Last updated on March 29th, 2024 at 11:22 am
Sustainability is based on satisfying our current needs while not compromising the capacity of future generations to meet their own needs. This requires the balanced development of three fundamental pillars: economic, environmental, and social.
In addition to the economic contribution, business activity also generates environmental and social effects that do not go unnoticed. Thus, the business contribution is essential to reverse the current situation in economic, environmental, and social aspects. The bachelor's in business administration we offer will show you how to succeed in this field.
Typically, companies start their sustainability strategies by reducing their costs and their negative impact on the environment. However, this approach is not enough; sustainability must be considered a core value in any business strategy. To do this the BBA in finance will show you how to embark on this path, for example:
- Elevate sustainability to a core business strategy. Sustainability should be a cultural feature throughout the organization, always on the agenda of senior leaders. In most cases, the company's services and products should be marketed as environmentally friendly.
- Integrate sustainability principles into innovation efforts. Environmental initiatives require imaginative ways of approaching problems. For example, many companies may consider replacing the raw materials that have traditionally been used to design products with more environmentally integrated ones.
- Look at the overall product value chain through an environmental lens. The full impact of design decisions on the overall environmental impact of a product should be considered, by establishing close relationships between customer and supplier design teams, which should also consider the full life cycle of products within the design decisions taken.
- Consider the principles of sustainability in key decisions. All business decisions involve a trade-off between different variables. The environmental implications of a decision must also be taken into account because of its implications in terms of risk, cost, growth, service, and quality.
- Integrate sustainability into corporate and brand messages and advertising. This is particularly important to keep legitimate stakeholders (investors, employees, customers, regulators, etc.) properly informed.
Innovation can be a means to achieve sustainability, as it involves improving the way things are done. Thus, sustainable innovation includes both the creation of green products and the implementation of sustainable processes. Such processes encompass both industrial manufacturing and organizational processes. This is why innovation in business models and business practices is moving the company towards sustainability.
New technologies offer sustainable solutions to move towards a better world. However, their implementation in the business fabric is often complex due to factors such as uncertainty or resistance to change. Closing these gaps, therefore, requires significant efforts from both governments and businesses themselves.
Practices such as the integration of management systems or open innovation are part of a set of strategic solutions that contribute to building a sustainable world. This is a complex problem, and its real solution goes far beyond individual efforts or isolated cases.
That is why we are changing the way we do things and innovating with BBA courses. Business objectives are very diverse, which is why several management systems (quality, environment, occupational health and safety, corporate social responsibility, among others) interact in the same company to ensure the satisfaction of each of these objectives.
To understand sustainability-oriented business strategies the bachelor in business administration offers you a comprehensive curriculum that covers the demands of new-age banking, financial modeling, equity research, and FinTech. The BBA courses will enable you to work on real business projects that will allow you to gain a practical understanding of finance and general management.
