Topic > Sustainable business

IndexSynthesisLiterature reviewSix phasesSocio-cultural dimensionIndicatorsMethodologyConclusionSynthesisThe objective of the research is to discover the ways in which companies can engage in sustainable activities. The paper will investigate the three dimensions through which a corporate entity or company can achieve sustainability in its operations. The three dimensions are socio-cultural, economic and environmental as far as Carpet Corporation Group is concerned. The goal is to find ways for the Carpet Company to achieve sustainability. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay The paper will also emphasize the current Dunphy phase, why it is in this phase, indicators, and how to transform it into a more sustainable phase. The research will use secondary data from the company's website and information available from research conducted on similar companies on how they can achieve corporate sustainability by following the Dunphy model and the triple bottom line. Literature Review A good monitoring system should have certain characteristics that will ensure that the system is reliable and effective to enable the company to achieve the targeted state of sustainability. The most critical attribute of a good monitoring system is that it should be able to measure and report on an outcome that touches the company's critical strategic objectives. The system must ensure that all strategic objectives of the company are at the center of its measurement and reporting. Business goals are critical to company growth. If the measurements and reports generated by the monitoring system do not take into account the company objectives, the company will be evaluated in the wrong direction, which could eventually derail the company activities. The system should also be able to identify the key issues and root cause of the company's problem. Considering the dimensions of the Triple Bottom Line allows company management and managers to ensure that company operations are sustainable and will remain sustainable in the future. The Triple Bottom Line is one of the guideline systems used by associations to study the benefits they are getting through their business sensitivity plans. The Triple Bottom Line procedure requires you to see beyond the normal essential business concern to the benefits your business offers socially and monetarily. Evaluating your business using the Triple Bottom Line is rare compared to other indicators of how sustainable your business is and how useful it really is. (Lewis, n.d.) Social factors refer to social measurements of a group or district and could incorporate estimates of education, value and access to social resources, well-being and prosperity, personal satisfaction, and social capital. Factors affecting the primary flow of money. It might take a look at salary or uses, rates, company atmosphere factors, work, investments and company diversity. Environmental variables should represent measurements of natural resources and reflect potential influences on its viability. It could include air and water quality, energy consumption, natural resources, solid and toxic waste, and land use/cover. Ideally, having long-term trends for each environmental variable would help organizations identify the impacts a project or policy would have on the area. (Timothy F. Slaper, n.d.) The TBL dashboard helps track and measure an organization's business operations. The picture differs from asector to another, as organizations do not work under comparable market conditions or power in the business field. Be that as it may, all maintainability observation systems should be attentive, which implies that they should be significant for the activity to which they are connected and that they should be quantifiable. Today's universe is progressively facing maintainability challenges where resources continue to become scarce over time, forcing organizations with the expectation of remaining relevant and above water in the business world to create courses through which they can continue to operate even despite all the rarest resources. (Qi, 2013) The Global Reporting Initiative (GRI) is a global, multi-partner, free-of-charge nonprofit that promotes financial, natural and social manageability. The GRI was established in 1997 in collaboration with the United Nations Environment Program (UNEP). The GRI has created sustainability reporting guidelines that attempt to build simplicity and accountability of financial, ecological and social execution and provides all organizations and associations with a far-reaching manageability reporting system widely used throughout the world. world (TOTAL, n.d.)Dunphy Stadiums provides a system for evaluating how an association approaches a sustainable world. Consider the different manageability methodologies adopted by an association in consideration of humane and ecological practices and execution. Six Steps Carpet manufacturing ejects a lot of toxic waste, but the lack of stringent anti-pollution regulations in the Asian region never makes the organization truly focus on investing in waste management technology. No steps forward for waste management Even though the company claims to want to go green, the modern technology they have adapted will help them use more synthetic yarns than organic materials, which actually excretes more polluting material, which is contrary to their statement. The product The range mainly caters to the needs of the domestic market and the company does not have a variety of products to cater to the different regional markets around the world. It is a threat to sustainability in the global context. Lack of product range The range of technological investments is made only to meet local demand and to compete with local competitors. The global market and competitors are not taken into consideration for future market expansion. The company has not focused on investing in cutting-edge technology adopted by large global suppliers. The relationship between Investment Carpet companies is highly dependent on Asia alone, especially Malaysia, and a sudden economic meltdown can pose a great threat to their livelihood and could even bring down the total business and its market share. Region Dependent Reasonable analysis shows that this organization falls into the Dunphy phase. The company has moved significantly from hand-knotted carpets to woven carpets that can be mass-produced using machines from any type of material. The mechanization of the weaving process in carpet production has largely reduced the price of carpets and helped them cope with the shortage of raw materials as the production of hand-knotted carpets is limited to limited materials. The company has consistently placed itself in an advantageous position to be able to supply target markets with carpets in Asia by investing significant funds to improve logistics and increase production capacity to be able to serve the target markets. Therefore, in terms of business development, the company ensures that it targets a certain marketwhich