MEASURE OF EXCELLENCE
Value additions
Namalie Herath
Q: Given that ‘there are awards and awards,’ how would you differentiate the awards that corporates win? What are the keys to such awards being authentic and worthy of the associated recognition?
A: I agree that there are ‘awards and awards,’ which is important to ensure healthy competition in industries and encourage corporates to always be ahead of the curve by continuously evolving themselves.
Due recognition awarded on verticals such as broader participation, transparent evaluation criteria and being accredited by a recognised body will ensure authenticity of an award, which will undeniably add more value to the accolade.
Q: How can companies that win awards leverage on the admiration that follows where stakeholders are concerned?
A: Winning an award is not merely an endorsement that builds the credibility of an organisation; it enhances your corporate image, and becomes a morale booster that helps to continue to set the bar high for both stakeholders and your own brand.
The fame and admiration that follow must be sustained through consistency in delivering on your brand promise, which will help in enhancing stakeholder value that much more.
Q: And how would you compare awards bestowed by media and awarding institutions overseas with those that originate from local sources?
A: Awards are a driver of excellence. Irrespective of whether an award has been bestowed by a local or an international institution, the stature of the awarding platform will elicit a positive commendation for your organisation.
But global awards will also have that pronounced edge to keep the Sri Lankan flag flying high in the global arena, which I believe is important for us as a developing market.
Q: In your opinion, how important are awards in contributing to an organisation’s credibility and reputation locally and internationally?
A: Author and founder Wayne Chirisa says that “an award is not the end goal but rather, a symbolic confirmation of your potential future success.”
As mentioned earlier, awards are drivers and measures of excellence but not simply a ‘feel good’ thing. A win can be a good motivator that helps one to grow and thrive.
Having said that, we mustn’t forget that there are many organisations that succeed without winning awards. It boils down to the attitude and culture you foster in your workplace, business model and brand.
So in my opinion, an award is a value addition and stimulus.
Q: Does the recognition that comes from awards and accolades lead to increased sales or business – and if so, how?
A: While I feel that it has no direct impact, an award may or could influence the reputation of an organisation in the sector or industry it operates and among stakeholders – this is simply because a win is like a gold star that elevates the credibility and image of a business.
Q: How should businesses that win awards maintain the high standards that led to their recognition?
A: The true value of an award can be derived only if an organisation is committed to conforming to the values the brand stands for, and strives to push boundaries and keeps evolving with time to be relevant.
A win is always an opportunity to do more – to be more.
Q: And last but not least, how do you measure the long-term impact of winning awards on an organisation’s financial performance?
A: The effect of winning awards on an organisation’s financials is a perceived value. It solidifies brand image and its offering in an industry or a sector.
If an organisation continues to be recognised in some form, it becomes a testament to its consistent efforts to excel. This can undoubtedly influence prolonged effects on a corporate’s ecosystem.
