Sustainability: one word, big concept. In recent years, society has been facing a range of global issues, such as global warming, a lack of resources and social problems in many parts of the world. Sustainability is a broad concept that looks at economic and social development and environmental protection. Companies all around the world play a huge part in the development of society, on a local and global scale, with an increasing need to satisfy ecological as well as economical concerns.

Sustainability is the future of business. Here’s why.

Sustainability is the new drive for innovation

Innovation is a driving force for many companies out there. The goal is to find new ways of delivering products and services and to discover exciting markets. Modern day innovators such as Uber, Airbnb and Spotify have all created a shared economy and have ultimately generated revolutionary startup ideas. Sustainability gives many companies a new venture to dive into by creating a better supply chain within their organization. Also, using technology such as blockchains bridges the gaps between the production process.

Sustainability is also a window of opportunity for many start-ups. Creating something that will offer customers a long-lasting experience and value for money services, such as bike sharing in large cities, leads to brand loyalty.

Long-term savings

For a long time, sustainability and savings did not seem to go hand in hand. This is no longer true for many industries. Looking at the supply chain from the very first step and applying more economic, environmental and social practices, as well as having a long-term plan, can save a lot of money along the way.

It all starts at the beginning of the process. Looking at where the resources are coming from. Is it possible to source goods locally instead of overseas, saving on shipping costs? To save production costs, are renewable energy sources available? These are the kind of questions that companies should be asking. In the long run, money will be saved, as well as the planet.

If you are further interested in this topic, please do not hesitate to contact me on LinkedIn.

Leona is a current international business student at EU Business School at the Munich campus. She has lived and studied in several countries including Czech Republic, Australia and the United Kingdom. Her international experiences have made her passionate about the topics of global education, international business and economic and sustainability development.

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