Friday Nov 29, 2024
Friday Nov 29, 2024
Friday, 22 November 2013 00:02 - - {{hitsCtrl.values.hits}}
As the grand finale of the ongoing competition, the CIMA BCA showcased seven prominent finalists vying for the top position and the eventual winner. The night featured a Greco-Roman combat theme, meant to signify that in the quest for continuous improvement, there can be no losers.
As the capability to turn around failures and leverage on successes, continuous improvement is not only a development businesses and customers demand, but something without which organisations will be rendered obsolete.
Improved performance and sustainable operations
CIMA launched the BCA as a platform to recognise the determination of those who practice improved performance and sustainable operations, and allow them to share what they have learnt whilst propagating best practices within and across industries.
The competition saw both private and public sector organisations contending for the honour of having their ultimate story of beating the competition crowned the winner. This year’s entries ranged from process excellence to sustainability.
Each of the participating teams presented their cases to a panel consisting of industry and academic experts including Ernst & Young Partner Manil Jayesinghe, Freight Links International VP Ravi Edirisinghe, Hayleys Group BPO MD Dr. Arul Sivagananathan and PIM Senior Management Consultant Dr. Travis Perera. The judging panel was moderated and chaired by PIM Director Professor Uditha Liyanage.
Seven finalists made it through the first phase, including Associated Motorways’ ‘Small steps, big change: think the Kaizen way’, Ceylon Cold Stores’ ‘Journey of a thousand miles begins with a single step: how focus on sugar made results at Ceylon Cold Stores sweeter’, Diesel & Motor Engineering’s ‘Compete Bravely’, John Keells Holdings’ ‘Strategic sourcing: the crucible of process excellence’, Lanka Hospitals Corporation’s ‘A thriving business model in the state sector: the Lanka Hospitals Story’, and MAS Active Linea Intimo’s two entries, ‘Creating sustainable value to shareholders’ and ‘People are the game changers of business transformation’. Post presenting their business cases to the panel of judges, three finalists were chosen – Lanka Hospitals, AMW, and CCC.
Producing emerging leaders
CIMA Sri Lanka Chairman Reyaz Mihular opened the event with a few words of welcome, stating that the Business Case Awards was an event that signifies what CIMA is all about. He added: “We produce emerging leaders, not just managers or accountants, people who can take ownership and leadership, and transform businesses in a dynamic environment.”
Discussing the work that CIMA undertakes, he stated: “You will find that the CIMA syllabus doesn’t just feature technical aspects but a lot more to achieve its tailored objectives. It takes a leader to create a business transformation. Today’s winners are people who have gotten together to do this. We will honour and reward the best.”
He further asserted that to be an emerging leader it not only requires accounting skills, but the ability to demonstrate three other types of skills; individual skills such as honesty, integrity and communication, professional skills such as the ability to envisage the future and not just focus on the present, and leadership skills displayed on a daily basis. Mihular added that he both believed and expected that all CIMA graduates should be able to do this. He wrapped up his speech by congratulating the winners and commending the effort of all participants.
Creating success
CIMA Global CEO Charles Tilley’s address centred on creating success in a complex business environment. He began by stating that there are three key fundamentals in carrying this out; figuring out what your business model is, how it makes money, and the possible risks and opportunities for future initiatives.
Tilley added: “Building business successes involves creating value and positive net cash flow in a volatile, complex world driven by technology, globalisation and population growth. Today if we look at market capitalisation of big businesses, it is less than 20% as compared to the over 80% you would see on balance sheets a couple of decades ago.”
He stated that the six capitals of a business are inputs that need to be available; financial, manufactured, intellectual, human, natural, social and relationships. Critical areas involve attracting and retaining customers, robustness of the supply chain, cost leadership and staff motivation.
Tilley said: “In understanding your business model, you need to make sure it is understood at all levels. This allows you to focus on priorities and manage risk. Companies that are simply better managed do so by having better planning, risk management, decision making and execution, and integrated reporting and wider briefs for the finance function.”
In his capacity as Chairman and Moderator, Professor Uditha Liyanage then proceeded to share the observations of the panel of judges on each business case.
Pix by Upul Abayasekara
