industryopinion
The importance of a sustainable business model
As ESG becomes the forethought of many decision-makers, Alex Tupman, chief executive of Espria, reveals why adopting sustainable business practices is a lucrative opportunity, not a sacrifice.
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ustainability and environmental, social, and governance (ESG) strategies have embedded themselves into the minds of IT business leaders across the globe. As
new research on environmental impact emerges, so do the expectations and requirements for more sustainable business models within the technology sector. Although many view sustainable practices as a compromise to profits, in fact, implementing these measures can be critical to a successful business strategy. Within the coming years, having a willingness and proactive
approach to implementing sustainable practices will push businesses forward. Implementing sustainable business practices is a goal all competitive businesses are trying to enforce. No business has ironed out a fool proof strategy. It is a push and pull of learning and adapting to new research and technology. As eyes shift to sustainable solutions and technologies, nearly
70% of CEOs plan to invest in new sustainable products or make current products more sustainable. These technologies can range from shifting to cloud computing, which according to Microsoft is 93% more energy-efficient than on-premise data centres, refining current digital transformation strategies to ensure digitalisation when possible to reduce paper waste. Purchasing refurbished hardware is also a sustainable option for businesses, buying products in this new or like-new condition can sell for 30% to 50% – without sacrificing quality. One concern many business decision-makers have with
implementing sustainable practices is the potential of additional costs – leading some to believe it is counterintuitive for business growth – which simply isn’t the case. According to a Gartner report, four out of five leaders see
sustainability optimising and reducing costs, and 83% indicated sustainability programmes created both long and short-term value for their organisation. Value can take many forms; whether it increases your top line growth, mitigates risk for your company, or aids in an overall increase in productivity, these values are indispensable for effective business practices. Organisations can accredit from sustainable practice by
doing their part in the ever-present fight against climate change. Another value is the pride it creates for employees, stakeholders, and customers. 71% of employees and employment seekers find businesses with a sustainable focus more attractive, ultimately leading to higher retention of employees, increased investment, and attracting top talent to your business.
www.pcr-online.biz May 2023 | 17 Remaining competitive in today’s market is an uphill
battle for businesses. One of the biggest ways to showcase a competitive edge is by prioritising a sustainable business model and continually improving with technological advancements. As business leaders, it should be a priority to encourage a more sustainable business culture by conducting research, educating ourselves on the implications of our current business standings, and investing in the change we want to see.
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