PRESS RELEASE: ZTE Corporation has won the Ram Charan Management Practice Award for its excellent digital transformation practice “Improving Operation Efficiency and Reducing Operation Costs – the Way of ZTE’s Digital Transformation”. The company was rewarded the award at the online annual Harvard Business Review China meeting on November 3, 2021.

Launched in 2017, the Ram Charan Management Practice Award, a non-profit management award, is jointly presented by the management magazine Harvard Business Review’s China edition (HBR China) and the world-renowned management consultant Ram Charan. The award represents the highest honor in China’s management practices.

Professor Liu Xue from the Department of Organization and Strategic Management, Guanghua School of Management, Peking University, commented that ZTE’s digital transformation practice boasts both in-depth theoretical thinking and key operation details. According to Professor Liu, ZTE’s digital transformation practice is of great guiding significance for finding a key breakthrough for enterprise digital transformation, effectively managing the transformation process and controlling transformation risks.

“We hope to exchange ideas with outstanding experts and scholars in the industry, and enlighten colleagues in the industry with our own experiences so as to help them avoid taking wrong paths,” stated Wang Xiyu, ZTE’s Executive Vice President and Chief Technology Officer.

Devoted to building an all-cloud-based, intelligent, and lightweight “Ultimate Cloud Company” in R&D, operation, office, and production fields, ZTE has undergone a comprehensive digital transformation since 2016. With nearly six years of efforts, ZTE has formed a set of methodology. The Ram Charan Management Practice Award fully affirms ZTE’s forward-looking exploration in digital transformation and its leading contribution to the digital transformation of enterprises and industries.

“In the upgrading of corporate management, we have been focusing on creating value for customers,” said Wang. “And we should strive to make changes by continuously improving the boundaries of capabilities, customers, and transactions.”

“The most difficult thing in digital transformation for an enterprise is to correctly understand itself, which is the origin of the enterprise’s progress. The essence of an enterprise is to build a transaction structure and the essence of digital transformation is to reduce internal and external transaction costs and expand the transaction boundary.”

“Although ZTE’s digital transformation practice has been unanimously recognized by the judges and awarded the highest honor, we see that there is still a certain gap between us and some excellent enterprises around the world,” said Wang, “In the future, ZTE will continue to deepen its digital transformation, and stay committed to empowering various industries to achieve joint development with customers and partners, so as to achieve the company’s vision of Enabling Connectivity and Trust Everywhere.”

The Ram Charan Management Practice Award aims to commend enterprises with innovation and reference contribution in China’s management practice, build a platform for learning management practice experiences, and help enterprises develop and promote the progress and reform of management practice.