has capacity to grow and invest to ensure that the company can serve this market more sustainably to ensure the continuity of the company's operations. (Carpet Corporation Group, 2018) Carpet Corporation Group is a Malaysian carpet manufacturing and supply company that primarily specializes in beautifying homes and commercial spaces with quality, affordable carpets that suit individual customers' tastes and aesthetic preferences. The company's supply chain network is extensive and has structures in place to ensure it serves its market effectively. The company also boasts over 300 major retailers in Malaysia and two major warehousing points in the country's capital Kuala Lumpur. The company has made considerable efforts to ensure that it keeps pace with the latest technologies in the weaving industry by acquiring the latest model of the Van De Wiele weaving machine which produces high density carpets of up to 3 million stitches. The company also acquired the Neumag machine equipped with 2 high-capacity extruders that extrude solution-dyed PP yarn. In addition to these technological advancements, Carpet Corporation Group has acquired a super beam machine that produces high-quality ground warp beams. (Carpet Corporation Group, 2018) To satisfy the diversity of sustainable products, it is necessary to analyze the sociocultural dimension to adequately nurture the different aesthetics. At the same time, investments in technology must be analyzed based on the environmental dimension and competition to minimize the effects and investments in the current market condition also require an analysis on the economic dimension. Therefore, this study considers the three dimensions mentioned above together, avoiding focusing only on one aspect. There has been increased acceptance and use of carpets globally because they improve the look of homes and offices. In some parts of the world, carpets are part of ancient culture where homes are decorated with carpets which give them aesthetic value. The product is currently also widely used in commercial areas where companies continue to strive to impress their customers and raise the company profile in the market. This cultural shift is set to expand the carpet market around the world as more and more companies and homes install carpets of different types. Since carpets are largely a product of wool, cotton and fine wood, the availability factor of the same can affect the sustainability of the carpet business worldwide due to the reduced indulgence of people who are not willing to use synthetic carpets . (Halkias, 2016) Socio-cultural dimension The processing and production of carpets is a deep industrial process that produces large quantities of industrial effluents that must be treated before being released into the environment. (Thangavel, 2016). The Carpet Corporation group should ensure that the industrial waste processing process is environmentally sustainable so that its industrial effluents do not harm the environment as the company will risk heavy penalties from the authorities concerned which could make the This entire activity is unsustainable. Yarns due to scarcity of natural raw materials forces the company to devise ways to convince customers of the company's measures for a clean environment through wide customer acceptance. The growing awareness and strict enforcement of environmental protection regulations in Asian countries is a major concern for maintaining sustainability. (Hardisty, 2010) In this scenario, the company needs to raise more funds to invest in the treatment ofeffluents and also to go green in a real sense. Furthermore, more efforts and funds need to be diverted into research and development and marketing to improve aesthetics and popularize the use of synthetic carpets with an environmentally friendly note for greater social acceptance. Global business is currently facing pressure from increased competition, reduced availability of physical raw materials and the overall increase in the cost of doing business. For any company to be sustainable in the business world, it must ensure that all economic factors affecting the company's business operations can be sustained for a sustained period such that the company can remain in business for the foreseeable future. The adoption of new technological advancements in the company is one of the main sustainable economic indicators. Technological advancements can reduce production costs, improve product quality, shorten the production line, among other benefits that ensure the business is profitable and sustainable. (Eweje, 2012)IndicatorsIndicator Name Definition Measurement Limitations Technological Advances Incorporation of latest technologies in carpet processing and manufacturing Acquisition of new machines and latest production models. -High initial cost -May require additional labor which increases production costs. Effective risk management system Compliance with relevant regulations Compliance score Costs that may be incurred in pursuing compliance. Waste reduction and environmentally friendly waste disposal Effective use of resources Modern effluent treatment technology Number of initiatives undertaken to manage this indicator Modern effluent quality monitoring system. Implementation of an environmental audit system like Osho. High initial cost Specialized team Market leadership Pursuing strategic potential of sustainability Number of innovative and aesthetic products launched Demographic coverage % Increase in market share of synthetic products Research and development can take a long time before innovative products are discovered. -Financial requirements Creation of a constructive social culture in the company. Go – Green Initiative Positive working environment. Policies in place that support this indicator Environmental Systems Audit (OSHO) Non-compliance with policies - Fund requirement The table below shows a summary of the indicators that can be used to monitor the dimensions of sustainability in relation to carpet Corporate group. The indicators should have many characteristics that allow the system to be effective and reliable to bring the company to the desired level of sustainable business. One of them is that the indicators must be relevant and show aspects of the company that must be known by management or interested people so that appropriate actions can be taken. Without relying on relevant data or information, the entire system will not be as effective as desired. (Epstein, 2015) The indicators should also be reliable, trustworthy and all stakeholders of the company should believe in the output or measurement provided by the system. The indicators should also be easily understandable by all relevant company personnel. This allows company employees to easily act on the information and data provided by the system. The system's indicators should also be based on accessible data. In any activity undertaken, the data or information should be accessible to all relevant interested parties for the purpose of verifying and ascertaining that the system.