://link.springer.com/article/10.1007/s11846-021-00487-4

Surayut Intachai 6405811

An automatic feeding system is an innovative technology aimed at addressing aquaculture’s problems and improving the accuracy, effectiveness and overall efficiency of food production. This can contribute to improving the productivity of workers in aquaculture, which would allow a country to achieve more extensive economic productivity. The benefits of an automatic feeding system in improving labour productivity are shown below:

- Efficiency in the use of resources: In order to monitor aquatic animals’ behaviour, environment conditions and feeding practices, automated feeding systems rely on sensors and algorithms. These systems optimize resource utilization by ensuring that the right amount of feed is delivered at the right time. This ensures that feeding tasks are carried out in a way that directly contributes to the health and growth of the animals.

- Reduction of labour intensity: Traditional manual feeding can be a labour-intensive process, especially in large aquaculture operations. Automatic feeding systems significantly reduce the need for manual labour in feeding tasks. This allows the workforce to be deployed in other areas of the operation, where their skills and expertise may be more valuable.

- Precision and Accuracy: Automatic feeding systems offer precision and accuracy in feeding delivery. They are able to react quickly to changes in the conditions and ensure optimum feed utilization. This precision contributes to better growth rates, uniformity in size, and overall improvements in productivity.

- 24/7 Operation: Automatic systems can operate continuously, including during non-working hours. This continuous operation ensures consistent and timely feeding for fish even when there are no human labourers present. This contributes to a more efficient and continuous production cycle.

- Reduced Feed Waste: The automated feeding system, by providing the right amount required for aquatic animals, can contribute to reducing feed waste. This is not only a saving on costs associated with wasted feed, but it also reduces the environmental impact caused by excessive feedingstuffs in water. This contributes to a more sustainable and resource-efficient aquaculture operation.

In conclusion, automated feeding systems contribute to enhanced labour productivity by simplifying feeding processes, limiting manual labour requirements, optimizing use of the available resources and enhancing general aquaculture efficiency. These benefits can have positive economic implications at both the industry and national levels.

References:
https://www.fishfarmfeeder.com/en/blog/advantages-feed-automation-systems-in-aquaculture/
https://www.transparencymarketresearch.com/automated-aquaculture-feeding-systems-market.html

Exoskeletons are wearable robotic devices that can enhance a worker's physical capabilities. They are designed to reduce strain on the body and increase overall efficiency in tasks that involve repetitive motions or heavy lifting. The implementation of exoskeleton technology has the potential to benefit various industries such as manufacturing, logistics, and construction by improving worker well-being and, consequently, productivity. It's a fascinating example of how cutting-edge technology can directly enhance the physical capabilities of the workforce, leading to more efficient and sustainable labor practices.

Ref: https://plexxis.com/exoskeletons-in-the-construction-industry/#:~:text=Overhead%20exoskeletons%20offer%20extra%20support,not%20require%20batteries%20to%20operate.

Three-dimensional (3D) printing is an additive manufacturing technology that produces a real product from a digital design. The method involves putting down thin layers of material, such as liquid or powdered plastic, metal, or cement, and then fusing the layers together.

3D printing technology has increased manufacturing productivity. It has been utilized to shorten the manufacturing time of sample components and devices, as well as the tooling required to build them. This is extremely useful to small-scale producers since it minimizes their expenses and time to market.

For example, in the construction industry, many companies are making advancements in 3D printing of the materials required to create buildings. Buildings may be built in 24 hours using layers of concrete that are stronger than normal cinder blocks and cost a fraction of the price.

Moreover, in the manufacturing of hearing instruments, the use of 3D printing speeds up the production process and allows manufacturers to create personalized hearing devices. Audiologists can utilize 3D scanners to construct a bespoke prototype based on scan reference points. Manufacturers may put the scan into a 3D printing machine and produce the full hearing aid after fine-tuning the materials and ear shapes.

Therefore, three-dimensional (3D) printing is an example of technology that could help improve the labor productivity in a country.


