An OpenText survey found that consumers value ethical brands so much that 94% are willing to pay more if they can be certain a product was ethically sourced or produced
The question is, where should businesses begin or where should they go from here in terms of sustainability?
As the world transitions to a greener future, businesses must prioritise embracing the need for a more sustainable world as a business imperative
As the world transitions to a greener future, businesses must prioritise embracing the need for a more sustainable world as a business imperative
Customers are increasingly favouring sustainability as a way of life. This trend is compelling businesses to implement environmentally friendly practices in their operations.
According to a recent Bain & Company survey, 52% of urban Indian consumers expect to increase their spending on sustainable brands over the next three years. The firm also predicted that more than 60% of Indian consumers were willing to pay a premium for sustainable products.
These statistics demonstrate that businesses and individuals are increasingly rethinking how we can protect and restore our planet. Another OpenText survey found that consumers value ethical brands so much that 94% are willing to pay more if they can be certain a product was ethically sourced or produced.
Almost two-thirds (65%) are willing to pay more than a 25% premium for that product, while 35% are willing to pay 50% more. According to the survey, nearly one-third (29%) of Indian consumers would never buy from a brand again if it was accused of working with unethical suppliers. Instead, they would seek out a different brand that practices responsible sourcing.
Consumer pressure, combined with new green targets in the last 24 months, has forced businesses to change the way they manage pandemic supply chain disruption. In fact, governments all over the world are working to ensure that local businesses are concerned with sustainability. For instance, India recently banned certain single-use plastic items beginning in July 2022.
As the world transitions to a greener future, businesses must prioritise embracing the need for a more sustainable world as a business imperative. This can include actions such as sustainable sourcing, eliminating plastics from everyday food shopping, and investigating electric vehicles to reduce mileage on deliveries in city centres.
The question is, where should businesses begin or where should they go from here in terms of sustainability?
To further embrace sustainability, business leaders must turn to technologies that enable environmentally friendly supply chain processes and seek to implement positive change in business and supply chain operations.
How The Cloud Can Help In Building A Sustainable Supply Chain
Digitising supply chain platforms is one of the most effective ways for businesses to embrace sustainability. While businesses should strive to digitise 100% of the information flowing through their supply chains, many struggle to do so.
The first step is to build a cloud-based infrastructure that provides indirect environmental benefits. Cloud integration enables IT teams to remotely implement, manage, and support cloud infrastructure without having to travel between offices.
At the heart of cloud technologies is the accessibility to data. By providing visibility and information accessibility to stakeholders, partners, employees, and customers, enabling anytime-anywhere access to information creates a competitive advantage for any business. In essence, visibility is the key to long-term supply chains because it allows data to reach those who need it the most.
Enabling visibility in the supply chain can hold businesses accountable for the environmental impact of their operations. To that end, implementing cloud technologies provides employees, partners, stakeholders, and customers with an efficient and effective view of the company’s processes.
Furthermore, by making cloud applications accessible via low-powered mobile devices, cloud integration platforms can help businesses retire power-hungry internal hardware infrastructures.
The benefits of cloud computing assist businesses in reducing their overall carbon footprint of supply chain operations, resulting in a more sustainable way of doing things. The goal is not only something to strive for, but also to replicate. In fact, our research shows that consumers make a conscious effort to reduce their own carbon footprint when purchasing locally sourced or produced products.
Consumers are positioning themselves for a sustainable future, and businesses must move forward with sustainable operations to meet them. In the future, every company will strive for sustainable strategies as the entire ecosystem strives to accelerate its journey toward sustainability.
According to an IDC FutureScape report, by 2025, 90% of G2000 businesses will require reusable materials in IT hardware supply chains, carbon neutrality targets for providers’ facilities, and lower energy use as a prerequisite for doing business.
Future Of Business Operations
Supply chains are evolving into digital supply networks, making collaboration technologies increasingly important for businesses. Every year, the future becomes more digitised, and businesses must place a greater emphasis on automation and visibility to ensure the success of sustainable practices.
The future of business operations will be defined by the acceleration of digital transformation initiatives such as cloud computing. In fact, the term “cloud” has evolved to “cloud everywhere” as businesses seek to ensure that information can be securely exchanged and managed at any time, at any place, or from any location.
Consumers understand that there is no Planet B, and businesses must make strides in their operations and supply chain processes to demonstrate that they are doing what is necessary to protect and restore our planet for the future.
