By Dr.Rasmi Patnaik
Assistant Professor, Centre of Excellence for Sustainabity, Growth and Development, IMT Nagpur
We live in a rapidly changing world, where everything is changing very fast. What worked best a year ago might not work as the best and viable approach now. Every sector is constantly facing enormous challenges and uncertainties, which need immediate attention and demand-driven focused solutions.This process is only accelerating day by day. Same is the scenario in the business world which is constantly changing, making it more uncertain and complex. As the scale and urgency of the challenges that industries face each day are growing, it accelerates the need for appropriate tools and strategies to address these challenges and that’s where “Sustainability” comes into picture.
Sustainability is becoming a significant concept in the corporate world. What was once a fashionable trend, now that is gradually demanding the attention in the mainstream business practice. However, it has always been an integral part of core business responsibility and decision making process, but recently gaining the momentum and its due recognition.
But WHY? Why Sustainability is so important for business today?
With world summits, economic forums and regulatory mandates persistently monitoring issues of resource scarcity and high-risk environmental factors affecting the world and society, it is hard and really destructive indeed for a company to ignore the sustainability issues. In the phase of paradigm shift, the spotlight is hugely on companies to act in an environmentally, socially and economically responsible manner. In the current volatile and vulnerable business environment, sustainability is becoming the deciding factor for sustainable business growth and development.
With the growing demand from consumers to produce more environmental friendly approaches, sustainable products & services, increased pressure from investors to report on their Environmental, Social and Governance (ESG) performance, organizations worldwide are now gearing up to integrate sustainability as an important component of business development strategies.
To make the business successful, the concept of sustainability should be embedded in planning, operation and management systems of business enterprises across the entire value chain. There is an urgent need of proper management of organization’s energy, emissions, natural resources and waste which has substantial effects on its supply chain efficiency and long-term viability. It is crucial to understand key environmental risks, suitable mitigation actions, opportunities, strategies, innovations leading to lasting value for the society at large. Businesses must understand basic intricacies related to sustainability concept and should familiarize themselves with its strategic as well as practical dimensions. There is ever growing need of skilled persons, professionals, experts and managers who have a better understanding of prevailing sustainability issues and problems while addressing the same with strategic, viable and innovative solutions in sync with changing scenario and business needs.
Do you want to know what business should do to make the system more sustainable and how it should be done? Do you aspire a career in the field of sustainability? As a working executive/ practising manager, do you have an urge to contribute towards sustainable development of your organization with a strategic vision and approach?
Come and explore our newly launched PGC online programme “Environmental Sustainability, Social Responsibility and Sustainable Development”. For more details, please visit here