The focus on sustainability not only benefits the environment, but it also offers a huge economic opportunity. Because of this, sustainability has recently risen to the top of the corporate agenda, with both customers and employees favouring businesses that have given it high priority.
All organisations in all sectors must pay close attention to environmental, social, and governance (ESG) issues. And the consumer Tech industry is the same. According to recent reports, it is forecasted that market value of e-wastage to reach more than $140Bn by 2028. E-waste is the fastest growing mode of waste on earth, and it includes daily tech equipment such as TVs, laptops, phones, cameras, kitchen equipment etc.
The Economist Intelligence Unit reports that during the past five years, online searches for sustainable products have climbed globally by 71%. Customers now connect with sustainable firms differently. The first-world countries are not the only ones with this pattern. In developing and growing nations, consumer happiness and climate change worries are related, and many people want businesses to make environmental and natural system preservation a priority. Given the trend in consumer purchasing, where more individuals are willing to pay extra for environmentally friendly products, it is even more crucial for enterprises to strengthen their commitment to ethical business practises. Businesses from all industries are starting to adopt a purpose-driven strategy, which involves embracing the circular economy as a greater opportunity to promote growth and competitive agility.
The power of business to provide a transformation that benefits the planet is enormous. The business world is in a good position to bring about the necessary transformation on a large scale thanks to its unrivalled capabilities in ideation, manufacturing, and distribution. Growing sustainable enterprises is a way to help, mend, and protect what we have until interplanetary colonisation is feasible, one recycling bin and supply chain at a time. Here are some ideas for improving corporate sustainability.
Make Sustainability A Core Principle
As world is recovering from the pandemic, there is a pressing issue that needs to be addressed and that is climate change. Brands that are sustainable genuinely believe that resource consumption and pollution are the root cause of climate change and brands are on the race to reversing these issues. In order to make sustainability your core principle, brands need to think smart and understand the reason why they need to do it.
Management should also prioritise targets basis the impact it will create on the society. There are a lot of ways a brand can contribute to sustainability. Choose the once that can create a meaningful impact while distributing resources.
R&D and true innovation
Brands with a narrow focus on sustainability tend to adopt trending or typical eco-friendly approaches and showcase it aggressively but would not think deeply into the cause and effect of the idea. True leaders acknowledge these decisions and research deeper into the environment and human impact it might rate from the beginning to end. Making swaps of certain elements does not make a brand sustainable it is imperative to do the right research and engage experts in sustainability in order to make long term and consistent results out of the initiative.
Long-Term & Holistic Vision
Companies tend to lose focus and move on with other fields of priority. To make sure and enable long term and consistent sustainability efforts, companies should assess the current environmental impact it creates and what it could do in ten years.
Transparency & constant improvements
Sustainability always provides a company room for improvement. Some of the most inspiring sustainability businesses are extremely transparent. One can fine any information about it as public information, for example, facts, figures, initiative and their results etc on company websites or news portals. It will also include information on what the brand can do to improve. Being extremely transparent enables brands to push its boundaries and achieve the best results. Sharing truthful and straight forward information can capture the eyes of the public and provide brands with the right visibility for its growth.
Embracing Competitors as Collaborators
As a brand that practices sustainability with our products and services, this is a practice that needs to be encouraged. Embracing competition creates a positive eco system among businesses as it encourages brands to explore more bring more innovation in the fields of sustainability.
The field of technology has helped us grow and develop a better future though innovation. However, we believe, the time has come to utilise same power of technology and innovation to look beyond financial growth and use it for our planet’s future. By adopting sustainability, brands have the power to bring a significant difference in climate change and bring down effect on our future.