Reference:
https://www.spiceworks.com/tech/devops/articles/what-is-3d-printing/
https://www.twi-global.com/technical-knowledge/faqs/what-is-3d-printing

An example of a technology that can improve labor productivity is the use of Real-Time Kinematic GPS Technology.

RTK (Real-Time Kinematic) uses signals from satellite-based positioning systems like GPS, Galileo and GLONASS to pinpoint a receiver's location. One of the most important features of RTK GPS is its ability to provide highly accurate location data and it can also provide accurate position information in centimeter unit, which makes it very suitable for various applications.

RTK GPS is used in a wide variety of applications such as :

• Surveying and mapping, due to its high accuracy and real-time capabilities.
  

• Agriculture, especially in the framework of precision farming. It may be used to guide tractors and other equipment, assess agricultural yields, and map fields precisely. This can help farmers to use less fertilizer and other inputs as a result, increasing crops yields while cutting expenses.
  

• Construction, It is often used to guide excavators, bulldozers and other heavy machinery, as well as on-site investigation, operation and construction inspection.
  

In conclusion, Real-Time Kinematic GPS can increase productivity while reducing costs. It can provide a real-time data, long battery life, durability, and low cost This is an excellent solution for many industries. Therefore, Real-Time Kinematic GPS is an example of technology that could help improve the labor productivity in a country.

Reference:
https://globalgpssystems.com/gnss/rtk-gps-understanding-real-time-kinematic-gps-technology/#:~:text=Real%2Dtime%20kinematic%20(RTK),mapping%20to%20agriculture%20and%20construction

Posted by 6405572 Saranya Musikawan

The Internet of Things (IoT) is an interconnected network of devices with data exchange and communication capabilities. IoT devices can be utilized in many different contexts, such as smart homes and factories, and they can boost productivity and save time.

Role of IoT:
- Monitor equipment in real-time: Monitor machinery and alert when something happens, for example, faults in rotating machinery.
- Optimize the time taken to repair equipment: Can precisely forecast when the system will malfunction and when repairs are necessary by using the available data. For example, can predict when equipment is degrading.
- Spend less on repairs and parts: By using data-driven and analytical techniques, predictive maintenance helps identify the underlying cause of an issue rather than just treating its symptoms.
- Keep workers safe: Data from IoT and workforce solutions devices can be combined to create work schedules that minimize workers' exposure to dangerous situations.

The Internet of Things (IoT) can reduce time, increase productivity, and can contribute to raising employee confidence.


References:
- https://nbold.co/role-of-technology-in-productivity/#17-internet-of-things-iot
- https://www.entrepreneur.com/science-technology/how-the-internet-of-things-can-increase-productivity/434543

Productivity Software





It is software designed to improve employee performance, increase productivity, enhance collaboration, and include communication between teams. It was originally intended for business use. However, at present, it has been developed to be more efficient in personal work. Both in the management, convenience for use and allows employees to distinguish work and personal life more clearly.

Efficiency

Productivity Software can be used in a variety of ways. Such as file sharing, team collaboration, and integration with other business systems. For example, Lark (one of Productivity Software) allows users to organize meetings, check coworkers' calendars, highlight and pin messages, set announcements, search for messages, and more. There's even an automatic translation function where users can enable the automatic translation setting for incoming messages into their system language. This ability will be beneficial to those who work with international colleagues. Currently, Lark has more than 100 languages available in their application.

How will labor benefit?

Productivity software optimizing the work environment. It helps employees get more done in less time. Manage work systematically and make employees able to put energy or time into appropriate work and make it done efficiently.

Reference:
What is Productivity Software? | Webopedia
Review of Lark, a free collaboration & communication workplace platform (vulcanpost.com)

As far as I concerned, the policy to support SMEs  can improve the global productivity slowdown these enterprises can significantly contribute in economic growth.

