Sustainability: one word, big concept. In recent years, society has been facing a range of global issues, such as global warming, a lack of resources, and social problems in many parts of the world. Sustainability is a broad concept that looks at economic and social development and environmental protection. Companies all around the world play a huge part in the development of society, on a local and global scale, with an increasing need to satisfy ecological as well as economical concerns.
Sustainability is a new future of business. Here’s why.
Innovation is a driving force for many companies out there. The goal is to find new ways of delivering products and services and to discover exciting markets. Modern-day innovators such as Uber, Airbnb, and Spotify have all created a shared economy and have ultimately generated revolutionary startup ideas. Sustainability gives many companies a new venture to dive into by creating a better supply chain within their organization. Also, using technology such as blockchains bridges the gaps between the production process.
Sustainability is also a window of opportunity for many start-ups. Creating something that will offer customers a long-lasting experience and value for money services, such as bike-sharing in large cities, leads to brand loyalty.
For a long time, sustainability and savings did not seem to go hand in hand. This is no longer true for many industries. Looking at the supply chain from the very first step and applying more economic, environmental and social practices, as well as having a long-term plan, can save a lot of money along the way.
It all starts at the beginning of the process. Looking at where the resources are coming from. Is it possible to source goods locally instead of overseas, saving on shipping costs? To save production costs, are renewable energy sources available? These are the kind of questions that companies should be asking. In the long run, money will be saved, as well as the planet.
If you are further interested in this topic, do not hesitate to check out our MBA program in Sustainable and Inclusive Leadership!