Technology has ruled for the most part of modern civilization, but 2020 has shown us that sustainability is the real game-changer. Great emphasis is placed on the ‘Triple Bottom Line’ as today’s people, profits, as well as the planet, is key if you want to stay in the race. Just like a virus drove us all indoors, a natural event can rob us of our natural resources.
Every business revolves around a product and/or service, with nature as an essential component of its supply chain. Thus, we need alternatives for a business to sustain and take that extra step to understand how best can we use our resources. A sustainable business is one that values sustainability at its core – it could be reducing the carbon emissions to net-zero, it could involve recycling or reusing sustainable materials or it could be contributing efforts towards afforestation or keeping the planet green.
There are some killers in the sustainable chain namely plastic, coal, fossil fuels, and the likes so a sustainable solution should aim towards reducing and thus replacing these non-renewable resources. With rates of consumption dominating the rate of replenishment it only makes sense to adapt to sustainable practices at the earliest. If the fashion industry with its popular ‘fast fashion’, decides to recycle its garments or collect old garments or prevent them from being burnt or thrown into the seas, it will save itself a lot of money, effort, and time that goes into manufacturing and sales.
The lesser the expenses, the more are the chances of profit and sustainability goes a long way. Consumers of various products and services will have to be convinced of the various benefits of simple practices of sustainability. Marketing will thus play a pivotal role in shaping consumer sentiments.
Supply chains will have to be completely revamped and that might seem challenging but today more and more companies are looking for such collaborations. Sustainability is starting to be a parameter in how companies evaluate your position as a firm.
The ongoing pandemic situation might have given enough for companies to focus on everything but being sustainable and understanding the gains of sustainability will make you consider otherwise. All stakeholders will have to participate in the journey of sustainability.
Greta Thunberg, a social activist has realized the effects of our action early on. It is time to do the same. We have only one planet as of today so let’s do our bit, understand how can we transition towards sustainable businesses as it is the only way forward.
Department of CSE