Development of Small and Medium Enterprises to Large Enterprises to
Support the Thailand 4.0 Policies
NARONG TOOTHONG*, NATHASA THEANRUECHAI, SUNEE WATTANAKOMOL
Faculty of Business Administration,
King Mongkut’s University of Technology North Bangkok, Rayong Campus,
19 Moo 11 Nongrarok, Bankai, Rayong 21120,
THAILAND
*Corresponding Author
Abstract: - The number of small and medium enterprises has continuously increased annually, but growth into
large enterprises was very small, so it affected the competitiveness of the industrial business quite a lot, and the
decision to choose a group of small and medium enterprises to move into large business sectors is therefore very
important to the growth of industrial businesses. Therefore, this research aims to study the development of small
and medium enterprises to large enterprises to support the Thailand 4.0 policies. Conducted qualitative research
with in-depth interviews of 9 experts to create tools used in quantitative research and conducted focused group
discussions of 11 specialist persons to find a consensus to certify the model of this research. For quantitative
research using a survey data method from 500 prominent industrial business executives in the manufacturing and
service sectors with questionnaires, this research used descriptive statistics, Reference Statistics, and Multiple
Statistics was used for data analysis. The results showed that the development of small and medium enterprises to
large enterprises to support the Thailand 4.0 policies through 5 priorities components are as follows: 1) Information
system components (X
= 4.66), the most important in each item is reviewing and updating information to be up to
date at all times. 2) Innovation components (X
= 4.65), the most important in each item is to register a patent or
intellectual property rights of the innovations that the organization invents. 3) Human resources components (X
=
4.63), the most important in each item is setting standards for selecting personnel suitable for the responsibilities of
personnel in each job position. 4) Operation components (X
= 4.60), the most critical item has a system to check
every process step that is correct and fast. and 5) Marketing components (X
= 4.58), the essential items are creating
online and offline distribution channels to reach customers quickest. For hypothesis testing results, the
development of small and medium enterprises up to large enterprises, when classified by type of business, there is
no statistically significant difference at level 0.05. The results of the analysis of the developed structural equation
model showed that it passed the evaluation criteria and was consistent with the empirical data, with a chi-square
probability level value of 0.072, relative chi-square of 1.114, conformity index of 0.948, and root mean square
index of the error estimation of 0.015.
Key-Words: - Small and Medium Enterprises, Large Enterprises, Thailand 4.0 policies
Received: April 4, 2023. Revised: September 3, 2023. Accepted: September 14, 2023. Published: September 22, 2023.
1 Introduction
From the development strategy of Thai Industry 4.0 within
the last 20 years (B.E.
2017-2036). The development of economics and
industry in the world standard changes continuously
according to technological advances. Communication
and transportation have also rapidly developed,
resulting in economic expansion—the exchange of
information, products, and traditional exchanges
between countries all over the world. So, global
trends and changing consumer behaviors are essential
factors in determining the vision and strategy for
national development. Each country also has the
preparation to adjust the vision and strategy of
industrial development to align with the changing
contexts—a vital factor in developing the industry for
sustainable growth. Economic expansion found that
small and medium enterprises affect the growth of
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large businesses. Overall, this reflects the country's
development, both directly and indirectly. Although
in B.E., 2020 has been an epidemic of COVID-19,
the overall growth of small and medium enterprises,
up to large enterprises in these six years, GDP (Gross
Domestic Product), or total product in the country.
Small and medium enterprises still have a higher
growth trend due to expansion in the manufacturing
and service sectors. However, when considering the
GDP growth from B.E. 2016 to 2021, there is still a
tendency to grow continuously until the end of the
year 2021 B.E. It has a GDP growth rate at the
domestic level of 1.30 and the level of Small and
Medium Enterprises at 2.90. It is estimated to
continue to grow well and have a GDP growth rate at
the domestic level of 4.5. The level of Small and
Medium Enterprises will be at 4.9 (Office of Small
and Medium Enterprises Promotion, B.E. 2022), as
shown in Figure 1.
Fig. 1: The expansion rate of Small and Medium
Enterprises GDP and GDP at the domestic level
(Office of Small and Medium Enterprises
Promotion/OSMEP, 2022 B.E.), [1].
