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Focusing on sustainability could not only prove that businesses are socially responsible, but could also result in productivity gains thanks to innovations intended to deal with various environmental and social issues.
According to recent research by Accenture, Business in the Community and Marks & Spencer, UK businesses could generate a total of £100 billion of gains on an annual basis if they manage to step beyond conventional business practices and embrace sustainability by placing it at the heart of their business strategies.
Sustainability has great potential both in terms of creating business opportunities and in establishing a better image for the company. The Fortune Favours the Brave report stated that adopting innovation in five categories – resource efficiency, the circular economy, new consumption models, shared value approaches and transparency and customer engagement – would significantly boost competitiveness, lead to higher revenues and ensure flexibility when meeting changing customer needs.
Olly Benzecry, Accenture´s managing director UK and Ireland, said that, at a time of challenging economic conditions, long-term savings generated by sustainability and innovation are a major opportunity for growth. Adopting such strategies would ultimately result in the creation of a new generation of sustainable businesses, he concluded.