Each culture is focused on slightly different values. In Germany the term “trust” is used quite often. In which areas does trust or any other value play a role within the economical life? This is discussed in the following based on the so-called soft and hard facts.
Soft facts are reflected e.g. by the image of a company, the culture of a company and the cooperation amongst the employees and with business partners. Especially in big companies there are a lot of instruments to implement and to measure soft facts at least as far as it is possible. HR departments quite often use appropriate methods like the so called 360° feedback. Within the customer management (see news 1/2014) interviews are done to get information on the customer satisfaction and customer retention. There are rankings amongst graduates about the most interesting potential employer. Awards are given e.g. to the “Best Employer”. Nearly for each factor there is a ranking, a statistic or an award. Everyone has to judge on his own about the objectiveness and the value of these things. At least they are an indication and one or the other company, sector or country tries to improve the published value. In addition in the context with the term “trust” it can be stated that it is strongly connected with credibility. Something that has been announced or promised by a company has to be realized in the medium or at the latest in the long term. Otherwise the reputation might be damaged. And there are also instruments like compliance systems and measures within HR to avoid or punish negative behavior, e.g. in case of fraud. In this context it is very important to have qualified and trustable employees to deal with negative behavior in a responsible way. In former times in many cases a handshake was sufficient to make business. And every business partner kept his promises. Today it seems that some try to do business at all costs. Some say one reason might be the pursuit of profit, others say it might be the globalization with an inherent decrease of values. Globalization is very welcome in case of a fair exchange of knowledge. And respect for each other has to be - without any compromise - the basis for that.
Hard facts play an important role in the competition and in the economical cooperation. Especially regarding the fulfillment of contractual agreements for products and services, comparisons of time, cost and quality aspects are made. And most of the companies work hard to gain trust based on these hard facts. Numerous concepts are implemented to make processes more efficient and robust. Key factors like the development period, the lead time, the error rate and the number of complaints are measured and improved or eliminated with appropriate methods and concepts, e.g. just-in-time, standardization of processes and interfaces and the use of quality management systems.
In addition innovative applications are developed. Another very interesting topic, where trust plays an important role, is digitization (see news 4/2014) and the required data and IT security. Within the automotive sector it is very important that the consumer can trust in the quality of the vehicles. Regarding the energy sector there are three main requirements: to save the environment, to keep energy costs on a payable level and especially the security of energy supply. Thus for each sector there are specific requirements from the point of view of the different stakeholders.
Many years ago each company tried to optimize processes on its own. Then concepts have been developed to consider and optimize not only one company but also further companies along the value chain (supply chain management). Today there a numerous, very flexible ways to work together, not only on a national or European level but worldwide. Also in this context the trust that the supplier delivers the agreed amount on time and to agreed costs and quality plays an important role. Therefore there are many chances like the exchange of knowledge and a reduction of costs, but there are also risks in case one business partner does not stick to the rules and agreements. Furthermore sometimes there might be competing objectives. Whereas we try to become a common Europe including the energy market, digitization etc. as a strong competitor to America and Asia, there a national interests and interests of individual companies that have to be brought together.
Summing up one can say that so-called soft and hard facts play an important role within the economical life. Numerous concepts are used by companies to improve these facts and to meet the expectations of business partners, consumers and further stakeholders. Different ways of cooperation exist, but only a fair competition will lead to a success in the long term. In addition it can be stated that there are still a lot of potentials e.g. regarding knowledge, human resources on national and European level that are not yet used. Finally there is the request not only to the members of the economy and worldwide always to promote the dialogue without any prejudices, to cooperate in a fair way based on agreed rules, to build up a win-win situation. The economy is one part in this context. And already in the past there has always been a very strong support by sports, social engagement and besides by the engagement in art and culture. Let us work together for a fair, peaceful and very exciting future for everybody of us!
What are your experiences regarding these topics? Are you currently working on the customer management, on operations or solutions within the supply chain management? Do you need any support or do you want to discuss any of the issues raised in greater detail? Please send an email toThis email address is being protected from spambots. You need JavaScript enabled to view it. This email address is being protected from spambots. You need JavaScript enabled to view it. This email address is being protected from spambots. You need JavaScript enabled to view it. .