Comparing the number of small and medium
enterprises with the large enterprises, B.E. 2017-2021
found that small and medium enterprises have
increased continuously, even during the COVID-19
crisis. At the same time, large enterprises decreased
during the COVID-19 crisis. Therefore, the
researcher wants to study the increase in small and
medium enterprises, which can grow into large
enterprises and affect the country's gross product
growth. GDP to compare small and medium
enterprises and large enterprises is presented in
Figure 2.
Fig. 2: Information on the amount of small and
medium enterprises and large enterprises (Office of
Small and Medium Enterprises Promotion/OSMEP,
B.E. 2022), [2].
1.1 Research Objectives
1) To study the structure and operation characteristics
of enterprises aiming to become large
enterprises to support the Thailand 4.0 policies.
2) To study the components of developing small
and medium enterprises into large enterprises to
support the Thailand 4.0 policies.
3) To develop a structural equation model for
transforming small and medium enterprises into
large enterprises to support the Thailand 4.0
policies.
2 Literature Review
2.1 Concepts and Theories Related to
Operation
The Operational components, defined as an
organization with comprehensive management,
production, and service, includes process
improvement from upstream to downstream of each
process. Creating relationships for all parties,
including using resources in various fields, creates
value for customers-consideration of product quality,
price, product delivery, and service before and after
the sale. In, [3], the authors found that 88.6% of
SMEs affected by the pandemic (71.3%) report that
the organization has ceased operational activities and
that there have been layoffs during this period. The
results showed that organizations need to adjust
policies for the operations of all aspects to achieve
consistency throughout the organization. This results
in the shortening of the delivery of goods or services
to increase production efficiency and more complex
market uncertainties, [4].
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2.2 Concepts and Theories Related to Human
Resource
The Human Resources Components, Human
Resources refer to managing human resources in an
organization and concentrating on employees to have
the ability to work in the 4.0 industrial era and a
close relationship with the organization. The studies
of, [5], found that recruitment and training that is
environmentally friendly has a positive effect on
work, affecting human resource management to
sustainability in loyalty to the organization.
However, environment-friendly analysis and work
practices also result in sustainable production. Future
studies could consider the individual dimensions of
green human resource management or other
components of green human resource management
related to various aspects of corporate sustainability.
2.3 Concepts and Theories Related to
Innovation
The Innovation component, meaning innovation, is to
manage and create new products, services, or
processes. Consequently, the organization can
compete with competitors and encourage all
employees to present ideas and suggestions to help
support the organization of innovation. In, [6], the
author's studies found that the absorption of change
and the ability to leverage knowledge help
organizations create innovation strategies for small
and medium enterprises and large enterprises
efficiently.
2.4 Concepts and Theories Related to
Marketing
The marketing components aspect refers to the process
of communicating the value of a product or service
that concentrates on delivering value to customers and
covers products, services, market competition,
distribution locations, promotions, market
segmentation, and target markets. In, [7], the authors
found that the role and trend of digital marketing have
been increasing over the past three years, and most of
them operate in developed and developing countries.
Digital marketing channels influence business growth
and national development.
2.5 Concepts and Theories Related to
Information Systems
The Information System component, the meaning of
which is to manage information technology systems.
It can be used to support decision-making and
coordinate various operations in organizations that
cover computer systems, hardware, software,
network systems, databases, system developers, and
system users, In, [8], the authors found that
operations or individual operations on their own and
digital transformation can start very well to live
effectively in general.
3 Research Methodology
3.1 Composition Synthesis
According to all concepts and theories, the guidelines
for the Development of small and medium
enterprises to large enterprises to support the
Thailand 4.0 Policies can be summarized into 5
components, which are: Operation, Human Resource,
Innovation, Marketing and Information System as
shown in Figure 3.
Fig. 3: Conceptual framework
3.2 Population and Sample
The population used in this study defined as the
entrepreneurs of large enterprises, which received
income of more than 500 million baht in B.E. 2020,
both in the manufacturing and service sectors,
totaling 500 enterprises, [9].
Determining the sample size uses the criteria
of research on elemental analysis or structural
equation modeling, which has defined the sample
size at an outstanding level of 500 samples, [10]. A
multistage sampling method was used, [11]. It
consists of group sampling procedures, categorizing
large enterprises into 2 types. These are product
manufacturing and service businesses that use
probability random sampling by drawing and
collecting data from the sample.
