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Cost Savings and Sustainable Profits: The Essential Indicators of Effective Sustainable Business Practices
Abstract
Organizations are shifting their focus from profitability to sustainability, in the sense that their business processes are designed and delivered in a manner that they bring about efficiency in utilization of resources like water, electricity, power, energy etc. and effectiveness in revenues realized from environmentally friendly sources. This simple accounting profit does not provide details about the organization's commitment towards sustainability. An indicator providing the details on the organization's commitment towards sustainability is the need of the hour as businesses started giving focus and attention to sustainability than towards simple accounting profits. Sustainable business practices can go hand in hand with cost savings, as the business practices aim at a reduction in utilization of our organizational resources, so that they can be saved for the future. Cost savings arising from business practices is an indicator of effective sustainable business practice which organization must adhere to subsequently.
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