For businesses all around the world, it has become important to find persistent ways to strike a balance. Balance is required not just between the internal and external management but between all the three important sectors of the business, i.e. financial, environmental and social.
Sustainability as a standalone concept is derived from the words sustain and ability. It is the amalgamation of different concepts like ecology, business, etc. integrated into one to achieve a common ideal. Though an ideal situation is impossible to achieve, approaching a situation consistently results in a sustainable system. It is basically a social challenge which can be achieved in due time and place with ordered persistence and dedication shown by organisations. Sustainability in general terms refers to a holistic approach which ultimately leads to the pinnacle point of sustainability which involves building progressed societies, developing new technologies and designing flexible environments.
Businesses today are much more aware and actively involved in contributing towards nature. It has come not just through the mandates of the government but also the company’s policy to contribute towards the society and the planet. The three P’s of business today are:
Why is sustainability management required?
In our planet, the most vital thing that we keep trying to achieve throughout our lives is to improve it, but if not then at least maintain the quality of our lives. It also needs to be understood that sustainability management can be applied in all aspects of our lives. Like for a business, it is important to be sustainable, if it is unsustainable, then it will fail in the ever rising competition. Likewise, different communities require sustainability management in order to have a community which can prosper, and all our natural resources also require sustainability management so that our future generations can use them. This can be achieved in two ways – by sustaining our current environment and resources, and by maintaining our physical health consistently.
The follow-up concept to sustainability management is sustainability services. Sustainability services involve offering services which can satisfy the needs of the customer, which in turn can help improve the social and environmental performance in comparison to the existing, conventional or aspiring offerings.
Sustainability services are considered to be favourable only when the quantum of prevented environmental impact is larger than the generated environmental impact. The services offered under sustainable services include eco-friendly services, eco-efficient services, sustainable product-service systems, etc.
Eco-efficient services help a company in achieving its targets with the right mix of product and services. It helps in achieving a smaller environmental impact with the help of effective, sustainable solutions. According to a UK research study, it was found out that in the year 2015, carbon emissions in India increased by 5%. Governments and companies are well aware today and have paved the path for innovation aimed at achieving a sustainable environment, by keeping carbon emissions under control.
Why sustainability services?
- Bigger profit margins
- Cleaner image in the market
- Ability to comply with the government rules and regulations
The important distinguishable characteristics of sustainability services are:
- Consistent and persistent improvement
- Focus on multiple areas
- Competitive offers
- Orientation to an environment which is sustainable
The goal is to create a situation where scope of improvement is always there, and the company keeps navigating in the path of improving its environmental status. The competitive offers in the market need to be kept in mind, so that the best option can be offered to the consumer every time. It is vital to keep the needs of the customer in mind, so that you have their attention all the time and can subsequently satisfy their needs successfully.
Regardless of the company’s motives, it is important to cater to the needs of the environment through a system which needs to be in place to facilitate sustainability management and services.
Both these concepts need to be incorporated to achieve a healthy internal and external environment, while keeping our current and future generations safe and sound.