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3.3 Research Tools
Rating scale questionnaires were used as a research
tool, in which responders specify their points,
according to Likert Scale Analysis, [12]. The
researcher brought the drafted questionnaire, which
was created together with the assessment form, to
five experts who have knowledge and experience in
the study area to find the quality of the tools by
examining the Index of Item-Objective Congruence
(IOC). The results of checking the IOC showed a
value between 0.60-1.00, where the appropriate value
is 0.50 or more, [13]. Then, the researcher used the
questionnaire to try out 30 people who were in a
group of populations that was similar to the
population that the researcher would like to study and
analyzed discrimination in a part of the questions that
looked like a checklist form and questions that
looked like an estimation scale by analyzing the
standard deviation and correlation coefficient,
respectively, to find the reliability of the
questionnaire. The discrimination was between 0.31-
0.81, and the reliability of the whole questionnaire
was 0.98, which was considered to be a very good
level of confidence, [14]. Then, the tool was used to
collect data by asking for the courtesy of answering
questionnaires from the sample group.
3.4 Data Analysis
Data were analyzed using both descriptive statistics
and inferential statistics with the SPSS program. The
statistics were obtained using the SPSS package
program. Multistatistical analysis and development
of a structural equation model were performed using
the AMOS package. Four criteria were used to
evaluate the data-model fit: 1) Chi-squared
probability greater than 0.05, 2) Relative chi-square
less than 2.00, 3) Goodness of fit index more
than 0.90, and 4) Root mean square error of
approximation less than 0.08. The root mean square
error of estimation was less than 0.08, [15].
4 Results
The study presents an overview of the development
of small and medium enterprises to large enterprises
to support the Thailand 4.0 policies, and the research
conclusions are as follows.
1) The results of the analysis of the development of
small and medium enterprises to large enterprises
to support the Thailand 4.0 policies can be divided
into five components as follows: 1) Operational
components, 2) Human Resource Components, 3)
Innovation components, 4) Marketing
components and 5) Information System
Components.
2) The importance of developing small and medium
enterprises to large enterprises to support the
Thailand 4.0 policies found that, overall, the
importance is at the highest level, with an average
of 4.62. The five priorities are as follows: 1)
Results of the analysis of the Information System,
it was found that the average was at a high level
(X
= 4.66), 2) Results of the analysis of
Innovation, this proposed in overall, the average
was at a high level (X
= 4.65), 3) Results of the
analysis of Human Resources revealed that
overall, the average was at a high level (X
=
4.63), 4) Results of the analysis of Operation
components it was found that overall, the average
was at a high level (X
= 4.60) and 5) Results of
the analysis of Marketing, it was found that the
average was at a high level (X
= 4.58).
3) The results of comparing the differences in the
development of small and medium enterprises to
large enterprises to support the Thailand 4.0
policies classified by business type. The overall
results showed no significant differences at level
0.05. For the analysis of the difference in the
significance level in each aspect. It was found that
none of the aspects were significantly different at
the level of 0.05. The aspects of the product
manufacturing business emphasize the
development of small and medium enterprises to
large enterprises to support the Thailand 4.0
policies, which was much more than the service
business and statistically significant at the level of
0.05.
4) The researcher has improved the model by
considering the Modification Indices obtained
from the packaged program with theoretical
academic principles to exclude some of the
unsuitable observational variables one by one and
then proceed to reprocess the model. Do this until
the model has all 4 statistical values that pass the
criterion. After the model has been improved, it is
found that as shown in Table 1.
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Table 1. Observational variables
Abbreviation
Description
Operation
0PT3
There is a system for
calculating the amount of
production of goods and
services according to the needs
of customers efficiently.
OPT13
Make appropriate budget plans
that are in line with
the development of the
organization.
OPT14
Have a system to verify the
operation data in every single
step which is correct and fast.
OPT16
Keep the workplace clean and
hygienic, contributing
to efficient work.
OPT17
Determine policies on the use
of resources that are friendly to
the environment.
OPT18
Have a security system and
insurance that is suitable for
the organization.
Human Resource
HRM1
Determine a policy for work
rotation to promptly replace
the shortage of labor.
HRM2
Have work plans and readiness
for personnel
to support them when they
retire
or resign.
