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Last updated: Thursday, October 18, 2018

 

Corporate Culture Nourishes Inclusive and Innovative Business

Posted: Tuesday, October 09, 2018


Coupled with the international integration trend, the Fourth Industrial Revolution is opening up a lot of opportunities but also posing numerous challenges to enterprises to enhance their competitiveness, management level, technology development, and particularly governance, where corporate culture is considered an important factor for building sustainable development.

On the sidelines of the Forum on Corporate Culture in Industrial Revolution 4.0 held by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with Deloitte Vietnam, Dr Vu Tien Loc, President of VCCI, gives an exclusive interview on this issue. Quynh Chi reports.

You have said that the “Industrial Revolution 4.0 will be a big wheel that drives companies forward or pulls them out of that trajectory or grinds them under it. So, how do you assess the importance of corporate culture in the era of Technological Revolution 4.0?
If a company is seen as a house, the entrepreneurship, corporate culture and technology 4.0 are the main pillars. If the company is compared to a ship, the engine will be the entrepreneurship, the steering wheel is the corporate culture, and the gear is the technology 4.0.

If the corporate culture is a torch that sheds light on the way, building the culture is an inspirational journey inspired by entrepreneurs and business leaders, not anyone else.

In the business development, without the corporate culture, it is like a house that has no pillars, the vehicle that has no steering wheel, and a journey that has no lighting torch along the dark way.

Corporate culture plays an important role in business. Even, corporate culture is compared to the most sustainable platform for business development. The organisational culture lights the way for business development.

In the Industry 4.0 era, technology has developed very rapidly and created innovative breakthroughs. The more the technology is developed, the higher the culture must be. There is always a correlational movement of culture and technology. The culture is like an ‘anchor’ that keeps the humanistic nature of an enterprise, of an economy and of technology. Without corporate culture, technological breakthroughs can be catastrophic to humanity. Corporate culture is understood as simple things as doing business with credibility and integrity, doing business economically, communicating and building brand names and unions to unite their strengths.
Corporate culture also has bigger implications, that is to say, win-win competition, sustainable development, social responsibility, and the rule of law.

Driven by the robust technological growth, the competition of domestic enterprises against foreign rivals is considered very difficult. It is suggested that if Vietnamese companies focus on building corporate culture, it will slow down the development process and competition with foreign firms that have long built the corporate culture. What do you think about this?
The investment for corporate culture is the investment for development. At present, competitive products and competitive companies as well must focus on aspects of humanity in their production processes and in their products. Technology can create a mass production process enabling the massive creation of low-cost products, but technology cannot create distinctive values and cultural contents in each product. The cultural implications and cultural elements of products will make up its most important durability and competitiveness in the world today.

We all know that partners and customers now not only choose products of good quality and affordable prices but also pay heed to products that are created with pronounced social and cultural responsibility and particularly carry cultural uniqueness.

In the world economy and in Vietnam, middle-class consumers will explode. This consumer class has more stringent requirements because they tend to make products based on respect for labour law, environmental protection, community and humanity. So, the most important difference and competitiveness of all enterprises in the long term is corporate culture.

Building corporate culture in the Industry 4.0 era involves managing business resources as there are transformational changes in the labour structure as a result of the emergence of robots. For you, what will the corporate culture in the Industry 4.0 era include?
In the robotic era, robots can do a lot of work, not only for workers but also for corporate executives. They can replace top CEOs. But, they cannot do certain things like disruptive innovations, humanity, and integration of cultural, human and social factors into their products and services. Corporate culture is assigned a very important task of integrating and sharing common values humanely to enable employees altogether to make disruptive innovations in production. The very human creativity will be a decisive factor for competitiveness. And, the corporate culture must nourish an inclusive and innovative business where everyone can fully tap their capacity. The excellence of workers is the most important motive for development and successful competition of each enterprise.

Thank you very much!








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