Mumbai, Maharashtra, India
Frost & Sullivan India Manufacturing Excellence Awards (IMEA) have been instituted to recognize and applaud the efforts of companies toward achieving an excellent-to-world class manufacturing status. It also recognizes excellence in manufacturing practices that lead to high levels of customer satisfaction and Return on Total Assets (ROTA). The mission of these awards is to recognize the Indian manufacturing capability and assess its global competitiveness.
The Indian economy continues to be progressively liberalized leading to its increasing integration with the global economy. Liberalization and globalization have provided unprecedented opportunities for the growth and expansion of the industries in general, and the manufacturing sector in particular. It is noteworthy that the manufacturing sector has experienced deeper penetration into Asia only in the last two decades, with China and India being considered as the countries that have a significant global impact. Currently, the share of manufacturing and services in GDP is about 40 percent and 31 percent, respectively for China, while in India, manufacturing contributes around 16 percent and 54.7 percent is contributed by services in GDP. While both countries continue to sustain the pace of their growth, China is striving to increase its presence in the Information Technology space, while India is on its way to establish itself as a manufacturing hub, as it creates strong multiplier effects in the services sector in areas such as traditional trading, financial services, transport, and others. Therefore, the overall employment in manufacturing would have to include the indirect generation of employment in the services sector as well.
Currently, automobiles, auto ancillaries, IT hardware, and biotechnology are on the threshold of heralding a new phase of high growth in the Indian manufacturing sector. The common thread across all these sectors is the need to compete globally or with global competition locally. Through the institution of IMEA, Frost & Sullivan aims to salute the best practices followed by companies across the sectors that have equipped them to improve their competitiveness. The awards acknowledge the facilities in India that have achieved and sustained manufacturing excellence through a balanced mix of perseverance, foresight, and dedication required to develop a successful manufacturing organization.
"Through the awards and its philosophy of introducing healthy competition, we hope to partner the industry to 'collaborate and grow', rather than compete amongst themselves. Also, it will be our aim to encourage industry to benchmark themselves with each other, adopt best practices and achieve global excellence," says Anand Rangachary, Managing Director, Frost & Sullivan - South Asia and Middle East.
Frost & Sullivan received 230 applications for its IMEA 2006. The applicants were asked to assess themselves on a 30-point checklist and send 50 key matrices, which define their business performance. Based on the self - assessed checklist and matrices, facilities were short-listed for site visit. The strength of Frost & Sullivan's awards lie in their unique site assessment methodology. Every facility is assessed on Frost & Sullivan's global model and expertise by its globally trained assessors on 11 factors that capture excellence on cost, quality, and delivery. The factors on which facilities are assessed include focus on customer, orderliness, safety and environment, layout and material handling systems, internal competence, visual management, quality systems, scheduling systems, operational flexibility, inventory levels, supply chain integration, and equipment up-time. These factors are globally known to reflect facilities' progress towards flexibility and leanness.
The short listed facilities are assessed on a maximum of 1100 points. The facility score is a sum total of sub-scores obtained on each of the 11 factors. These sub-scores are computed based on the facility's success on 220 pre-graded meticulously chosen "Points of Achievement" (POA).
According to Raghavendra Rao, Director, Process Consulting Practice, Frost & Sullivan - South Asia and Middle East "These awards are one of their kind in India. The global model and expertise followed by Frost & Sullivan facilitates accuracy and has a unique advantage of being applicable across industries. Besides one winner, who would set benchmark for all others, through IMEA we intend to present to the global community, a group of Indian Corporates, year after year, whose facilities have been assessed scientifically, in an unbiased manner, and found to be good in one or more areas. Such global awards, we expect, will have significant impact on the sector's growth. The sector, which will see India gallop past the 10% GDP growth rate mark".
The 2006 edition of the India Manufacturing Excellence Awards will be held at Taj Coromandel, Chennai, India on December 11, 2006. The chief guest for the year will be Dr. V. Krishnamurthy, Chairman, National Manufacturing Competitiveness Council.
For further information on IMEA please visit: www.frost.com/imea
About Frost & Sullivan Awards - Frost & Sullivan Awards are presented to companies that demonstrate excellence in their industry, commending diligence, commitment, and innovative business strategies required to advance in the global marketplace. Frost & Sullivan rigorously analyzes specific criteria to determine award recipients in a variety of regional and global markets. These awards recognize the superior planning and execution of product launches, strategic alliances, distribution strategies, technological innovations, customer service, and mergers and acquisitions. A host of other crucial marketing factors such as leadership, strategy, service, innovation, integration, and development are also recognized. The companies that are commended as award recipients are those with the diligence, perseverance, and dedication required to develop a successful business plan and excel in the increasingly competitive global marketplace.
About Frost & Sullivan: Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit http://www.frost.com.
Samantha Unnikrishnan, Corporate - Communications, Frost & Sullivan, + 91 (044) 4204 4667 sunnikrishnan@frost.com
Nimisha Iyer, Corporate - Communications, Frost & Sullivan, + 91 (022) 4001 3431 niyer@frost.com
Source: Frost & Sullivan (Business Wire India)
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