Professor Michael E. Porter presented Porter Prize 2017 in Mumbai
Source: Institute for Competitiveness
Mumbai, Wednesday, May 26, 2017 1:00 PM
Harvard Business School Professor and leading management thinker, Michael E. Porter presented Porter Prize 2017 to winning companies for their unique strategic acumen. The award is adjudged after a rigorous process of evaluation and selection. Participants are thoroughly analysed on vital parameters of competitiveness and a jury selects winners who do exceptionally well in their respective category. The event was organised by Institute for Competitiveness, India on May 24, 2017 at The Taj Mahal Palace, Mumbai.
- Porter Prize is named after the renowned thinker, Harvard faculty member and Father of the modern strategic field Professor Michael E. Porter. It recognizes the strategic acumen of corporates in India.
- Porter Prize was organized by Institute for Competitiveness, India on May 24, 2017, at The Taj Mahal Palace, Mumbai.
- Eight enterprises in eight different categories bagged the prestigious Porter Prize 2017.
- It was attended by CXO’s, top industry leaders, thinkers, and senior executives from corporates, government and media.
- Following CEOs on behalf of their enterprises received the award. Dr. Rajeev Kumar Gupta (MD, GNFC); Annaswami Vaidheesh (VP, South Asia & MD, India, GSK); Dr. Ajay Bakshi (MD & CEO, Manipal Health Enterprises Pvt. Ltd.); Chitresh Gupta (VP, DS Group); and Sanjeev Puri (CEO & ED, ITC)
- Professor Michael E. Porter presented the Porter Prize 2017 awards to the enterprises.
- Professor Porter also delivered two keynotes on strategy and shared value.
Porter Prize 2017 organized by Institute for Competitiveness, India on May 24, 2017 at The Taj Mahal Palace in Mumbai was a wonderful confluence of cutting edge ideation by various business leaders. The day was marked by two insightful keynotes from Michael E. Porter on strategy and shared value. There were two panel discussions on the same topics as well peppered with keynotes from other distinguished speakers.
In the morning, Amit Kapoor (Honorary Chairman, Institute for Competitiveness) welcomed Michael Porter and set the agenda for the day. Wilfried Aulbur (Chairman, India Council on Competitiveness & Managing Partner & CEO, Roland Berger) gave the opening keynote on his book with Prof. Kapoor, “Riding the Tiger”. He shared the observations that the book makes on the strategies that makes businesses succeed in India.
This was followed up with Professor Porter’s insightful keynote on the field of strategy. Professor Porter discussed what constitutes a good strategy and advised the gathering of industry leaders on how to undertake strategic planning for their organisations. He also warned the audience about the common mistakes that companies make in framing strategy. Michael Porter’s keynote was followed by his discussion with Sanjiv Puri (CEO, ITC) on strategy in the Indian context. Despite the challenges that India faces like jobless growth, Professor Porter firmly stated his belief in the Indian growth story.
The next session was a panel discussion on “Strategy – The Idea of Efficiency, Tradeoff, Positioning and Fit”. The panel comprised of top executives from companies across various industries. Picking off from the learnings made from Professor Porter’s keynote, the panel shared the strategy and tradeoffs they practice in their business operations. There was also a discussion around the impact of recent legislations like GST and RERA on strategy and operations of companies in concerned industry. The panel agreed that following a consistent strategy eases compliance with such legislations.
Following this, Professor Porter delivered a keynote on the revolutionary idea of shared value. He shared his belief that businesses need to play a larger role in society, not through philanthropy or CSR, but by creating societal impact along with making economic gains. Societies are facing multiple challenges, but government and NGOs lack sufficient resources to fully meet them. Businesses are the only institution that can create wealth and prosperity and are unique in their capability to scale their operations. Professor Porter called out to the industry leaders gathered in the room to rethink their businesses along these lines. He also appealed India to do away with its “backward” 2% CSR law and progress towards the idea of shared value.
Porter’s keynote was, then, followed up with a panel discussion on “The Next Realm of Strategy: Creating Shared Value. The panel discussed the experiences their companies have had in adopting shared value practices.
Following these engagements, Michael E. Porter and Dr. Amit Kapoor (Honorary Chairman, Institute for Competitiveness) presented the citation to the Porter Prize winners. The winners of the Porter Prize 2017 are:
- DS Group was presented the Taj Group Porter Prize for Creating Distinctive Value. Chitresh Gupta received the award on behalf of DS Group. The citation read “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.”
- Manipal Health Enterprises was presented ICICI Lombard Porter Prize for Value-Based Healthcare which was received by Ajay Bakshi. The citation read “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.”
- ITC Ltd. and GSK shared the Porter Prize for Creating Shared Value. Annaswami Vaidheesh and Sanjeev Puri received the awards on behalf of GSK and ITC respectively. The citation read “For your outstanding performance in the industry and to recognize the high impact your organization has created by reconceiving products & markets, redefining productivity in the value chains, enabling community development and in turn creating societal and economic progress.”
- Gujarat Narmada Valley Fertilizers & Chemicals Limited was presented Porter Prize for Enabling Social Progress. Rajeev Kumar Gupta received the award on behalf of GNFC. The citation read “For your outstanding contribution to the society to meet the basic human needs, established blocks that allow communities to sustain the quality of life and creating conditions for individuals to reach their potential.”
- ITC was presented Porter Prize for Excellence in Corporate Governance and Integration. Sanjeev Puri received the award on behalf of ITC. The citation read “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.”
- SIDBI was presented the Porter Prize for Leveraging Unique Activities. The citation read “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.”
To know more about the Porter Prize 2016 winners, visit http://www.porterprize.in/winners-2016/
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. For more information, visit http://www.porterprize.in
About Institute for Competitiveness
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, and funds academic research in the area of strategy & competitiveness. For more information, visit https://www.competitiveness.in
Media Contact Details
Neera Vohra, Institute for Competitiveness