Benefits of Sustainable Business Practices in Technology

Sustainability refers to the ‘’avoidance in the depletion of natural resources in order to maintain an ecological balance'’. The three main pillars of sustainability are environmental, economic, and social; and with the rapid onset of climate change and economic unrest, the business world must consider these pillars moving forward.

With the current projections indicating that the Unites States alone could reach up to 4,807 million metric tonnes of CO2 emissions by 2050, manufacturing, data centres, and any office-based enterprises can choose sustainable options for equipment and begin to mitigate the impact of businesses on the environment and reap the benefits of becoming a sustainable business.

Benefits of Sustainability

Promoting sustainability within a business is beneficial for a multitude of reasons ranging from environmental impact to higher revenue, following sustainable business practices can only improve reputation, longevity, and profits.

Reputation

It’s no secret that the climate is changing, and as we move towards the unknown many customers look to businesses who make an active effort in reducing their carbon footprint. Research by consultancy agency Deloitte showed that 32% of consumers were actively engaged in adopting a more sustainable lifestyle, and 28% have stopped buying certain products due to ethical and environmental concerns.

The research also revealed that Gen-Z is leading the charge in sustainability, with 45% choosing to no longer support brands based on ethical and sustainability concerns. Deloitte further concluded that ‘’as wealth transfers to younger generations, sustainability, and ethical considerations will need to become the standard.’’

Business reputation is one of the things that can be controlled when it comes to outshining the competition and with the findings of this study it’s clear that sustainability, both ethical and environmental, are key factors that can help your business stand out.

Longevity

Every business hopes to adequately prepare itself for the future and following on from the findings above it’s clear to see that this preparation has to include efforts towards promoting sustainable business practices. However, the threat is not just from the risk of poor reputation if you chose to not follow suit, businesses also face changes in supply as the global shift to sustainable living ensues. Changes in technology and consumerism can leave businesses in the dust, and so too can failing to prepare for the shift to sustainable practices. Opting for eco-friendly and ethical sources early will land you ahead of the curve.

Revenue

It’s a common misconception that sustainable business practices are expensive. Often businesses can be overwhelmed with the potential upfront costs of shifting towards a more sustainable business model and practice, but the potential for long-term savings after adopting these new practices pays off.

Remanufacturing and refurbishing schemes can also play into an increase in revenue. Programmes such as Cisco Refresh can have a huge impact in reducing your business's technology expenses by providing recycled and remanufactured goods at a significantly lower price whilst maintaining high standards of performance. Lowering your upfront costs by opting for these products can vastly increase profit margins.