Nepali companies belonging to various industries have been conferred with the ‘2017 Nepal Business Excellence Awards (NBEA)’ at a program held in Kathmandu on November 14, 2017.
This is the first edition of NBEA 2017 jointly hosted by the Confederation of Nepalese Industries (CNI) and the US-based global consulting firm Frost & Sullivan.
NBEA 2017 recognized the Nepali companies based on the adoption of best practices and investor-friendly business models that have a major impact on business and society in Nepal.
The awards ceremony began with the interactive panel discussion titled “Nepalese companies will be globally competitive by 2022 – An utopic assumption or a possible reality?” that dwells on the role of business excellence, industry challenges, government policies, among other issues that are key in the global business environment.
Awards were divided into Silver, Gold and Platinum categories and one of Nepal’s largest trading firms Sipradi Trading Private Limited was honored with the ‘Super Platinum Award’ for outstanding performance in overall business practices.
Nepal SBI stood as the first runner-up, followed by Vijay Distillery and Mega Bank Nepal with ‘Gold Award’, among others.
Nepali Firms Need Global Standards: CNI
Speaking on the side-lines of the awards, CNI President Hari Bhakta Sharma called on the Nepali companies to “adopt internationally-accepted systems to boost efficiency, output, competence and corporate culture to stay relevant in the market”.
“Nepal is heading towards policy stability, leading to steady economic growth and opening up vast investment and expansion opportunities for companies,” he added.
NBEA Will Enhance Awareness
Meanwhile, Nitin Kalothia, Director, Manufacturing & Process Consulting Practice, Frost & Sullivan, said, “The awards will enhance awareness and accelerate the adoption of global best practices among Nepali companies. This will further improve growth, profitability and competitiveness of the organizations.”
The awardees were evaluated based on the four core business processes including Business Planning, Strategy Alignment and Deployment, Organization Building, Process Management and the Final Business Result.