SMEs play a crucial role in addressing the global productivity slowdown:

1. Innovation and Adaptability: SMEs are often more agile and adaptable compared to larger corporations. Their ability to innovate, quickly adopt new technologies, and adapt to changing market conditions contributes to overall productivity growth.

2. Specialization and Niche Markets: SMEs often specialize in niche markets or specific products/services. This specialization allows them to focus deeply, innovate rapidly, and cater to unique customer needs, driving efficiency and productivity within their sector.

3. Job Creation and Local Economies: SMEs are significant job creators in many economies. By providing employment opportunities, they contribute to reducing unemployment rates, improving economic stability, and increasing overall productivity within communities.

4. Adoption of Technology: Encouraging SMEs to adopt and leverage technological advancements can significantly enhance their productivity. Integrating digital tools, automation, and data analytics can streamline processes, reduce costs, and improve overall efficiency.

5. Access to Global Markets: Facilitating SMEs' access to global markets through trade agreements, export assistance programs, and technological platforms can expand their reach. This expansion creates opportunities for growth, leading to increased productivity.

By recognizing the importance of SMEs and providing them with the policy support such as advocating for advice, funding, skills development, and creating an enable digital environment through regulation like an open banking and e-invicing would encourages collaboration between government, big businesses, and small businesses to boost productivity growth collectively and effectively.

Reference : https://dynamicbusiness.com/leadership-2/expert/why-boosting-sme-productivity-means-a-stronger-economy-for-all.html

Posted by 6405614 Boonyaporn Tantanakul

Tao Bin automatics coffee shop Forth-tao-bin-6
An example of a Technology that can improve labor productivity is Tao Bin (automatic café).
  Everyone might ever see or buy the drink form Tao Bin in the front of Hospital or around office area. By the shape  and size that small it can be in every where café hard to open that make attention to the customers during their peak hour to work and cant sit at the Café but they want to buy coffee can buy by own self.
  Moreover, Tao Bin is automatics coffee  maker. No employee require at Tao Bin every time like other café just need staff who come to replenish stock when ingredient not enough.
  By the previous paragraph , Tao Bin have low cost than other coffee shop in the cost of place (It is small can stay in every where) and have low cost of wages (pay only restocking staff).
##In the second quarter of 2022, Tao Bin can sell  per cabinet/per month averaged 80,135 baht, with total income of 346 million baht.
https://www.prachachat.net/marketing/news-1033794
Post by 6405587 Ariya Kalpana

The observed decline in labor productivity, exacerbated by natural disasters, wars, and economic disruptions, necessitates innovative solutions for sustainable economic growth. Predictive Analytics for Labor Productivity Enhancement (PALPE) emerges as a transformative approach. PALPE applies predictive analytics principles to workforce dynamics, optimizing productivity amidst challenges.

Implementation of PALPE:
PALPE harnesses historical workforce data, incorporating variables like skills, work patterns, and external factors. Statistical algorithms and machine learning models, similar to those in supply chain management, predict potential productivity impediments. For instance, PALPE could anticipate the impact of geopolitical events on workforce efficiency or identify patterns in post-disruption recovery. This allows proactive measures and tailored policies for maintaining or enhancing labor productivity.

https://www.activtrak.com/blog/predictive-workforce-analytics/#:~:text=What%20is%20predictive%20workforce%20analytics%3F,decide%20how%20to%20fix%20them.

An example of innovation that can improve the productivity of workers is Self-serve
ordering for restaurants.




QR codes and self-service POS systems can streamline the food ordering process, reducing the need for waiters and increasing revenue. A digital menu can also be used for marketing strategies, such as banners, takeout packages, and social media posts. However, this technology may limit contact between employees and customers, especially during the pandemic. Customers can place orders anytime, without physically touching the menu, and payment can be made online using payment apps. Despite the potential benefits, QR codes may limit contact between employees and customers, especially during the pandemic. Overall, QR codes can enhance customer experience and streamline the food ordering process.


Ref: httts://squareup.com/au/en/online-ordering/self-serve-ordering