Sustainability and Innovation

Executive Summary The report extensively investigates on various aspects of innovation and sustainability. Innovation is becoming a strategy that many companies are using to achieve sustainability and profits. The report presents a case study of 3M United States Company that has embraced sustainability in all its operations. The company has managed to succeed in its innovation.Advertising We will write a custom report sample on Sustainability and Innovation specifically for you for only $16.05 $11/page Learn More The sustainability programmes that it offers are centred to create a conducive environment that impacts positively on economic and social structures. The report suggests that individuals and corporate entities should engage or participate in sustainability programs to impact positively on the current and future generations. Background Advancement in technology and the changing lifestyles of people requires flexibility and adaptation for business to survive. Technology has affected the way business is conducted around the globe. Opportunities present are friendly to innovative people who are able to come up with different strategies to solve problems that face human beings. Innovation and sustainability have become pertinent in business’ success. The report covers on innovation and sustainability in the business set up. Objectives and aims The main aim of the report is to determine: The relationship between sustainability and innovation How sustainability and innovation contribute to the performance and success of a business The impact of sustainability and innovation on a selected case company Scope/structure The report mainly focuses on sustainability and innovation. These two aspects are pertinent in business operations. Sustainability of the environment is important in smooth running of business. The 3M Company serves as the case study for the report because of its commitment and support in ensuring the sustain ability of environment. The findings are essential in offering best strategies for businesses to participate and support sustainability besides encouraging innovation. Sustainability Sustainability is a term used in reference to the need to conserve natural environments (Yasamorn Phapruke 2011, p. 4). It therefore implies that all things that are important to people’s lives depend on the environment. People thrive and survive because of their environment, which allows them to gain access to water and other important resources that are pertinent to their general life ad health. Therefore, ensuring that these environments are conserved should be their obligation. Businesses and individuals need to take the initiative of ensuring that the surrounding environment is protected from bad human actions that pose threats to the natural environment.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn M ore According to Christensen (2003), any business has the prerogative of ensuring that its immediate surroundings are well conserved. Even though businesses aspire to get high profits, they have the duty of putting concerns of the society before any other. The concept of sustainability is gaining a lot of acceptance by many companies under the umbrella of social corporate responsibility. According to Gobble (2012), in the survey conducted in 2010, it was revealed that close to 70 percent of companies embraced the principles of sustainability (p. 64). They had placed this as one of their most important agenda. Innovation Competitions in the business world require people who are able to think and come up with creative ideas to help them survive and gain a competitive edge over the others. The main objective of innovation in business is to create value through the development of ideas from the mind to the market. Innovation can therefore be defined as the process of formulating ideas and using them to attain an advantage or to achieve one’s goals (Gobble 2012, p. 64). Most companies find it difficult to achieve their goals because they are not innovative, a case that retards their performance. In most cases, employees working there are not provided with incentives to enable them become innovative. The structures and the systems that many organisations have created deter the creativity of many potential innovative workers. According to Taylor and Theyel (2010), innovation is not difficult (p. 93). The problem that makes it difficult is lack of good ideas. Ideas are learned and experienced in people’s day-to-day interactions. If people are exposed to a lot of information and ideas, they have a good chance of becoming innovative. Innovative can be attained systematically. It does not require an individual to strain a lot, but through learning, training, and exposure, an individual can become innovative. There are obstacles that deter companies and in dividuals from becoming innovative. These include scarcity of ideas among the workers. Another reason is lack of financial or moral/mentorship support. This may kill an idea before it is implemented hence deterring innovation. Individuals with financial problems may not be able to implement their ideas into practical products or services. Mentorship and moral support are also vital ingredients in innovation. People may fail to implement their ideas because they lack moral support from their friends or close members (Frank Florian 2011, p. 59)Advertising We will write a custom report sample on Sustainability and Innovation specifically for you for only $16.05 $11/page Learn More Inventiveness has become a