HRM4
Define a clear line of work
to allow employees to see
opportunities for growth
in their own line of work.
HRM8
Provide an operating manual
for personnel to use as a
guideline for effective work.
HRM13
Implement an appropriate
performance appraisal (KPI)
system and disseminate it to all
personnel.
Innovation
INV2
Promote the registration of
patents or intellectual property
of innovative works that the
organization invents.
Abbreviation
Description
INV8
Have a system or activity that
allows personnel to present
ideas about innovative
inventions that can be
developed into new products
and services.
INV11
Encourage internal innovative
specialists to help research
new ideas.
INV14
Up to date for all innovations
information to be applied in
the organization.
INV15
Set up a specialized
department involved in
innovation to develop products
or services to meet customer
needs.
INV16
Develop the use of virtual
reality technology equipment,
reduce potential risks in the
process, and inform
operational efficiency
improvements.
MKT1
Have a policy to promote sales
(discount, exchange,
giveaway) to stimulate sales
that are suitable for the
situation.
MKT10
Keep track of news, social
trends, and information for
marketing decisions.
MKT11
Analyze competitors'
marketing strategies and adjust
strategies to compete in the
organization.
MKT15
Evaluate the image of the
organization to the public for
information on future
marketing developments.
MKT20
Have an online and offline
distribution channel to reach
customers immediately.
IMS1
Personnel throughout the
organization should be aware
of the legal issues surrounding
the Computer Crimes Act.
IMS3
Have the consultants
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Abbreviation
Description
specialized in information
systems from external agencies
of the organization.
IMS10
Review and update the
information to be up to date at
all times.
IMS13
Have a database system that
connects all work sections of
the organization together, such
as ERP, SAP.
IMS14
Have a system to prevent
interference from data
networks (Firewall) that is
standard and safe.
IMS19
Providing modern technology
equipment that is sufficient for
the work of personnel.
The objective of this study is to examine the
components of small and medium enterprises to large
enterprises to support the Thailand 4.0 Policies. The
five components considered are Operation, Human
Resources, Innovation, Marketing, and Information
Systems. All five components were derived from a
review of relevant literature and the empirical data
showed consistency with a p-value of 0.072,
CMIN/DF of 1.114, GFI of 0.948, and RMSEA of
0.015. Therefore, it can be concluded that the
structural equation model is consistent with both
literature and empirical data and has passed the
specified criteria as shown in Figure 4.
Fig. 4: Structural Equation Modeling
Figure 4 shows the analysis of the overall
influence of latent variables in the structural equation
model, the Development of small and medium
enterprises to large enterprises to support the
Thailand 4.0 Policies in Standardized Estate mode
after model improvements. The model consists of
five latent variables, one exogenous latent variable
(Information System), and four endogenous latent
variables (Operation, Human Resources, Innovation,
and Marketing). The highest overall influence is on
the Information System components Direct and
overall influence on Human Resources with a weight
value (Standardized Region Weight) equal to 0.83.
The results of the hypothesis testing to analyze
the causal influence between the latent variables in
the structural equation model of small and medium
enterprise development on large enterprises to
support the Thailand 4.0 policies. Seven hypotheses
were as follows:
H1: Information System component, direct influence
on Operational Components statistically significant at
level 0.001, has a value of Standardized Regression
Weight = 0.34, H2: Information System component,
direct influence on Human Resource Components
statistically significantly at level 0.001, has a
Standardized Regression Weight value of 0.83, H3:
For the Information System component, direct
influence on Innovation Components statistically
significant at level 0.001 has a Standardized
Regression Weight = 0.53, H4: Information System
component, direct influence on Marketing
Components statistically significant at level 0.001
has a value of Standardized Regression Weight =
0.36, H5: Operational component, directly influences
Marketing Components statistically significantly at
level 0.001, with a Standardized Regression Weight
= 0.65, H6: The Human Resource component, directly
influences Operation Components and statistically
significantly at level 0.001, with a Standardized
Regression Weight = 0.58 and H7: Marketing
component, direct influence on Innovation
Components and statistically significant at level
0.001, has a value of Standardized Regression
Weight = 0.47.
