The present era is characterized by innovation, which is transforming people's lives and behaviors across the globe, thanks to the power of technology and the advent of the Digital Age.
Within the business world, ‘organizational culture’ that is conducive to ‘innovation’ is a critical factor that determines which organizations thrive and which are left behind.
At the NTL Open Box 2023 event, Ngern Tidlor was honored by guest speaker
Sompoat Chansomboon,
CEO at KT Venture Capital, the top supporter of a Thai startup that evolved into a unicorn by innovating to understand and address the needs of target groups. More than 600 Ngern Tidlor leaders attended his speech on the topic of
“Do More with Less by Cultivating Innovative Culture”, where Sompoat cited Ngern Tidlor as a good example of organizational culture, conducive to innovation, which has enabled Ngern Tidlor to emerge as the leading vehicle title loan and insurance brokerage business in Thailand with advanced innovation and continuous future growth. Sompoat decoded the Ngern Tidlor corporate culture which leads to successful innovation, as consisting of 3 key elements:
1. Ngern Tid Lor offers both a License to Succeed and License to Fail.
Most organizations in Thailand have a ‘License to Success’: If you can work according to your goals and generate profit for the organization, there will be a celebration with special rewards or bonuses.
But what many organizations don't have is 'License to Fail', which means giving employees the opportunity and space to experiment their ideas and allocating a budget or scope that the organization can accept if the attempt fails. When employees are allowed to fail, what does the organization gain? The answer is that despite the failed attempts, a wealth of valuable experience is gained for both the individual and group. The key is to know that organizations with a ‘License to Fail’ will empower and help employees realize their full potential and have courage to innovate and find a better, cooler way to grow the organization.
“In the first year, it can be challenging, but in the long run, those who have made mistakes early on will have the ability to think creatively and generate significant profits for the organization”
Sompoat cited examples of highly-profitable Google products such as Google Search and Google Maps, which originated from trial-and-error experimentation by employees, rather than a direct order from the CEO.
Similarly, Ngern Tidlor has also embraced the power of innovation with products like the NTL App, the TIDLOR Card, and Areegator Platform, all of which offer customers greater convenience and quality of life. Through these innovations, Ngern Tidlor has not only expanded its own business but also created opportunities for its partners to grow alongside them. However, it's worth noting that Ngern Tidlor has also conducted its own product trial and error, as with their "Wet Market Loans" initiative.
2. Ngern Tidlor: Combining Startup Qualities with Effective Governance
What is the driving force behind rapid innovation at Ngern Tidlor? In addition to a culture of ‘Dare to Think, Dare to Try', Ngern Tidlor is always ready for change. This enables speed to adapt, similar to a startup and at the same time safeguards from mistakes or losses, otherwise known as good governance.
Startups have an edge because they are unafraid to experiment. They act before they know the outcome, and if what they try succeeds, they refine it later. This can result in the release of an application in as little as 18 days, where larger organizations may take years because they prioritize accuracy. The advantage of good governance is that it acts as a guide in every decision-making process, providing a safety net against potential risks.
The ability to integrate these 2 advantages, a startup culture with effective governance, has been a key factor in Ngern Tidlor's success in creating innovative solutions that cater to the needs of all stakeholders.
3. Ngern Tid Lor's belief in empowering and supporting employees to thrive
Another successful and innovative culture at Ngern Tidlor is 'Giving Opportunity'; executives at all levels understand the importance of creating opportunities for employees to experiment in order to grow.
Aside from top management, mid-level management plays a crucial role in creating a culture of ‘Dare to Think, Dare to Try’. If mid-level management does not open mind and fails to hear new ideas or is afraid to encourage their subordinates out of fear of possible rebuke from top management, the organization would miss out on valuable opportunities for growth and innovation.
Ngern Tidlor's continuous cultivation of a strong culture has enabled the organization to attract members of the new generation who share the same beliefs and have the potential to create innovative solutions that help the company grow. This has resulted in a workforce that is constantly seeking to improve to keep up with the organization's rapid development, making Ngern Tidlor an attractive workplace for talents across all generations.
Thus, achieving the goal of becoming a steadily growing, strong, and enduring organization for 100 years is attainable for Ngern Tidlor.
Tips to foster culture for innovation
Tips for 'Employees':
- Solely idea is not enough. Employees should be willing to prioritize experimental tasks over routine ones.
- When trying new things, employees must be able to assess the potential risks of mistakes.
- The first idea may not be the best, but it is a starting point.
- Employees should learn from their mistakes and apply these lessons to improve their work.
Tips for 'Executives':
- Executives should be open-minded and listen to their subordinates to understand their ideas and reasoning.
- They must determine the level of risk that the department or organization is willing to take when allowing subordinates to experiment with new ideas.
- Success and results should not just be measured by ‘monetary gain’ alone, but also by the learning and growth of employees.
These tips were shared by Sompoat during his speech on topic: Do More with Less by Cultivating Innovative Culture.