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In today's ever-evolving world, the question of whether to incorporate sustainability into business strategy is not an option but rather a necessity. Enterprises are now cognizant of the vital long-term benefits that a value-driven approach towards sustainability can bring them and it has become increasingly critical for organizations to remain relevant and competitive in today’s world. Much like digital transformation, driving sustainability requires organizations to transform every division of their business. While we are at the stage where sustainability should be an integral part of developing corporate strategy, some companies are just starting out to bridge the gap between knowing and doing.
Today's executives are dealing with a complex and unprecedented brew of social, environmental, market, and technological trends, which require sophisticated, sustainability-based management. Yet they are often reluctant to place sustainability core to their company's business strategy in the mistaken belief that the costs outweigh the benefits. But academic research and business experience point to quite the contrary.
90% of executives believe sustainability is important. So where does the issue lie? In the lack of implementation. Only 60% of organizations today actually have active sustainability strategies.[ MIT] But in today’s climate, the buck does not stop at simply creating a strategy. A truly sustainable organization is one that positively impacts all stakeholder groups from employees to consumers to clients, and to society at large. So let us explore how these benefits bring a net-positive result across stakeholders.
1. Provides competitive advantage: Placing climate actions in business strategy, showing environment, social and governance impacts and communicating transparently gives businesses a competitive edge against competitors. A sustainable company attracts new talents, new customers and new investors because they positively affect society.
2. Increases bottom line: A changing trend in consumer behaviour shows that 66% of consumers are likely to spend more for a product if it came from a sustainable brand, and 81% of global consumers[ Nielsen] feel strongly that companies should help improve the environment. This shows that sustainable companies and brands have a higher growth curve than ones that aren't.
3. Reduces costs: Becoming more circular in the design state by adhering to circular economy principles and making investments in the latest equipment can optimize the product manufacturing process, reduce waste and contribute to a zero-waste philosophy.
4. Creates opportunities: Committing to the cause of sustainability consists of aligning values, goals and practices internally in the company and creating a space with zero tolerance of discrimination, along with ample diversity and inclusion. This builds the image of the employer as one who has a people-first philosophy and presents the reality of being a great place to work.
At Runaya, all of us firmly believe that if we want to move towards real change, each one of us needs to step back, pause and reflect on the values and ethos we live. To expand on the same and place the health of the planet as our first priority, here are some measures we diligently follow to safeguard the environment a little more, every day.
To align ourselves to our sustainability mission on-site, we are working towards ensuring that all future brownfield and greenfield projects at Runaya are 100% renewable energy-dependent, apart from aiming to go fully renewable by 2025!
To reinforce stakeholder and client sustainability, we have also launched a new range of steel slag conditioners - RubiQ and RucaL Green, specifically designed to create a green manufacturing reality and make it the norm for the Indian steel industry. Aligned with our core ethos of reducing carbon footprint and minimising harm to our ecosystem, these products are certified to consume only around 10% of the carbon used by the other products in the market!
In these measures, we make our stakeholders our partners on the journey to sustainable growth. Because it is only through tackling sustainability as a collective that we can make the journey to becoming truly sustainable. And every small, conscious step counts!