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The year of innovation - sustainability factors and their effect on business as a whole

• By Ramesh Alluri
The year of innovation - sustainability factors and their effect on business as a whole

The pandemic underlines the urgency that innovation has always been critical for long-term business success. However, the current situation has not afforded any of us the luxury of time. It has created profound and immediate changes to how societies operate and how businesses and individuals interrelate and work. We have all witnessed a mass scale shift to remote work, vigorous reallocation of resources, and the acceleration of digitization and automation to meet both changing individual and organizational needs. Throughout history, organizations that have innovated successfully have typically been rewarded with growth, profits, and access to new markets - Y2K, internet and client-server architecture taking the world by storm, economic downturns, or the current pandemic – humans have always figured out a way to come out stronger.

Sustainability is a global challenge requiring innovation. Many organizations have publicly committed to innovating towards maximizing social value towards environmental causes and contributing to economic sustainability as a whole, but a behavior gap still remains. As you would expect, it is not always easy to strike the right balance while driving sustainable innovation/disruption across the entire organization, all the while contending with internal pressures between performance, durability, and the commitment to cause no unnecessary harm.

There is a dire need for a long-standing commitment from policymakers, organizations, and stakeholder involvement to doing business sustainably. A cohesive sustainability framework focused on environmental, social, and governance factors should guide our actions and warrant a solid alignment between key business objectives, risks, and opportunities. Embedded governance structures and a comprehensive measurement framework should be put in place to enable focused implementation. As a nation, we should move towards a culture that consistently considers sustainability dimensions across all our decisions.