Porter Prize Recognizes the Strategic Acumen of Corporates in India
JSW, Apollo, Reliance Foundation, and others received the Porter Prize 2015 award
Monday, September 28, 2015 1:16PM IST (7:46AM GMT)
- Porter Prize is named after Michael E. Porter who is Professor at Harvard Business School, living legend and father of modern strategy field
- Nine enterprises bagged the prestigious Porter Prize 2015 in different categories
- Sangita Reddy, Sajjan Jindal, Anil Jain, R Subramanian and Seshagiri Rao MVS received awards on behalf of their respective enterprises
- Nearly 30 companies were shortlisted
- The event was attended by CXO’s, top industry leaders, thinkers, and senior executives from corporates, government, and media
- Bishop William Lawrence University Professor Porter shared his views on how smart, connected products are transforming competition and companies
Institute for Competitiveness, India organized Porter Prize 2015 on September 25, at The Leela, Gurgaon. It started with two panel discussions on Capitalism, Shared value & Social Progress and Strategy, Positioning, Tradeoffs & Fit. It was followed by a talk by Professor Michael E. Porter and an award ceremony wherein Kailash Vijayvargiya (National General Secretary, Bhartiya Janta Party), Michael Enright (Director at Enright, Scott & Associates), Wilfried Aulbur (Managing Partner & CEO, Roland Berger) and Dr. Amit Kapoor (Institute for Competitiveness, India) gave awards to the winners. The companies that made it to the winner list are
- Porter Prize for Leveraging Unique Activitieswas awarded to JSW Steel, which was received by Seshagiri Rao MVS (CEO, JSW Steel). The citation read for them was “For your outstanding performance in the industry and to recognize your effective rendering of activities across the value chain that created competitive advantage. You clearly stated that good strategies depend on the connection among many things and on making interdependent choices.”
- Porter Prize on Industry Architectural Shift was awarded toMahindra Rural Housing and Finance, which was received by Anuj Mehra (CEO, Mahindra Rural Housing & Finance). The citation read for them was “For your outstanding performance in the industry and to recognize you for redefining the industry structure by challenging the very basis of competition, creating new business models, challenging the status quo and exploiting change.”
- Porter Prize on Exploiting Tradeoffs was awarded toAbbott India, which was received by Rehan A. Khan (Managing Director, Abbott India). The citation read for them was “For your outstanding performance in the industry and to recognize the choices that made your strategy sustainable as they were not easy to match or neutralize due to which you were able to create barriers pertaining to emulation.”
- Porter Prize for Creating Distinctive Valuewas awarded to DHL, which was received by R Subramanian (Senior Vice President & MD, DHL Express India). The citation read for them was “For your outstanding performance in the industry and ability to offer unique solutions to the customers. You effectively created new market spaces, segments and provided solutions that redefined the market.”
- Porter Prize for Value Based Healthcarewas awarded to Apollo Hospitals, which was received by Sangita Reddy (Joint Managing Director, Apollo Hospitals). The citation read for them was “For redefining healthcare, providing an overall framework for diagnostics, participating in building a resilient health care system, focusing on providing value to patients, not just lowering costs; free flow of information i.e, information on results and prices needed for value-based competition and innovation in healthcare such as enhancing the patients experience, redefining the business around medical conditions.”
- Porter Prize on Creating Shared Value was shared by two organizations –Jain Irrigation and JSW Group. Anil Jain (Managing Director, Jain Irrigation) received the award on behalf of Jain Irrigation, and Sajjan Jindal received the awarded for JSW Group. The citation read for them was “For your outstanding performance in the industry and to recognize your high impact as an organization that created economic success by redefining markets, products, way of doing business, creating collaborative efforts and in turn creating societal and economic progress.”
- Porter Prize for Enabling Social Progress was awarded toReliance Foundation, which was received by Rohit Bansal (Group Head of Communications at RIL). The citation read for them was “For your outstanding contribution to the society to meet the basic human needs, established blocks that allow communities to sustain quality of life and creating conditions for individuals to reach their potential.”
