Why Embrace Sustainable Business Practices?

From environmental concerns to social justice issues, there are plenty of reasons to make the switch. But, according to the United Nations Sustainable Development Goals 2020 report, “before the COVID-19 pandemic, progress remained uneven, and we were not on track to meet the Goals by 2030.”

And so, in closing the foreword to this report, António Guterres, Secretary-General of the United Nations, calls for, “renewed ambition, mobilization, leadership and collective action.”

This is the Decade to Deliver on the UN SDGs, but this challenge is often mischaracterized as one which – in overcoming – takes its toll on profitability.

However, several recent studies found that companies with strong sustainability programs were more profitable than those without them. In fact,  Prof. Jeffrey Hollender of NYU Stern, states that, sustainable production, “is good for humanity, but it’s better for business.” So, if you’re looking for ways to improve your company’s sustainability efforts, start by taking a closer look at how you do business.

What is Sustainable Production?

Sustainable production refers to product development, engineering, and manufacturing practices that reduce environmental impact while maintaining quality and safety standards. It involves using resources efficiently, minimizing waste, and reducing energy consumption.

How Can Sustainable Production Benefit Your Business?

Reduce Waste

There are many ways to make your business more sustainable. One of the easiest ways to do so is by making changes to how you produce goods and services. This includes changing your purchasing habits, reducing packaging, and recycling materials.

A Product Lifecycle Management (PLM) platform can help you to simulate development and manufacturing processes before any physical goods or materials are brought into the product lifecycle. This means that you’re able to ensure optimal efficiency for energy and material use throughout your product lifecycles.

Going further to create a digital twin enables you to feed real-world usage and consumer feedback data into a living, 3D model of your product. This information can help to manage maintenance and repurposing of the goods and materials you’re responsible for manufacturing.

Cut Costs

Sustainable practices also help reduce costs. For example, companies that use less energy and water tend to spend less money on those things. They also save money by not having to pay for additional equipment or facilities to deal with waste. As we enter the Decade to Deliver on the UN Sustainable Development Goals, organizations face mounting pressure to meet consumer and regulatory demands. The sooner you act, the better the results will be, and the greater impact you’ll see on your brand reputation.

Increase Productivity

If you’re looking to improve your company’s sustainability efforts, start by making sure your employees understand why these changes are necessary. Once they do, they will be more likely to support them.

Create Jobs

Sustainable production practices help companies reduce waste, save money, and create jobs. These benefits are especially helpful when considering the fact that the global population is expected to reach 9 billion people by 2050.

In Our Experience…

More and more businesses are starting to recognize the advantages of adopting sustainable production practices. Putting a sustainability action strategy at the core of your company ethos, and striving toward sustainable practices, can result in significant business benefits, including cost savings and improved brand reputation.

Achieving net-zero emissions may take some time, but implementing a PLM system is a significant first step toward sustainable production. It can help you to manage resources, control quality, and increase efficiency. By bringing together your people, processes, and data you’ll soon find that it’s much easier to prioritize the triple bottom line: people, planet, and profit.

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