A NEW award was launched on Wednesday to recognise businesses which managed to transform themselves to become innovative and future-ready.
Known as the Special Recognition Award - Enterprise Transformation, it is part of the Enterprise 50 (E50) Awards lineup for 2018.
Organised by KPMG and The Business Times (BT), the highly coveted E50 Awards have become the authoritative list of the 50 most enterprising, privately-held local companies in Singapore across all industry sectors.
This year, the new award for enterprise transformation seeks out the company that is best able to adopt a business model to achieve productivity gains, sustainable growth and the ability to move into higher value-added activities.
Other criteria for the award include collaboration with institutes of higher learning or other research institutions on research or innovation projects, as well as other initiatives that have resulted in positive change in the competitiveness of the company.
Only companies which made it to the E50 list will be considered for this special award.
Wong Wei Kong, editor of BT, said: "We hope that this new award, in highlighting the best examples of companies that have truly transformed their businesses, will help to spur others to do the same. Not just tinkering around the edges, or skimming the surface, but to really relook and reset their business models, if needed, and find new paths of growth."
Jonathan Ho, head of enterprise, KPMG Singapore, noted that more companies are putting in efforts to adapt to the changing business environment in more diverse ways, such as investing in technologies that digitalise their business operations or taking advantage of market opportunities presented through collaborations with larger organisations.
"These will lay the groundwork for them to compete effectively and pave the way to success," he said.
"We hope to achieve stronger businesses that are ready to compete on the global stage, while sustaining business growth."
Aside from the Enterprise Transformation Award, there will also be the Internationalisation Award, which seeks to encourage more local enterprises to expand overseas. For this, a company's growth and expansion strategy is being assessed in the qualitative assessment.
In addition, companies which have been on the E50 list for five years are accorded the Five-Year Award.
The nominations for the 2018 E50 Awards close on June 30. The 2018 E50 list will be published in the fourth quarter of 2018 in conjunction with an awards gala dinner.