We are currently living in a world of resource constraints, increasing populations, and surpassing planetary boundaries. Industry needs to change the way we do things and push towards a more productive industrial system. System change and transformation of value are important concepts for the transition to a more sustainable industrial system.
According to a recent McKinsey survey, many companies are actively integrating the principles of sustainability into their businesses by pursuing goals that go far beyond earlier concerns about reputation management—saving energy, developing green products, and retaining and motivating employees, all of which help businesses gain value through growth and return to capital. According to the survey, a number of leaders believe that sustainability programs add to their companies’ short- and long-term value.
The survey elaborates several reasons for the greater focus on sustainability, including improving operational efficiency and optimizing costs; corporate reputation; alignment with the company’s business goals, mission, or values; and new growth opportunities. This is reflected in the areas where most companies are taking action viz reducing energy use and wastage in operations, ahead of reputation management. Organizations are making a more concerted effort to integrate sustainability across processes such as strategic planning; mission and values; and external communications, with a few companies taking it as far as supply chain management and budgeting.
In order to truly create value out of sustainable practices, organizations ought to incorporate governance issues, social, and environmental focus into their plan of action to address UN’s Sustainable Development Goals—and follow up on them.
This story is from the January 2020 edition of Indian Management.
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This story is from the January 2020 edition of Indian Management.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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