Business Strategies For Sustainable Development

By | September 18, 2023

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The six ways below will enable business leaders to shape a more sustainable future for their businesses and their communities.

Business Strategies For Sustainable Development

Business Strategies For Sustainable Development

Vanitha Narayanan is the Managing Director of IBM India Pvt. TiEcon Delhi 2015: Addressing a session on Balance of Laws held on October 16-17, Narayanan spoke about how startups can build sustainable businesses in the future.

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Most companies lack a deep understanding of sustainability. From a broader perspective, a sustainable company is one whose objectives and operations are based equally on financial, environmental and social aspects. Unfortunately, the road to sustainability is not an easy one for most companies. That’s why the six ways below will enable business leaders to shape a more sustainable future for their businesses and their communities.

You can change everything in your business except your core beliefs. Building a business based on your beliefs means creating value. Your business can depend on your trust. If your beliefs are less specific, localize your business, or if they are more time-bound, you need to step back and reexamine the business mission. But creating value has to be consistent with what you do as a business.

When you change and act fast, you can be the biggest, boldest and brightest unicorn, but if you stay calm and don’t change and adapt, you’re as close to extinction as you can get.

For example, IBM was very close to extinction in the 80s. We were actually featured on the cover of Forbes and Fortune magazines with dinosaurs. So the idea is that we don’t stand still every day. I might have a great idea that works, but it doesn’t matter how great the idea is until you find a way to get it to market quickly.

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It is not that great men do not exist; It’s not that the technology created wasn’t the best technology, it’s about designing your go-to-market strategy that creates value in terms of what the customer is looking for for their problems. So if you don’t time it right and if you lose touch with the value proposition, you can lose yourself completely.

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Never lose sight of the fact that ultimately the purpose of business is to create value for your customers. Focus on creating high quality and high performance, useful for people. This doesn’t mean you have to be an expert in everything; It’s about creating value on top of existing assets.

We are no longer in the era of the 50s, 60s and 70s. Things change in the blink of an eye. IBM has been through some very unpleasant times, and frankly, it’s still unpleasant. It’s no secret that our industry is experiencing one of the biggest changes ever. But it’s not just the tech industry, changes in the tech industry cause more changes in every industry.

Business Strategies For Sustainable Development

For example – if you are a banker, your new competitors are completely different. If you’re in retail, everyone is a retailer now. Likewise, if you are in the mobile business, you will find that it is no longer an industry; It’s a platform, it’s a power. In this way, IBM is completely changing the payments, retail, banking and mobile industries as they all become cloud capabilities that everyone can take advantage of. Companies should also focus on providing value to their customers in innovative ways.

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It’s no longer about a company providing value to every customer in every place; It’s about being part of an ecosystem. If you’re not part of the ecosystem, you’re limiting yourself. You may have a successful start, but eventually it will become difficult. In a larger ecosystem, you become part of many ecosystems. You may be a major player in some and a minor player in others. But ultimately, it all depends on the contributions you make to each of these ecosystems. So don’t try to be a big player in every ecosystem, but rather see how things work to drive incremental value.

When you’re part of a business/entity, it’s about constantly reinventing what you do, rethinking how you do it while maintaining core belief systems because you want your employees, your customers and your partners to work with you and for you. .

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Public speaking is a valuable skill because it can help them communicate their ideas effectively, build credibility and trust with potential investors, partners, and clients, and ultimately grow their business. Strong public speaking skills can also enhance leadership skills and overall professional development

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Effective Ways To Build A Sustainable Business

The award recognizes his pioneering efforts in transforming the web3 landscape by harnessing the potential of blockchain and artificial intelligence to revolutionize the gaming industry.

India’s healthcare sector is expanding rapidly due to growing population, rising income levels and demand for better healthcare services. 87 percent of CEOs expect their investment in sustainability initiatives to increase over the next two years.

Business leaders at organizations with established sustainability programs report many benefits. They say sustainability strategies help a business protect against disruptive effects and reduce cost growth – and that investing in partnerships and innovation that promotes sustainability is a factor in business growth. The Sustainability Opportunities, Risks and Technologies 2022 survey found: 86% of business leaders see sustainability as an investment that protects their organization from disruption Four in five leaders see sustainability as helping them optimize their organization and reduce costs – both short term and long term for their organization price

Business Strategies For Sustainable Development

A sustainable company strives to create long-term value for stakeholders by considering social, economic and/or environmental impacts in strategic and operational decisions.

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Climate tops the environmental, social and governance (ESG) issues considered important to sustainability, according to an analysis of 100 organizations’ importance ratings. Climate is followed by business ethics and integrity, diversity, equity and inclusion, and sustainable products.

Environmental sustainability is increasingly high on CEOs’ agenda, with 9% of CEOs ranking it as one of their top 3 business priorities.

74% of supply chain managers expect circular economy activities (sustainability) to have a positive impact on profitability by 2025.

Nearly 70% of CEOs surveyed plan to invest in new sustainable products and to make existing products more sustainable.

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The circular economy had a positive impact on the previous year’s revenue for 67% of supply chain managers surveyed.

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44% of supply chain managers expect climate change to create security of supply challenges in the next 10 years.

Source: Survey of CEOs and Senior Business Directors 2022 Supply Chain Survey 2022 Circular Economy Survey 2022 Emerging Priorities

Business Strategies For Sustainable Development

At the core of a sustainable business strategy are decisions about growth opportunities, risks and costs, technology and management.

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Given their strategic ambitions and level of engagement for their company, executives have many viable options for sustainable business. They range from providing the bare minimum through compliance to seeking new opportunities for growth and differentiation through sustainability. But this is a rapidly developing field. Whichever approach you choose, understanding and responding to stakeholder expectations, regulatory interventions and market changes is essential. At stake is access to capital, talent, growth and a corporate license to operate.

Identify tipping points and barriers to sustainable business, support new investment opportunities and develop new business and operating models. Product innovation that provides sustainable benefits to stakeholders is an opportunity to create long-term financial security while managing natural capital flows. Digital can help a company achieve significant improvements in sustainable performance and create new opportunities for growth, but digital can harm sustainability. A coherent strategic plan is crucial for the successful integration and sustainability of a digital business.

The key question is how can we support new sustainable investment opportunities? How to change business and operating models to achieve sustainable results? What sustainable tipping points will drive growth opportunities?

Assessment, monitoring and management of internal and external risks related to sustainable business. Sustainable business investment creates opportunities, but it is also part of managing risks and costs. Increasingly stringent regulations and activist investors are creating pressure to focus on financial, legal and reputational risks associated with sustainable business strategies.

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The key question is how do we manage sustainability costs and risks? How can we ensure access to capital? What monitoring strategies and sustainable risk-based responses should we adopt?

Monitor, prioritize, deploy new technologies and improve existing technologies to enable sustainable business performance. Meeting sustainability goals and commitments requires innovation, information and digital technologies such as artificial intelligence (AI), blockchain and the Internet of Things (IoT) as well as sustainable technologies. (See the FAQ for more information on sustainable technology.)

The key question is what sustainable technology trends should be

Business Strategies For Sustainable Development