The Importance Of Sustainability In Business

807 Words4 Pages
In today’s competitive environment, business organizations are producing innovative business ideas in order to create value in their business. From the last decade, the concept of sustainability has gain an increasingly important place in doing business in any form of industry. Companies while dealing with balancing social, financial and environmental risks, opportunities and obligations, sustainability role has changed from just adding on, to becoming the way we do things. Therefore, after realizing that culture plays an important role in innovation and success, business leaders are now making sustainability as an important part of business. In order to take sustainable competitive advantage, businesses have to pay more attention in combing…show more content…
Studies have shown that businesses have made remarkable innovation through sustainability, while struggling for achieving competitive advantage. However understanding what the customer actually wants is another way to innovate. By balancing goals and focusing on core capabilities sustainability have transformed Nike’s culture and purpose. On the other hand, Bill Gates is also creating businesses based on concept of sustainability. However, at Microsoft, he creates environmental sustainability. The main goal of Bill Gates was to eliminate the effect of operations and products, which helped him in becoming a leader in environmental sustainability. He also played an exceptional role in software and hardware solutions development that help customers and partners in dealing with the current complex environmental challenges. Besides them many other companies are also focusing on sustainability in order to make innovation, For instance, businesses can also focus on creating useful strategies regarding their business decisions that would make it difficult for competitors to duplicate their business ideas. Whereas, businesses can easily become sustainable even by focusing on small things like saving working place’s energy consumption, companies can build sustainability (Ciegis, Ramanauskiene & Martinkus, 2009). At the same time, by encouraging education and innovation in the organization…show more content…
Sustainability development is a complex issue which in order to create, businesses have to combine efficiency, intergenerational equity on social and economic grounds. Managers normally feel it more difficult, to concentrate on innovation. That is not because they are not smart, good and high competent; the reason is that innovation is not part of their DNA. Usually managers do not understand the innovation concept, instead of making their own innovative strategy they find it easier to copy innovative organizations that are very different in nature. Generally managers do not actively appreciate and encourage innovation, they listen to innovative ideas but do not pay attention because may be they lack resources, proper skills etc. The barriers in the way of innovation can be resolved through taking following measures, as managers can develop and use their own leadership style and the necessary participation in order to promote and protect their innovation initiatives. Making innovation and sustainability as corporate priorities, where becoming innovative must be prominent priority. Building the culture, like, cross-functional teamwork, risk taking, openness to change and learning, trust and diversity. Establishing the organizational practices such as, how different departments like HR, Finance and IT would interact with the core business. By taking, one good start is to include sustainability as a

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