Evolution of “Universal Business Excellence Model” incorporating Vedic philosophy

Abstract

PurposeThe purpose of this paper is to evolve the Universal Business Excellence Model (UBEM) with the integration of common features of business excellence models (BEMs) with universal laws of nature to facilitate multi‐dimensional business growth.Design/methodology/approachBusiness has focused on accumulation of wealth at the cost of society for decades. It has resulted in socio‐economic, political and environmental problems and led to the evolution of quality, environmental, HSE systems and BEMs, etc. Vedic philosophy emphasizes that a core function of business is to create wealth for “Well being of society”. To evolve UBEM, synthesis of BEM, e.g. the Malcolm Baldrige National Quality Award (MBNQA), the European Quality Award (EQA) and the Deming Prize has been undertaken to identify the common and unique issues. In addition, certain issues not adequately addressed in BEM but emphasized in Vedic hymns have been empirically tested to check their applicability in the current business scenario.FindingsThe paper finds that UBEM stresses that profit is not the ultimate objective of the business, but a means to achieve the sustainable success. Interestingly, professionals of various age groups, different countries and backgrounds have overwhelmingly supported the concept in empirical study.Research limitations/implicationsHymn from Rig‐Veda explains that physical as well as moral laws govern the entire universe. Vedic philosophy derives infinite creativity, actions and power from the universal laws of Nature. This paper is an attempt to integrate philosophy of the East with modern practices of the West. It is an example for researchers to explore several new areas to integrate the best of the both (East and West) and provide a new direction to the mankind.Practical implicationsThe use of the UBEM will make it easier for practicing managers to reach the right decisions for sustainable success.Originality/valueThe UBEM identifies the “values and process flow” and measurement of “multiple bottom‐lines” as the key to success. Integration of “organization vision” with “universal wellbeing” leads to sustainable success and provides an access to the infinite power of “cosmic energy” to ensure multi‐dimensional growth.