Sustainability in business is no longer on the fringes of thought leadership, but indeed one of the main driving points for the coming times. A study conducted on 297 global companies by Bain revealed that more than four-fifths of respondents say that sustainability will become even more important a factor over the next five years. It is embedded within the corporate strategy of two-thirds of these companies, endorsed widely by the UN’s Principles for Responsible Investment. Thus, some “next practices” have been identified post this study to explore the means by which companies will adopt sustainable business practices. For a start, companies will need to adopt a future-back thinking as this will create transformative ambitions. This concept of “sustainable” needs to be made irresistible for customers. A wholescale systems change is needed where partnerships focus on scalable meaningful action. A suite of advanced technologies will need to be made use of for enable genuine transformation. The term “value creation” needs a redefinition, as it is still left vague among key stakeholders. If nothing else works, companies will have no option but to indeed alter the core business.

Source:https://www.bain.com/insights/transforming-business-for-a-sustainable-economy

Uploaded Date:25 August 2018