First edition of Nepal Business Excellence Awards on November 14
Kathmandu, August 10
Frost & Sullivan and Confederation of Nepalese Business Industries (CNI) have jointly announced the first edition of ‘Nepal Business Excellence Awards (NBEA)’, which is scheduled to be held on November 14 in the Capital.
Organising a press conference here today, both the organisations jointly announced the award ceremony.
According to the media release, companies from manufacturing, trading, IT/ITES, BPO/KPO, hospitals, construction, logistic, hotels and banking, financial and insurance businesses are eligible to participate in the competition. Awards will be presented to the best contestants on the basis of evaluation in four categories.
Nitin Kalothia, director for manufacturing and process consulting practice at Frost & Sullivan, informed that the four categories are ‘emerging business’, ‘medium business’, ‘large business’ and ‘mega large business’.
According to him, businesses with annual turnover of less than Rs 30 million will be included in the ‘emerging business’ category. Likewise, businesses with annual turnover between Rs 30 million and Rs 250 million will be included in the ‘medium business’ category; businesses with annual turnover of Rs 250 million to Rs 500 million will be included in the ‘large business’; and businesses with annual turnover of more than Rs 500 million will compete in the ‘mega large business’ category.
He also stated that this award provides an opportunity to further improve growth, profitability and competitiveness of Nepali business organisations.
According to the organisers, the assessment process of competitors will include scrutinising an organisation on four core business processes and their business result will be taken as the fifth tool. Business planning, strategy alignment and deployment, organisation building and process management are the four core business processes that will be considered during the assessment.
Frost & Sullivan and CNI have announced that the applicants can apply for the award within September 5.
According to them, overall winners will be recognised with ‘Super Platinum Award’ and ‘Super Platinum Award First Runner-Up’. Also, the sector-specific awards will be categorised as platinum, gold and silver.
On the occasion, President of CNI Hari Bhakta Sharma said that the award will help give due recognition to successful enterprises.