Corporate culture crucial for sustainability in Industry 4.0

Loc made the statement at the forum “Corporate Culture in the era of the fourth Industrial Revolution (Industry 4.0)”, co-organised by VCCI, Audit and Advisory firm Deloitte Vietnam and the Hanoi Association for Women Entrepreneurs (HNEW) to help businesses build strong corporate cultures to continue to grow in the new stage of the economy.

The programme attracted nearly 200 participants, including economic experts, business leaders and socio-occupational organisations.

“The development of a business does not rely only on technology investments but also on the enhancement of corporate culture,” Loc said.

“Industry 4.0 has been spreading and creating drastic and dramatic changes all over the world with strong influence all sectors and all economies. With the trend of international integration, Industry 4.0 opens many opportunities but also poses many challenges for enterprises to improve their competitiveness, management and development, technology and especially corporate governance, in which corporate culture is considered as an important factor for building a sustainable enterprise,” he said.

 “Industry 4.0 is the big wheel that pushes businesses to jump higher and further but if firms are not developing themselves in a comprehensive manner, they can also be also crushed under this giant wheel,” he added.

Building a good business culture in the 4.0 era helps businesses harmonise and create good cooperation between people and robots in the workplaces, thus taking advantage of the opportunities offered by the Fourth Industrial Revolution, he said.

Loc added that corporate culture and business ethics in a market economy are key factors that determine success. Vietnamese enterprises need to improve not only their competitiveness in capital, business strategy, technology, productivity, quality, efficiency and design but also reputation, brand and business ethics.

Ha Thu Thanh, Chief Executive Officer of Deloitte Vietnam, said Industry 4.0 would also bring great opportunities for all types of businesses, especially small and medium-sized enterprises (SMEs).

“SMEs can adapt quickly to grasp the opportunities of the Industry 4.0 if they are truly aware that corporate culture and core values determine the competitive strength of a business. It is important for businesses to grow sustainably in the 4.0 era,” Thanh said.

Gian Tu Trung is president of the Institute for Research on Educational Development (IRED) cum founder and chairman of PACE Institute of Leadership and Management, Vietnam’s leading business education institute.

Local enterprises need to know that corporate culture management is a basic method of corporate management and the basis for innovation and development of new technologies, he said. It also enhances the role, responsibility and authority of firm leaders, Trung added.

Besides building corporate culture, local firms should pay attention to business ethics. According to Trung, together with corporate culture, business ethics increases the prestige of enterprises.

He said that in any situation, enterprises must maintain business ethics. If they maintain business ethics in a difficult period, they affirm their brand and prestige.