Brands are company’s most valuable assets and sources of their sustainable competitive advantage: IIA President

New Delhi, Sept 11 (KNN) Brands which don’t show up on the balance sheets are most valuable assets and sources of sustainable competitive advantage to the companies, said Sunil Vaish, President of Indian Industries Association (IIA).

He said that brands and related intangible assets make up a large part of the value of many successful companies all over the world today.

He was speaking at the 13th Asia Brand Award Ceremony which was held on September 9, 2018 at Hong Kong wherein awards for reputed brands of the companies in Asian Countries were given.

He was invited as a special guest for the ceremony to deliver keynote address in the inaugural function on “Creating a New Era of Brand Value”.

In his keynote address, President IIA said “Over the years, there has been a significant shift in the source of value creation — from tangible assets (such as property, plant, equipment and inventory) to intangible assets (such as brands, stakeholder relationships, IP, skilled employees, corporate culture, etc).

He said that in the consumer / retail space, brands are often company’s most valuable assets and sources of their sustainable competitive advantage.

“Customers are the new market-makers, reshaping industries and changing how businesses compete and win. Great brands are built on great customer experiences,” he added.

Stressing on the importance of brands, he said that in online shopping the customer expect brands to simplify the user journey as much as possible, while at the same time delivering the powerful brand moments that surprise and excite / delight them.

It is therefore necessary that in online shopping / e-commerce the business goals and the customer / user goals are required to be brought nearer while creating a brand value, he added.

A brand therefore is very important for a company and manufacturer. It can provide a good position and value for a manufacturer, said Vaish.

On the recommendation of IIA, five Indian Companies- M/s Mohani Tea Leaves Pvt. Ltd., M/s Trinity Tapes (P) Ltd., M/s Exhicon Impex, Mumbai, M/s Sainik Enterprises and Ms/ God Gift International were awarded Asia Brand Awards in the ceremony.

Speaking on the occasion, he said that Asia is the fastest growing economic region in the World today, as well as the largest continental economy. China, Japan and India are currently the top three economies in Asia. India is the only trillion- dollar economy to rank among the top five fastest growing economics in the world today.

He said that in the Reserve Bank of India Report released on 29th August 2018, the Indian economy will register 7.4 % growth during the current year which is expected to go up to 7.8 % next year.

In such a World and Continental scenario, the Asia Brand Award Ceremony acquires a significant and important place, he added.