Business Excellence at Philips
Founded in 1891, Royal Philips of the Netherlands is a globally and diversified company with 122,000 employees; with sales and services spreading over more than 100 countries worldwide. Philips is a market leader with a diversified range of products audio and visual entertainment, lighting, health care, oral care, shaving and grooming, lifestyle products for personal well-being and pleasure,
"The Philips Way" is a set of principles and behaviors that underlie their managerial approach towards a world class company committed towards providing excellent opportunity for entrepreneurial and creative individual who wants to contribute to Philips' dynamic growth.
Philips pledge itself with a globally renowned company theme "Let's make things better" that constantly strive to be the best at what they are doing in providing solutions that meet customer's needs and add to the quality of peoples' daily lives.
The program that Philips has chosen as a path towards business excellence is called "BEST" - Business Excellence through Speed and Teamwork. BEST describes a set of methods and tools by which they focus on continuous improvements in their daily efforts. Past experience from earlier initiatives are incorporated into this program to ensure that they learn as much as possible from their successes in the past. Philips adopted BEST to a goal committed to improving processes in-line with the company's strategic targets. Their ambition is to be one of the best companies in the world: the best to trade with, work for, and invest in. Quality improvement in Philips affects all their employees and processes, in every country, division or department, encompassing everyone from Board level to shop floor.
Question 1
(a) As a world-class company, Philips constantly strive itself to be best at what they do in providing solutions to meet their customers' needs and add to the quality of their daily lives. Write a report consisting of 1,000 words detailing the Business Excellence journey in Philips. Your answer must be related to business excellence and its criteria within Philips.
(b) Identify and explain four (4) key drivers in achieving Business Excellence in Philips.
Question 2
(a) Identify and explain five (5) lessons learned in Philips journey towards Business Excellence.
(b) OSIM International is a global leader and provider of products for healthy lifestyle overall well-being. OSIM is listed in the Singapore Exchange and has over 30 years of experience in the innovation and manufacturing of quality healthy lifestyle products.
Additional Requirement
This problem belongs to Corporate Strategy and define about business excellence achieved by Phillips from Netherlands. The key drivers of business excellence of Phillips have been discussed in the solution in detail.
Word limit 2550