The awards include prizes for technical innovation and IT projects that have either boosted profits or cut costs.
"Businesses today understand that IT is more than simply a business enabler," said David Roberts, chief executive of Tif. "IT is a means to realising cost savings, increasing revenues and creating business opportunities. However, it is still unusual for IT to receive recognition for a successfully delivered initiative," he said.
Last year, clearing house Bacs won the Excellence in Business Innovation Award for introducing an IP-based system that can process up to five billion transactions a year. Retailer Marks & Spencer picked-up the Profitability award for a project involving business process change, collaborative planning, forecasting and stock replenishment.
To qualify for the Tif awards, projects must be commissioned and largely completed in-house, be shown to be important to the business and have been completed by the end of March 2003. The deadline for registering an interest in entering is 19 March.