Global trends and supporting research indicate that innovation as an aligned business sustainability pursuit will be essential for business growth over the next decade. As companies seek out new opportunities, improve their competitive positions and provide more sustainable value to their customers, questions continue to be raised on the true potential of leveraged knowledge that resides in the supply chain.
Our sustainability consulting practice finds leading supply chain companies are exploring the circumstances, frameworks and parameters necessary to spark creativity, ideas, and innovation in the supply chain. In fact and according to the Corporate Executive Board: when contemplating a new cost reduction concept, the best procurement organizations:
- Emphasize the differences between annual category planning and long-term transformative thinking.
- Create expectations for experimentation without imposing penalties for failure.
- Provide a model for big, bold thinking by exposing your staff exposure to tangible examples of good ideas.
Business sustainability is the vehicle which enables companies to meet their goals of profit, growth, and revenue while positively impacting the environment and social realms of the business. By capturing creative ideas and inspired actions of external stakeholders who enable business growth, a company can create an innovative environment that promotes long-term business sustainability success.
At Taiga Company, our sustainability consulting practice believes that the key to innovation is to create a business sustainability culture that encourages and rewards diverse ideas at all levels internal to the organization as well as external to the company. If you would like to explore these concepts further, we invite you to search this blog or contact us directly.