Achieving excellence, the dire need- Dr U. Liyanage

by Lalin FERNANDOPULLE

Corporates must strive to achieve excellence to gain advantage in a highly competitive global business environment, said Chairman of the Panel of Judges and Director of the Postgraduate Institute of Management, Dr. Uditha Liyanage.

Dr. Uditha Liyanage

He said companies cannot afford to be mediocre as it does not pay and added that if they are to succeed they need to excel in the chosen area of business.

"The challenge today is to identify the area of excellence and maintain the growth momentum. The chosen area of excellence will give companies a distinct cost advantage and offer superior value to customers and stakeholders", Dr. Liyanage said.

Business chambers are supporting corporates to excel in their businesses and gain global recognition for their outstanding performance.

In more recent times, Sri Lanka has produced economists, business leaders, writers, artists and sportsmen who have left a legacy of excellence for generations to emulate.

The National Business Excellence (NBE) Awards is an annual event conducted by the National Chamber of Commerce of Sri Lanka (NCCSL) with the aim of recognising and rewarding enterprises which have excelled in their ventures contributing to the economic progress of the country.

Dr. Liyanage said the NBE awards are designed to recognise business organisations that make a distinct contribution to the socio-economic growth of the country through exemplary business practices.

Companies have to demonstrate their area of excellence above the industry average, based on the criteria for selection. Business and financial performance, global reach, knowledge integration, technological investment, capacity building, performance management, corporate governance and corporate social responsibility are some of the selection criteria.

The NBE awards recognises the contribution of the SME sector entrepreneurs. A large number of entrepreneurs from the North and the East will take part in this year's awards ceremony.

Commercial Bank PLC clinched the Gold Award at last year's presentation ceremony. The NBE 2011 awards ceremony will be held on November 30 at the Colombo Hilton.