- Porter Prize for Excellence in Corporate Integration & Governance was awarded toTata Power, which was received by Chetan Tolia (Chief HR Officer, TATA Power). The citation read for them was “For your outstanding performance that is driven through excellence in corporate integration, exploiting synergies between different divisions, superior board room performance and governance mechanisms.”
To know more about the Porter Prize 2015 winners, visit http://www.porterprize.in/winners-2015/
Keynotes at the event were delivered by Sangita Reddy (Joint Managing Director, Apollo Hospitals) and Kailash Vijayvargiya (National General Secretary, Bhartiya Janta Party). Other Prominent speakers were Dr. Shelly Batra (CEO, Operation Asha), Sumantra Sen (CEO, JSW Foundation), Siddharth Arora (CEO& Co-founder, ePaisa Ltd), Deepak Arora (Group Head – CSR and CEO, Essar Foundation) et al.
In its fourth edition, Porter Prize India not only continued the legacy of identifying the best corporate across various segments, it also led to an inspirational force for corporates in becoming more strategic and competitive. The daylong enriching deliberations culminated with Professor Michael E. Porter addressing Indian corporates on his evolved perspectives on strategy and technology. He shared insights on the transitioning era and play of technology as per his renowned five forces model. He stated, “Smart connected products is starting to transform what products can do, how companies are competing and what competitive advantage matters. So the connectivity between technology and product today is important and has the ability to create new avenues of development in an economy” He also affirmed his keen desire to visit India as he genuinely looked to India to make mammoth strides in productivity and competitiveness.
The tête-à-tête led by Sajjan Jindal (Managing Director & CEO, JSW Steel) with Professor Porter disarmingly brought the massive latent potential Indian ecosystem possesses. Mr. Jindal pointed questions like what should India do to increase its agriculture contribution to 25% of India’s GDP using technology? Are the technology-enabled services going to hinder opportunities of the increasing educated base of Indians? Will in future the smart connected products and related technology affect the traditional Indian industries like diamond and leather? Answering these questions, Professor Porter replied that India has the advantage of possessing IT expertise so here is the chance for the country to catch quickly with the flow and seize the opportunity. The technology is not going to affect the ability of individuals instead it will enhance people’s capability.
Just prior to him, Sangita Reddy (Joint Managing Director, Apollo Hospitals) delivered a speech, which was encouraging for entrepreneurs, as she shared the genesis of Apollo chain of Hospitals. She said, “Two years ago companies across the world used to compete on the basis of price but today only those companies are successful and will succeed in future that are competing based on design build around the needs of the customer.”
Dr. Amit Kapoor (Honorary Chairman, Institute for Competitiveness) in the end congratulated all the winners and announced the date for the next Porter Prize event. He said, “We believe that the journey of Porter Prize instill the spirit of competitiveness and pave the path for strategic success for enterprises.”
About Porter Prize
Porter Prize is named after Michael E. Porter who is Professor at Harvard Business School, living legend and father of modern strategy field. The central idea of the Porter Prize is to propel companies to compete on the basis of value creation, innovation and strategy.
Institute for Competitiveness, India is an independent, international initiative centered in India, dedicated to enlarging and disseminating the body of research and knowledge on competition and strategy, pioneered over the last 25 years by Professor M.E. Porter of the Institute for Strategy and Competitiveness, Harvard Business School (ISC, HBS), USA. Institute for Competitiveness, India works in affiliation with ISC, HBS, USA to offer academic & executive courses, conduct indigenous research and provide advisory services to corporate and Government within the country. The institute studies competition and its implications for company strategy; the competitiveness of nations, regions & cities; suggests and provides solutions for social problems, Institute for Competitiveness, India brings out India City Competitiveness Report, India State Competitiveness Report, India Economic Quarterly, Journal of Competitiveness and funds academic research in the area of strategy & competitiveness. For more information, visit http://www.porterprize.in