key influencing factor in strategic planning. The world is changing at first pace, and to keep with these trends, the only option is to invest in innovation. Companies have come to realise that they cannot achieve their objectives without investing in innovation. Creativity and innovation can be learned (Lindgren 2012, p. 53). To be innovative, an individual has to be attentive to things and experiences that he/she faces. Through these experiences, a person is able to come up with ideas that can improve on what already exists. According to Duygu, Jan, and Nelliene (2012), innovativeness of a firm is its receptiveness and inclination in adopting new ideas and views that aid in the development of new products (p. 89). Innovativeness is a prerogative to a firm’s survival and prosperity. Human beings require new things that make them satisfied. Addressing these human desires/problems will enable a firm to sell more products and services, which triggers the increase in profitability and general success. Sustainability and Innovation Sustainability and innovation are two important components in the success and prosperity of an individual and or a company. Sustainability and innovation have near similarities. Businesses are requi red to carry out their activities to gain profits while at the same time conserving the environment by monitoring their social, economic, and environmental actions. Sustainability should not imply proper management of resources to meet the present needs without exposing the future generations to danger. However, sustainability should bring quality life today, as well as prosperity to ensure that the future is not compromised. Therefore, companies should aspire to carry out their responsibilities putting in mind the current and the future trends. Innovation should allow the generation of ideas that add value besides ensuring prosperity of the business while at the same time being sustainable. An idea that is positive, but which does not ensure sustainability is not viable. For example, a company that innovates, for instance, a product that provides multiple solutions to the society problems but causes a lot of damage to the same society in the long run is not viable. According to Gob ble (2012), sustainability is â€Å"meeting the people’s current social, economic, and environmental needs without compromising on the ability of the future generation to meet their own goals/needs† (p. 64). This therefore, requires that businesses and individuals engage in activities that do not threaten the future generations. It is the obligation of the current businesses and individuals to take a good care of the environment and social structures to enable the future generation to have quality life in meeting their own goals. Even with this, businesses and individuals are coming up with ideas/innovations that may impact either negatively or positively on the quality of life of the current and future generations (United States Environmental Protection Agency (EPA) 2012).Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The relationship between sustainability and innovation is that both ensure that any new idea that is generated is of value to both the current and future generations. Innovations that defy or seem to threaten the stability of environment, social, and economic structures are therefore not permitted. Sustainability is argued to be the key driver of innovation even during economic crisis/downtown (Gobble 2012, p. 64). This is because there are many opportunities in sustainability that companies can take advantage of to make profits besides attaining success. It is true innovation that a sustainable human society is created (Jones 2002, p. 52). Companies that engage in sustainability initiatives achieve or manage to create a self-sustainable society since they appreciate and embrace new ways of doing things that add value to the life of the people. To achieve true sustainability, any company requires innovation. Without the creation of new ideas, the company or individual is unable to a ttain its/his/her goals. Studies reveal that companies that embrace sustainability achieve their goals. The secret of this achievement is because they are innovative in their activities hence having an advantage over others (Lindgren 2012, p. 53).Therefore, there is close relationship between sustainability and innovation. The two terms are very crucial in the quest to ensure environmental, social, and economic prosperity and management of the present and the future generation. Sustainability is a sign of innovation. A company is not able to achieve success in sustainability if it is not innovative. Likewise, achieving sustainability is an advantage to the company because it will rank high interns of profitability. Organisation Sustainability: A Case Company-3M United States Company The 3M United States Company is the case study for this report. This company is one of the many companies that have invested their resources to ensuring that sustainability is achieved. The company deals with an array of technological products and services. It provides services to communities and customers that have innovative ideas/ products, and services. Therefore, they help in supporting the implementation of innovative ideas from both the individuals and corporate. The company is committed to ensuring the development of sustainable environmental, progress in economy, as well as social responsibility. As part of its role in sustainability, the company is in the forefront in putting the future in front of its innovations. Therefore, it cannot support an innovation that is detrimental to the social fabric, economic, and environment (Chowdhury 2003). Customers and even companies that seek innovation must not threaten the quality of life currently and that of the future generation. 