5 Discussion and Conclusion
Significant issues have been found in research on the
Development of small and medium enterprises to
large enterprises to support the Thailand 4.0 policies,
which is a guideline for enterprise development for
small and medium enterprises to create long-term
success. From the results of this research, the
researcher has brought to the discussion to conclude
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a conclusion from 5 relevant research papers that can
be cited, supported, or contradicted as follows:
1) According to the research results, when
comparing the types of manufacturing and service
businesses of large businesses to support the
Thailand 4.0 policies, there was no statistically
significant difference at the 0.05 level. This is
consistent with the results of [16]. The results
demonstrated quality management in the Lean Six
Sigma method in different industries. Different
system factors have been adopted due to TQM
and Lean Six Sigma to integrate the organization's
development for maximum efficiency. Various
approaches are managed to achieve an
organization's success. Integrating management
approaches to optimize an organization's different
business models can be of great success. It can be
used for every business that is different and can be
applied to all sizes of businesses. Incidentally,
products from operations found that information
obtained from working data can be applied for
organizational development from various
electronic devices, such as sensors that can
efficiently analyze data, equipment, and
programs.
2) From the research results on the development of
small and medium enterprises to large enterprises
to support the Thailand 4.0 policies in the
Information System aspect have the highest mean
at 4.66, consistent with the research of [17], on
digital technology capabilities and marketing
management for the success of small and medium
enterprises, and found that there are two
components for business growth in small and
medium enterprises, which are the quality of
information and the convenience of service, as
well as the relationship that digital technology in
every aspect has an apparent effect on the growth
of the organization.
3) From the research results on the development of
small and medium enterprises to large enterprises
to support the Thailand 4.0 policies, each finding
item found that information is constantly
reviewed and updated. It has the highest
significance mean at 4.79 and aligns with [18]. It
studied the challenges in the community of Small
and Medium Enterprises in the era of India's
globalization. Currently, businesses are behind
competitors, and competitors come from
neighboring countries. In terms of export
competitiveness, this is mainly due to the lack of
modern technology or having data stored that
needs to be updated for analysis. This requires
more competitiveness and theoretical insight into
technology and exports. Research results have
found that optimizing business competition
requires information, information systems, or
modern information technology systems to store
data or that other technology activities must be
constantly updated. Alternatively, bringing new
technologies to use better, reducing infrastructure
gaps, and less stringent business regulations can
help improve competitiveness effectively.
4) From hypothesis testing, it was found that the
aspect components of the Information System
directly influenced the aspect components of
human resources. It had a Standardized
Regression Weight at the highest level of 0.83,
which is in line with the results of [19]. The
authors conducted a study on the impact of
communication and information technology on
the efficiency of human resource management in
Cameroonian enterprises in the mobile phone
industry. In particular, we examined how
communication and information technology use
affects the efficiency of human resource
management. Examples include human resource
planning, training and development, selection and
recruitment, human resource assessment, and
compensation. The study found that it positively
impacts the use of communication and
information technology in selection and
recruitment, training and development, human
resource planning, assessment and compensation,
and human resource management performance. It
is an efficient tool in the human resource
management of organizations, and ensuring
human confidence, training, and development of
information systems should be encouraged, [20].
There is appropriate interaction between human
resource management and various departments to
increase the capabilities and performance of each
personnel. This will result in proper personal
development and make the organization's
operation efficient, [21].
5) From the results of the hypothesis testing, the
overall influence on the innovation component
aspect had a Standardized Regression Weight of
0.95. This provides empirical data on how
information systems affect innovation. These
results follow those of [22]. The authors
demonstrated that in the era of digital technology,
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information systems had been applied to bring
information in many areas to innovate for the
organization's survival. It should be performed to
achieve flexibility at all times and develop
organizational capabilities and innovation.
6) The possible future developments of this
research as well as its positive repercussions
in the scientific-academic world affect to
growth of SMEs contributing to the economic
growth of large enterprises. The successful or
efficient performance of SMEs involves various
factors. Especially the potential development
guidelines of Thai SMEs should begin adapting
themselves to competition and changes at present
that contributed to efficiently performing the
businesses. The governmental agencies supported
realistic measures to reduce problems and
obstacles to SMEs. All participants should realize
the essentials of SMEs that were the crucial
economic driving engine and attempt small
enterprises to be medium, and medium enterprises
to be large for the strength of the country in the
future, [23].
