Embracing sustainability – an integrated approach to managing business

In today’s changing business world, the importance of embracing sustainability has become crucial. Corporate sustainability goes beyond taking care of the environment; it encompasses social and economic aspects. Many companies have realised they cannot solely focus on profit-making and must consider their impact on society and the planet.

To tackle this challenge, an approach called the Integrated Management System (IMS) has gained popularity. It enables organisations to manage operations with a sustainability-orientated mindset.

Understanding corporate sustainability

Corporate sustainability is often referred to as corporate social responsibility (CSR) and has gained significance as concerns about the environment, social equity and economic stability have grown. Sustainable business practices aim to strike a balance between generating profits while being socially responsible and environmentally conscious.

This approach follows a triple bottom-line perspective that focuses on:

1. Economic sustainability: this dimension involves maintaining a business model that ensures long-term financial viability.
   
   Companies have a responsibility to make choices that not only benefit their shareholders but also have positive impacts on other stakeholders, such as employees, suppliers and the communities in which they operate.
2. Environmental sustainability: environmental sustainability involves reducing an organisation’s impact on the environment by minimising resource consumption, managing waste effectively, and adopting ecotechnologies and practices. It includes initiatives to address climate change, conserve resources and protect ecosystems.
3. Social sustainability: social sustainability focuses on how organisations affect society as a whole. It encompasses efforts to promote diversity and inclusion within the workplace, respect rights, prioritise employee wellbeing and contribute to community development.
   
   To achieve sustainability, businesses need an integrated approach that considers all these dimensions simultaneously. This is where the IMS comes into play.

"Organisations that effectively adopt an IMS for sustainability will gain an edge by setting themselves apart as responsible and forward-thinking enterprises."

Oluwafemi Adare CQP MCQI, IRCA Lead Auditor and Management Systems Implementation Consultant at Wunderkind Consulting Nigeria Ltd

Encouraging collaboration

An integrated management system is an approach that combines management systems within an organisation. In the past, companies often managed aspects of their operations separately, which led to inefficiencies and missed opportunities for improvement. With an IMS in place, these systems are brought together under one framework to encourage collaboration, efficiency, and synergy across functions.

An IMS typically involves the integration of management systems such as quality (QMS), environmental (EMS), and occupational health and safety (OHSMS) into a structure.

However, in the context of sustainability, organisations broaden their approach to include systems such as social responsibility, energy management, and risk management. The goal is to achieve a holistic method of managing sustainability across the organisation.

Benefits of an IMS for corporate sustainability

There are plenty of benefits of implementing an IMS for corporate sustainability.

1. Streamlined operations: by integrating management systems, an IMS eliminates redundancies and inefficiencies. This leads to cost savings and increased operational efficiency.
2. Comprehensive approach: through the consolidation of management systems, an IMS ensures that corporate sustainability efforts are synchronised and consistent across all aspects – economic, environmental and social.
3. Compliance: an IMS often incorporates requirements to ensure that organisations comply with relevant laws and standards. This mitigates the risk of compliance and associated penalties.
4. Enhanced risk management: by addressing sustainability as an integrated system, organisations will effectively identify, assess and mitigate risks related to economic, environmental and social factors.
5. Building stakeholder trust: demonstrating a commitment to sustainability and responsible business practices will significantly improve a company's reputation and foster trust among stakeholders, including customers, investors and the local community.
6. Competitive advantage: organisations that effectively adopt an IMS for sustainability will gain an edge by setting themselves apart as responsible and forward-thinking enterprises.
7. Long-term viability: sustainability is not a buzzword; it is vital for long-term business success. Embracing an IMS approach empowers organisations to make decisions that support their viability in an evolving world.

Conclusion

Corporate sustainability is not merely a passing trend but an essential requirement in today's business landscape. It goes beyond altruism, as it is crucial for long-term success while making contributions to our world. Embracing an IMS allows organisations to holistically manage efforts by addressing economic, environmental and social dimensions simultaneously.

To successfully implement an IMS for sustainability, it is crucial to have leadership commitment and a structured approach to design and integration. Additionally, a dedication to improvement is necessary. As businesses adapt to a changing world, those that choose to adopt an IMS for sustainability are more likely to flourish and make a positive impact on both society and the environment than those that do not.