3M United States Company provides technical advice on any innovative products or services from its clients. It assesses them to determine their value or impact to the environment before its adoption. Sus tainability is also at the core of the 3M United States Company. It has managed to achieve this through the adoption of strategies that do not compromise to the social and environment of human society 3M United States Company 2012). 3M United States Company is one of the companies that have participated in the sustainability of the environment. For instance, the company managed to regulate its volatile organic air emissions. It succeeded in achieving great milestones. For instance, the company managed to reduce these emissions by 95%. In 1990, its emission was 255 million pounds compared to 13 millions in 2011. It has managed to achieve this through â€Å"the development of pollution prevention programs, solvent-less technologies, and use of pollution control equipments† (3M United States Company 2012, Para.16). The company’s efforts have also seen it contribute to the management of climate change. The company has managed to reduce green gas emissions by managing to cu t down the emission by 72% from 1990 to 2011. The company has also managed to keep the environment clean by preventing pollution. It adopted 3p strategy, pollution prevention pays, which has seen the company save around 1.5 US billion besides eliminating around 3.5 pounds of pollution (3M United States Company 2012). The company is also committed to water stewardship. It has reduced the amount of water that it uses. Besides, it releases fewer pollutants to water. This is aimed at sustaining the environment to ensure that every body in the society has a quality life. Furthermore, the company has laid down strategies geared at managing wastes. This has reduced the amount of toxins that are released to the environment. The wastes produced by the company come from unused raw materials, which are sold or reused for other duties. This has a positive impact on the economy, as well as environment (3M United States Company 2012). The company is also engaged in managing the biodiversity aroun d the globe and in their own back yards (3M United States Company 2012). They also help with funding of few methods of keeping wild animals in their own property. This has enabled sustainability of the environment. The company also collaborates with other organisations such as Nature Conservancy to protect critical species. Conclusion Sustainability and innovation are important in the success of individuals and companies. Sustainability is concerned about safeguarding or promoting the environment, social, and economic status for the benefit of the current and the future generations. Innovation is also an important concept in a business environment, as it ensures that organisations adapt to ideas that are beneficial to them. It is therefore paramount that organisations/businesses embrace sustainability to achieve their objectives. Companies cannot achieve innovation without having successfully embraced sustainability because to be innovative requires that one understands what sustain ability entails. The 3M United Sates company has successfully engaged in the sustainability of its environment through various programs that have seen it become innovative in many areas thus impacting positively to the environment, economy, and social structures. Therefore, it is imperative that companies devote their time and resources to sustainability to ensure that the whole society thrives well now in the future. References Chowdhury, S 2003, Design For Six Sigma-The Revolutionary Process for Achieving Extraordinary Profits, FT Prentice Hall, New York. Christensen, C 2003, The Innovator’s Solution-Creating and Sustaining Successful Growth, HBS Press, London. Duygu, K, Jan, C, Nelliene, M 2012, ‘Innovation process of new ventures driven by sustainability’, Journal of Cleaner Production, vol. 5 no. 8, pp. 89-98. Frank, B, Florian, L 2011, ‘Business models for sustainable innovation: state-of-the-art and steps towards a research agenda’, Journal of Cleaner Production, vol. 2 no. 5, pp. 56-64. Gobble, M 2012, ‘Innovation and Sustainability’, Research Technology Management, Vol. 55 no. 5, pp. 64-66. Jones, T 2002, Innovating At The Edge – How Organisations Evolve and Embed Innovation Capability, Butterworth, Heinemann. Lead Business Model Innovation?’, International Journal of Business Management, Vol. 7 no. 14, pp. 53-66. Lindgren, P 2012, ‘Business Model Innovation Leadership: How Do SME’s Strategically Taylor, G, Theyel, G 2010, ‘Globalisation, Innovation and Sustainability’, Journal of Corporate Citizenship, vol.1 no. 39, pp. 93-101. United States Environmental Protection Agency (EPA) 2012, What is sustainability? Web. Yasamorn, N, Phapruke, U 2011, ‘Strategic collaborative capability, business growth, and organisational sustainability: Evidence from tourism businesses in Thailand’, International journal of business strategy, vol. 11 no. 3, pp 1-27. 3M U nited States Company 2012, Sustainability at 3 M, https://www.3m.com/3M/en_US/sustainability-us/ This report on Sustainability and Innovation was written and submitted by user Teagan E. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.