Evolution of the world is now being fueled by technological innovations. Firms are realizing huge profits and tech-advanced countries recording a rise in their GDP. Despite the ongoing COVID pandemic, there are some bigtech players who are ripping big from the digital economy. While this kind of industrial revolution is great news to business bigwigs, it remains a threat to lives and livelihoods in so many ways and by so many measures.
Human welfare is directly dependent to immediate offerings of our planet. The downsides of the digitized world are fast endangering the future of human generations. This has instigated active dialogues and heated debates on how we conduct our businesses. Sustainability has become a 21st century defining objective for governments and corporate entreprises.
While good businesses are still in pursuit of profits, great businesses are going beyond profit goals. They are now seeking to address ecological and social concerns in the world around them. They are pursuing sustainability. Sustainability which is not an act of philanthropy nor generosity but about businesses building a growth model that will be effective now and in the long run.
Sustainability is not only beneficial to the society but also to the business itself. For instance, reducing operational losses, supporting human capital and paying attention to employee’s concerns is likely to increase labour productivity and attract more creative minds which can be a big asset to the business. Sustainability calls for more efficient products and services and this can be driven by innovation. Sustainable outlook also plays a role in boosting the company’s brand .A strong brand attracts employees, customers, business partners and investors. This helps the company to stay relevant and competitive. It is why you need to think beyond profits.
‘What matters is not the size of the pie but what is inside of it. It is the set of ingredients used in making the pie and whether these ingredients will continue to be available in the future.’ With regards to building sustainable businesses, it is not only about economic viability but also about sustainability into the future. This kind of sustainability is attained by paying attention to human and ecological concerns.
By Daisy Tum | IGBR Columnist