Forbes magazine, the world’s leading business magazine, reveals that companies on this list were ranked based on their innovation premium, the difference between their market capitalization and a net present value of cash flows from existing businesses (based on a proprietary formula from Credit Suisse HOLT). CP All is the only company from Thailand that was ranked #8 on the world’s top 100 companies and ranked #2 in Asia. The company’s innovative premium score is 57.8%, reflecting the competency of the company and its employees in growing the business through presenting innovative products and services consistently. Equally important is the expectations and confidence in business development that helps add value to the company in the future.
Moreover, CP All is also on the Forbes’ Asia’s Fab 50 companies list with market value of $12.9 billion, and sales of $8.9 billion, as of August 2014. The Fab 50 is chosen from a pool of 1,300 companies in the region that have at least $3 billion in market cap or annual revenue.
Mr. Korsak Chairasmisak Chairman of Executive Committee, CP All PCL, Thailand’s leading retailer, the operator of 7-Eleven convenience stores, said that we, are really proud to be are the only company from Thailand selected by Forbes magazine as one of the world’s most innovative companies. At present, innovation is widespread recognized as the one of the most necessary factors which is able to enhance the organization’s success because it can lead the employees in organization to create new work process, new products and services, as well as new business model that truly serve customers. Offering the real value to customers and stakeholders results in the great benefits to the organization, society, and economic.
In CP ALL, the innovation can be clearly classified into 4 categories, namely, process innovation, product innovation, service innovation, and business model innovation. Innovation; therefore, plays the critical role to establish organization’s sustainability. With these, we aim at exploring and creating innovative products and services, including new business model that would lead to enhancing the potential of our organization while continually improving performance.
We also focus on improving working process and always teach our employees to observe and see the opportunity as it takes creativity to make something new. To meet the ever-changing needs of consumers, CP All therefore introduced the Process Excellence Awards to reduce the process of working, the Ant Mission project aiming at improving the office, factory and warehouse. The Big Fish project was launched with aim at reducing production costs and increasing sales for operation units and President Award focuses on developing business groups and companies under the umbrella of CP All. With all these projects, the employees have submitted the quality improvement results of over 1,000 projects out of over 50,000 participated employees.
Moreover, in 2013 the company launched “The Collaborative Innovation for the Country”, a project that promotes innovation for society. The company joined forces with 10 leading organizations in Thailand to bring research results and new innovations created by operators of SMEs to be tested by customers through our existing distribution channels such as 7 Catalog, a provider of products selling via catalogue and e-commerce. That includes convenience store 7-Eleven which at present reached over 7,800 stores nationwide. We also hold the 7 Innovation Awards competition as well.
In addition, the company also promotes education and youth development, which is part of our main CSR activities. The Panyapiwat Technology College was established in 2005 and became the pioneer in offering an alternative for the bilateral education that combines the academic and real-life work together on the basis of work-based learning. The college produces professionals who have expertise in both theoretical and practical knowledge. As a result, it won the National Innovation Awards 2007 from The National Innovation Agency (NIA).
“With our commitment to product and service developments, as well as business operation, thanks to the devotion of our staff and business partners, this had made us on the top 10 most innovative companies in Asia list. We rank second in Asia and #8 on the world’s most innovative companies 2014 held by Forbes magazine. Not only has this reflected the company’s progress and consistent growth, but also represented the culture of the organization cherished news ideas from staff at all regarding product, service and organizational development, encouraging employees to be creative and express new ideas is a key factor to grow our organization in a sustainable way" Mr. Korsak concluded.