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Here are four universities that embrace the importance of sustainability in business: Wageningen University & Research. 7]     Engage your ecosystem: We see that collaboration is critical for efficient sustainability practices, in particular in solving crises and in shaping broader solutions. Take Unilever’s “Sustainable Living” which has the ambition to decouple growth and output as well as reduce its resource footprint by focusing on waste reduction, resource efficiency, sustainability innovation and ecological sourcing (like in organic palm oil). Sustainable marketing as a practice. Sustainable Development: the most important business of all businesses. It was not given to you by your parents. Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs. For example, for every tonne of recycled aluminium (equivalent to just 50,000 cans), 14,000 kilowatts of electricity is saved. Sustainable development has continued to evolve as that of protecting the world’s resources while its true agenda is to control the world’s resources. The importance of Sustainability. Long-lived and healthy wetlands and forests are examples of sustainable biological systems. 6]     Engage the Board: A full 86% of respondents in a recent survey by MIT/BCG agree that boards should play an active and strong role in sustainability. Similarly, water conservation is a great sustainability initiative that has the potential to save costs. Business sustainability takes a long-term view of business success in a way that recognizes the larger environmental, social, and human impact of the business model. For example, Nike faced boycotts and public anger for abusive labor practices in places like Indonesia throughout the 90s, but turned the tide around. Contrary to popular belief, sustainability is more than just environmentalism, and recognises the roles of social and economic dimensions in delivering long-term prosperity. Ensure a livable future. There are many good examples. Car manufacturers like BMW and Toyota have made strides on energy efficiency and pollution reduction, not to mention Tesla as an outsider really challenging the industry’s overall footprint. The “Great Pacific Garbage Patch” is illustrative of why it’s extremely important for businesses to prioritize sustainability. Businesses need to move from an outdated sense of fast profits at the expense of the environment to a more mutual interdependence and eco-innovation. Fully customizable schedule. Businesses with strategies that are sustainable in the long run pay their workers’ salaries and benefits that allow them to live a sustainable life within their community. 8]     Finally – and most importantly – engage the organization broadly: One example of engagement is Salesforce.com which through their “1/1/1” philanthropy program contributes to each employees’ personal ability to engage with environmental organizations and initiatives that support local communities. They have also focused on social impact via partner initiatives in the areas of health and safety. Simple, sustainable practices, such as the sharing economy, hold the key to creating an open and inclusive work culture with shared purpose. Why Knowledge Management Strategy Is Important for Business Sustainability Contributed by Joseph Robinson on June 17, 2019 in Information Technology , Strategy, Marketing, & Sales In today’s business environment, learning and knowledge have become key success factors internationally and intangible resources are of vital importance. Unilever and Nestlé have both taken on major commitments; Unilever notably on organic palm oil and its overall waste and resource footprint, and Nestlé in areas such as product life cycle, climate, water efficiency and waste. In biopharma, Biogen and Novo Nordisk have both worked toward energy efficiency, waste reduction, and other ecological measures. It’s the stuff that all good businesses say is important but fail to really deliver on every single day. 4]     Quantify, including the business case: All companies struggle with quantifying the return on their sustainability investments. Sustainability is built on the assumption that developing such strategies foster company longevity.As the expectations on corporate responsibility increase, and as transparency becomes more prevalent, companies are recognizing the need to act on sustainability. Environmental sustainability is about making responsible decisions that will reduce your business’ negative impact on the environment. From attracting talent, to winning business, find out why nearly half of UK businesses are planning to increase their spend on sustainability. Walmart, IKEA and H&M have moved toward more sustainable retailing, largely by leading collaboration across their supply chains to reduce waste, increase resource productivity and optimize material usage. Simply put, sustainability is a business approach to creating long-term value by taking into consideration how a given organization operates in the ecological, social and economic environment. Research shows that sustainability has real business benefits when conscientiously integrated into business operations. impact of sustainability on business. Beyond helping curb those global challenges, sustainability can drive business success. Box 915 CH-1001 Lausanne, Switzerland, IMD SE Asia Pte. Under his leadership, Ecolab has forged ahead as a local leader in water, hygiene and energy technologies and services that protect people and vital resources. 1]    Align strategy and sustainability: Management needs to make sure that the strategy of the company and the sustainability efforts are aligned. Businesses responding to demands for clearly visible sustainability practices are also more attractive to the new class of ethical investors, and regain the costs of managing sustainabilitythrough government grants and increased sales to green activists and other members of the community. In the world of digital marketing, consumers are more exposed than ever. None of the materials provided on/in this website/publication/document may be used, reproduced or transmitted, in whole or in part, in any form or by any means, electronic or mechanical, including photocopying, recording or the use of any information storage and retrieval system, without permission in writing from IMD. Here are a few useful actions for all management teams to improve sustainability practices. Making changes to address excess in these areas will also inevitably reduce costs. In ecology, a sustainable system is a system whose biodiversity and productivity are preserved over time. Another good example is Nespresso, responding to the debate over the sustainability of its capsules, the company has embedded sustainability into the DNA of every part of its business. Why is Corporate Sustainability Important? Sustainability isn’t only important for global environmental issues, it can actually drive a company’s success. 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