In the past, sustainability was all about saving the planet. While that's still important, today's businesses are also focused on creating positive impacts in their communities and reducing their social impact by making smart decisions around corporate responsibility. In this post, we'll explore four reasons why sustainable sourcing has become a competitive advantage for ERP, Cloud and digital solution companies:
A growing number of clients are looking for companies with sustainability at their core.
As the world becomes more aware of sustainability in all aspects of life, a growing number of clients are looking for companies with sustainability at their core. In fact, according to a recent study by Accenture and MIT Sloan Management Review, 71% of corporate executives say that sustainability is an important factor when considering strategic partnerships or vendors.
Like any other factor in your business strategy, sustainability should be considered from a triple bottom line perspective: it can help improve profits; it can make society better off; and it can protect our planet’s fragile ecosystems.
There are more socially responsible businesses emerging than ever before.
- Sustainable businesses are more profitable.
- Sustainable businesses are more innovative.
- Sustainable businesses are more resilient.
- Sustainable businesses are more successful.
- And, of course: sustainable businesses are actually sustainable!
ESG is having a big impact on supply chains and production.
ESG is having a big impact on supply chains and production. With growing emphasis on ESG, many companies are looking at the environmental, social, and governance risks of the products they buy. This means that they're increasingly using those criteria to determine who they'll do business with. In addition to making sure your suppliers follow sustainable practices during the software development process (see below), it's important that your company has good relationships with its vendors so that you can work together when something goes wrong.
When it comes to offshore software development in particular, this is important because you want an efficient and ethical supply chain for your project: not only does this mean getting what you need from a resourcing and capability perspective, but your services are in compliance with your client or company’s corporate governance guidelines.
In today's business landscape, going green can give you a competitive edge
As a business, you want to attract the best talent. An environment that promotes sustainability can be a competitive advantage in attracting top talent. More and more people are looking for companies who care about the environment and are willing to put their money where their mouth is.
If your competitors don’t have sustainability programs, then you may be able to attract new clients who value these things. If you have a strong sustainability program, it shows customers that your company cares about them as well as being conscious of its impact on the planet.
Investors might be more likely to invest in an environmentally-friendly company because they understand its long-term benefits will outweigh any short-term costs associated with sustainability (which often aren't even real). Investors also like stability: if investors know their investment will last for decades instead of just months or years, then they'll probably feel better about putting their money into it!
Partnerships should always consider environmental impacts when selecting partners; however some partners may not make sense over time due to changes in regulations or other factors outside of anyone's control. Partnering with companies that share common values around reducing waste will make it easier for both parties' needs while still maintaining profitability at every step along the way."
We hope this post has given you some insight into why sustainability is so important for your company. As we've seen, it's not just a trend or a fad - it's here to stay and has proven benefits for businesses that adopt it. If you're looking to get started with sustainable practices in your offshore software development strategy, then contact us today! We would love to help you lead the way towards a more sustainable future.