The first question that has probably entered your mind is what is Green Innovation and why does it even matter?
Green Innovation is any invention that seeks to make our environment cleaner and safer.
Going green sounds rather insignificant and is looked at as a cost overhead that no business or organisation wants to take up however; it is a great business opportunity and a potential source of competitive advantage.
SaveMari are going to look at the advantages of green innovation and if there is potential to turnover a profit.
While going green may present leadership or managerial challenges for companies operating in resource-intensive industries, the most significant managerial challenge is finding the balance between short-term economic realities and a long-term vision of ceasing to pollute the environment.
Managers or leaders of companies or organisations are under a lot of pressure to demonstrate what their businesses are doing from an environmental point of view and according to the Organisation for Economic Cooperation Development (OECD); authorities also want to know what role green innovation is playing in your business solution.
Here are a few reasons why green innovation could be beneficial to growing or established companies.
- Reduces costs
Green Innovation reduces usage of natural resources and as a result reduces costs.
- Attract Customers
This is probably the most challenging but rewarding of tasks. You can help customers reduce their environment impacts by attracting more customers to your green brands and this will come from good marketing. Make them feel good about using your products. That is, separating your brand, based on its reduced environmental impact.
- Government Incentives
Which company doesn’t like an incentive especially from the government? In some countries, governments are providing stimulus to going green in the form of tax initiatives.
Going green is the future
In the last few years, there are a number of companies overseas have gone green, spending up to 5% of their revenue on content and document management. Most companies have gone paperless to avoid printing costs and the waste of paper, saving up to $30 million over 5 years.
If you are already working on going green, your focus should go beyond reducing environmental impact. Your focus should be on how your business can reduce environmental impact and gain a competitive advantage. By doing this you would be pursuing green innovations not as a forced agenda but as something that could drive your business forward. Nothing would make your shareholders happier than doing something positive for the environment, reducing unnecessary costs and, turning over a big profit with environmentally friendly products.
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