6 Suggestions
Recommendations from research are creating a
strategy to prepare Thailand's industry to adapt to
gain an advantage on the world stage under Thailand
4.0. In this research, the researcher suggests that the
government, private sector, and education sector lead
the development of small and medium enterprises
into large enterprises to proceed with the following
issues:
6.1 Government Policies Level
1) Formulating a 20 years national strategy: The
state should prepare to quickly build up the
country's competitive industrial advantage and
efficient coherence between the prominent
organizations and sub-organizations to develop
the country to the international level.
2) The Ministry of Industry should integrate
technological promotions. Industrial information
systems must continuously create innovations
and determine the direction of industrial
competition to pursue problems and develop
them to meet the country's needs.
3) The Ministry of Digital Economy and Society:
Society should concentrate on developments in
information systems and innovation for small
and medium enterprises in all channels. In
addition, it increases the transformation of
innovation into capital, supporting Thai small
and medium enterprises by providing true
valuation clarity.
4) The Office of Small and Medium Enterprises
Promotion (OSMEP) should concentrate on
developing information systems technology and
innovation for small and medium enterprises in
all possible channels and elevate the
transformation of innovation into capital,
supporting Thai SMEs by creating clarity for an
accurate valuation.
5) The National Science and Technology
Development Agency (NSTDA) should promote
the transfer of knowledge in technology to
commercial use in the industrial sector for small
and medium enterprises. Further, it promotes
and supports human resources to increase
research and development workforce skills to
meet the needs of various industrial sectors.
6.2 Operational Level
1) The industrial business sector should establish a
management system to concentrate on
operations and management throughout the
production and service organization. It includes
improving the processes from upstream to
downstream of each process to create
relationships with all necessary parties.
2) The business sector should emphasize human
resources, and it is essential to emphasize that
employees in the organization can work in the
era of Industry 4.0 and have a relationship with
the organization.
3) The business sector should consider innovation
a critical issue in managing new products,
services, or processes. This will result in the
organization being able to compete with
competitors and encourage all employees to
participate in presenting ideas and suggestions
to help support an organization of innovation.
4) The business sector should support and create
Marketing Channels that are important in
communicating the value of a product or service
that concentrates on delivering value to
customers covering products, services, market
competition distribution, location promotion,
market segmentation, and target market.
5) The business sector should make policies on the
central issue of the organization concerning
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information systems to manage and support
decision-making and coordinate the control of
various functions in the organization. It includes
computer, hardware, and software systems,
which business organizations are always
interested in keeping up-to-date information.
6) The business sector should integrate various
systems for the organization's sustainable
development. It is crucial to consider the
organization's culture and have a management
style that can increase work efficiency to be as
effective as possible.
6.3 Suggestion for the Further Research
Further research on developing small and medium
enterprises to large enterprises to support the
Thailand 4.0 policies will cover all aspects.
1) Building knowledge for the manufacturing and
service industries requires a transformational
strategy, as with small and medium enterprises.
However, ways to adapt business organizations
in the manufacturing and service industries have
yet to be studied. To prepare and build the
competitiveness of small and medium
enterprises with large enterprises in each
industry.
2) Further research should include comparative
studies of large businesses in the manufacturing
and service industries, classified by industry.
More research will be focused on detailing the
adaptation strategies regarding the operation,
human resources, innovation, marketing, and
information systems. By studying in detail, large
enterprises in the manufacturing and service
industries that are classified by industry assign
importance to adaptation in the same direction.
3) There should be further research on the
development of small and medium enterprises
by concentrating on creating strategies to
differentiate small and medium enterprises and
large enterprises. This should be implemented to
develop the organization at each level into a
sustainable big business.
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Narong Toothong, Nathasa Theanruechai,
Sunee Wattanakomol
E-ISSN: 2224-2899
2097
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Contribution of Individual Authors to the
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problem to the final findings and solution.
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Scientific Article or Scientific Article Itself
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Conflict of Interest
The authors have no conflict of interest to declare.
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US
WSEAS TRANSACTIONS on BUSINESS and ECONOMICS
DOI: 10.37394/23207.2023.20.182
Narong Toothong, Nathasa Theanruechai,
Sunee Wattanakomol
E-ISSN: 2224-2899
2098
Volume 20, 2023