Business consulting firm Frost & Sullivan and the Confederation of Nepalese Industries (CNI) on Thursday announced that the first edition of the Nepal Business Excellence Awards (NBEA) would be held on November 14 in Kathmandu.

Frost & Sullivan and CNI aim to bring about a unique forum for evaluating and establishing business excellence in various companies in Nepal. 

The 2017 Nepal Business Excellence Awards is a platform designed to incisively assess and highlight focus areas that will assist business leaders in building sustainability in their businesses, and recognize companies who have successfully deployed sustainable and investor friendly business models, the organizers said.

Companies from manufacturing, trading, IT/ITeS, BPO/KPO, hospitals, construction, logistics, hotels, banking, financial services and insurance will be eligible to participate in this assessment. The four categories of participation based on sales turnover of the companies include emerging businesses with an annual turnover of less than Rs30 million. 

Medium businesses should have an annual turnover between Rs30 million and Rs250 million, large businesses should have annual turnover between Rs250 million and Rs500 million and mega large businesses should have annual turnover of more than Rs500 million.

The qualifying companies for all categories will be evaluated by an elite jury panel comprising of members from Frost & Sullivan and CNI. The organizer said that the assessment would scrutinize an organization for four core business processes: business planning, strategy alignment and deployment, organization building and support and process management. 

The overall winners will be recognized as Super Platinum Award and Super Platinum Award 1st Runner-up winners. Other than these, sector specific awards will be categorized as Platinum, Gold and Silver, the organizer said.

Nitin Kalothia, director, manufacturing and process consulting practice, Frost & Sullivan said, “Nepal is going through an economic transformation, and this is expected to bring new opportunities, challenges and competition in the region.

“The GDP has bounced back to 7.5 percent in the last fiscal year, and investment in infrastructure and power sector appears to be promising. To be ‘Future Ready’ requires companies to innovate and implement new business models, learn from global players and adopt business excellence frameworks. 

“The 2017 Nepal Business Excellence Awards, through its incisive assessment process, will enhance awareness and accelerate adoption of global best practices in Nepali companies. This will further improve growth, profitability and competitiveness of organizations.”

CBI President Hari Bhakta Sharma said, “The country is heading toward policy stability, leading to steady economic growth and opening up vast investment and expansion opportunities for companies. Therefore, Nepali companies must adopt internationally accepted systems to boost efficiency, output, competence and corporate culture to stay relevant in the market.”