E50 Awards fete the nimblest in business
The 22nd edition of these awards honour businesses which have adapted to changing market conditions, including digital disruptions
Singapore
THE 50 local businesses that made it to the Enterprise 50 (E50) Awards list this year were on Tuesday feted for their ability to stay ahead of the curve.
Their very readiness to adapt their strategies and operations to changing marketing conditions - including digital disruptions - falls in with the theme set for the awards this year, namely, "Building future-ready enterprises".
The awards, into their 22nd year, were presented at the Resorts World Convention Centre, and graced by Minister in the Prime Minister's Office Chan Chun Sing, who is also the deputy chairman of the Committee on the Future Economy.
In his speech, he acknowledged the uncertainties that come from recent "dramatic shifts" in the geopolitical environment in Europe and in the US, and said that to cope with the changes, the government must work with workers and businesses to get the fundamentals right.
On their part, businesses have to continue embracing innovation, technology and new business models.
BLPL Singapore Pte Ltd, a home-grown logistics firm, took home the top prize for putting all these traits in its credo. The company is a testament that even in the most daunting of circumstances, when many in the industry are struggling, bright spots can still be found.
In second place was consumer Internet platform provider Garena Online Pte Ltd, and in third, integrated facilities-management company UEMS Pte Ltd.
A new E50 award debuted this year, the "Enterprise 50 Special Recognition Award - Internationalisation", to honour a company with excellent overseas growth and expansion strategy.
The award went to Linnhoff Technologies Pte Ltd, a manufacturer of asphalt-mixing plants. Set up in Singapore in the late 1980s, it set out to market its asphalt-mixing plant in Asia, relying on its network of overseas distributors and agents in each country to grow.
By innovating and expanding its business beyond Singapore, Linnhoff has been able to maintain and even improve its revenues.
In the other award categories, this year's winners were a good mix of new winners and familiar faces.
A record number of six companies won the Five-Year Award, given to firms which have been on the E50 list for five years.
They are first-place winner BLPL Singapore Pte Ltd, CAD-IT Consultants (Asia) Pte Ltd, Linnhoff Technologies Pte Ltd, Indoguna Singapore Pte Ltd, Wiselink Technology Pte Ltd and ITCAN Pte Ltd.
Twenty-three enterprises made it to the list for the first time; among them was Garena, which emerged second on its first try.
While more E50 companies hail from export-oriented sectors such as engineering (14 per cent) and manufacturing (20 per cent), the winners span a wide spectrum of industries.
Chiu Wu Hong, head of enterprise at KPMG in Singapore, said: "Though different in their own way, our 50 enterprises share common traits such as adaptability to market changes, along with a commitment and loyalty to customers . . . They think about the future and its accompanying challenges - and are not consumed by short-term pressures."
Alvin Tay, editor of The Business Times, said: "In spite of the slowdown in the global economy, this year's E50 award recipients have demonstrated that having the right business fundamentals is essential for them to thrive in today's competitive landscape."
The E50 Awards was jointly organised by The Business Times and KPMG in Singapore. OCBC Bank returned as the sponsor for the 11th year.
Linus Goh, OCBC head of global commercial banking, expressed confidence that the E50 Award winners would continue to do well in their journey ahead.
International Enterprise (IE) Singapore, the Singapore Business Federation, Spring Singapore and Singapore Exchange (SGX) were supporters of the event; this is the first time that SGX is supporting the E50 Awards.
