Harvard Business School Professor and leading management thinker, Michael E. Porter addressed a gathering of top industry leaders, thinkers and government functionaries at Porter Prize 2018 held on May 30, 2018 at The Taj Mahal Palace, Mumbai. Porter Prize is awarded to winning companies for their strategic acumen. The award is adjudged after a rigorous process of evaluation, interaction and jury assessment. Participants are thoroughly analysed on vital parameters of strategy like trade-offs, creating distinctive value, fit, et al. that drive the competitive advantage of firms.
- Porter Prize 2018 was awarded to ten companies in eight different categories on May 30, 2018
- Harvard professor Michael E. Porter addressed the gathering at the event followed by presentation of the awards
- PM-EAC Chairman, Bibek Debroy, also delivered a keynote at the event on the role of governments in modern societies.
- Bibek Debroy also released the 2018: Social Progress Index: Districts of India during the event.
- Following CEOs were present on behalf of their companies to receive the award: Kavinder Singh (MD & CEO, Mahindra Holiday & Resort), Jaideep Devare (MD, Mahindra Insurance), Atindriya Bose (CEO, Mahindra & Mahindra, Farm Equipment Sector), Ashok Kumar Nedurumalli (Co-founder, TeamLease Services), NA Ansari (CEO-Steel, Jindal Steel and Power), Pankaj Kumar Gupta (CTO, GNFC), Neeraj Jain (Director, PATH), Sanjiv Navangul (MD, Janssen India), Ravi Raman (MD and COO, InfraHedge) and Prashant Jain (JMD and CEO, JSW Energy)
Professor Porter delved into the question of why every organisation needs an augmented reality strategy based on his recent work on information technology. He highlighted the fact that a sense of anxiety is gradually taking over businesses and people due to the advent of information technology and its impact on jobs. Technologies like augmented reality (AR) are venturing into new information delivery paradigms that are redefining businesses. To be precise, AR creates business value in two ways: first, by differentiation of products and second, by improving productivity along the value chain. AR has, therefore, become an important aspect to create competitive advantage for modern businesses. The only challenge is not the lack of data or knowledge but in assimilating and acting upon them so that new productivity horizons are unleashed.
Porter, then, presented the Porter Prize 2018. The award was presented to the following recipients:
- Mahindra Holiday & Resorts was presented the Amity University Creating Porter Prize for Distinctive value. Mr. Kavinder Singh, MD & CEO, Mahindra Holiday & Resorts received the award on behalf of his company. The citation reads “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.”
- Mahindra Insurance and Mahindra & Mahindra (Farm Equipment Sector) were presented the GNFC Porter Prize for Creating Shared Value. Mr. Jaideep Devare, MD, Mahindra Insurance, and Atindriya Bose, CEO, Mahindra & Mahindra, Farm Equipment Sector, received the award on behalf of their companies. The citation reads “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.”
- TeamLease Services was presented the ABP News Porter Prize for Industry Architectural Shift. Mr. Ashok Kumar Nedurumalli, co-founder, TeamLease Services, received the award on behalf of the company. The citation reads “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.”
- Jindal Steel & Power was presented the Porter Prize for Exploiting Trade Offs. Mr. NA Ansari, CEO, Jindal Steel and Power, received the award on behalf of his company. The citation reads “For your outstanding performance driven through excellence in corporate governance that is reflected in synergies between different aspects of business, superior performance and control mechanisms.”
- GNFC was presented the Porter Prize for Enabling Social Progress. Mr. Pankaj Kumar Gupta, CTO, GNFC received the award on behalf of his company. The citation reads “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.” The award was given for a project undertaken by GNFC in association with NITI Aayog on a cashless society.
- PATH and Janssen India were presented the Porter Prize for Value Based Healthcare Delivery. Mr. Neeraj Jain, director, PATH received the award on behalf of his company while Mr. Sanjiv Navangul, MD, Janssen India received the award on behalf of his company. The citation reads “For redefining healthcare, providing an overall framework for diagnostics, participating in building a resilient healthcare 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.”
- JSW Energy was presented the ABP News Porter Prize for Leveraging Unique Activities. Mr. Prashant Jain, JMD and CEO, JSW Energy, received the award on behalf of his company. The citation reads “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.”
- InfraHedge Ltd. was presented the Porter Prize for Platforms, Smart Connected Products & Solutions. Mr. Ravi Raman, MD and COO, InfraHedge, received the award on behalf of his company. The citation reads “For your role in reshaping industry boundaries & creating entirely new industries, expanding opportunities for new functionality, greater reliability, higher product utilization, and capabilities that cut across and transcend traditional product boundaries; building capabilities within enterprises to rethink and retool nearly everything they do internally.”
The event was also marked by a keynote from Bibek Debroy on the role of government in modern economies and how India and its government have fared through history. He distinguished between the malign and the benign role of government. The former refers to an excess government intervention in areas which should be left alone by it while the latter refers to the goods and services that it is expected to deliver. But, the malign role of the government should be constrained only subject to appropriate regulations. An absence of regulation is impossible since the real world is vastly different from the perfect conditionalities assumed by theory. In that respect, he also defended the GST regulation of the government in its imperfect form. He asked the audience if debate and discussion on GST should have been undertaken in perpetuity to generate consensus or was it preferable to implement an imperfect tax law and to address its challenges along the way.
Post his address, Bibek Debroy also launched the “2018 Social Progress Index: Districts of India” that the Institute for Competitiveness undertook in collaboration with Social Progress Imperative. The study covers 637 districts from 33 states and Union Territories. It is the first ever effort to holistically and comprehensively assess the quality of life of India’s citizens on this level of granularity. During the launch of the report, he commented that, “When we look at India we often tend to look at it in terms of whats happening in states, we tend to look at it in terms of whats happening in districts, because these are need administraive boundaries. The interesting churn that is happening in India now is not just competition among states but the great disparity among states and within states. Several of the states that historically were backward, according to whatever criteria you choose are now fast catching up. The distance between them and the more advanced states historically may still be large but that is because states like Punjab, Goa started with high base levels. Even more interesting is the fact that there are increasing variations within states. What is exciting is this churn and to understand what is happening to development and deprivation in India it is no longer enough to look at states. It is more important to look at districts.”
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