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LMW bags Prestigious Palladium Balanced Scorecard Award
27
Sep '08
Lakshmi Machine Works Limited one the world's leading textile equipment manufacturer with sales of $504 million and 3,500 employees, has been awarded the prestigious “Palladium Balanced Scorecard Hall of Fame for Executing Strategy” by Palladium Group Inc, the global market leader in helping organizations execute strategies.

The award was presented to Lakshmi Machine Works in Seoul, South Korea at the Asia-Pacific Summit, on the 24th of September, 2008.

LMW had introduced the Balanced Scorecard to focus the company on its strategic performance drivers to alleviate the effect of slowdown in Textile Industry. Guided by its Office of Strategy and Risk Management, LMW has integrated its strategic performance management system with its Six Sigma, Activity-Based Management, knowledge management, and ERP implementation. In four years revenues have soared from $120 million to $504 million, profits from $8.8 million to $84.8 million.

LMW is ranked by Standard & Poor's as one of the eight emerging Indian Blue Chip Companies, and by Business Week as one of Asia's Top Growth Companies.

Commenting on receiving prestigious award Mr. Sanjay Jayavarthanavelu, Wholetime Director said, "Despite the recession in India's textile industry, we have achieved record revenues and profitability by becoming a Strategy-Focused Organization".

"The BSC has helped us to build our strategy, align resources to that strategy, set targets, and achieve greater transparency. More than 1,100 of our staff have their own scorecards, and the BSC has become a way of life at LMW".

The Palladium Group helps its clients link strategy and operations to achieve an execution premium. Palladium's expertise in strategy, finance, and IT delivered through consulting, education, training, and technology implementation services has helped more than 500 client organizations build strategy, drive performance, and optimize data. Palladium has offices throughout North America, Europe, the Middle East, Latin America, Africa, and the Asia-Pacific region. Palladium's Balanced Scorecard Hall of Fame for Executing Strategy recognizes organizations that have achieved an outstanding execution premium.

Lakshmi Machine Works Limited

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