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Supplier Relationship and Sustainable Business 1 COULD INVESTING IN SUPPLIER RELATIONSHIP CONTRIBUTE TOWARDS BUILDING SUSTAINABLE BUSINESS OPERATIONS IN THE LONG RUN? Student’s Name Course Professor’s Name University City (State) Date
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Supplier Relationship and Sustainable Business 2 Could investing in supplier relationship contribute towards building sustainable business operations in the long run? CHAPTER 1: INTRODUCTION Background of the Study Business sustainability is an integral aspect of corporate management. This assertion was supported by Crane and Matten (2016, p. 37) who stated that sustainable businesses are not only resilient but also create economic value, healthy ecosystems, and strong communities; factors which collectively make corporate sustainability a top priority for organizations in the contemporary market. Amini and Bienstock (2014, p. 15) defined business sustainability, which is also referred to as corporate sustainability, as the process of managing and coordinating environmental, social and financial demands and/or concerns of an organization in a manner that would ensure responsible, ethical, and ongoing success in the long term. Based on this definition and an analysis by Hahn, Preuss, Pinkse and Figge (2014, p. 471), it is justifiably deducible that business sustainability represents resilience over time in the sense that it ensures intimate interconnectedness between operations of an organization and healthy economic, social and environmental systems. According to Kourula, Pisani and Kolk (2017, p. 14), business sustainability requires organizations to adhere to the principles of sustainable development. Basically, as defined by the World Council for Economic Development (WCED), sustainable development is the kind of development where the needs of the present generation are met without compromising the ability of the future generations to meet their needs (Holden, Linnerud and Banister 2016, p. 42). This implies that for organizations to have sustainable operations, they must functions in a manner that they attain high levels of economic efficiency, social equality, and environmental
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Supplier Relationship and Sustainable Business 3 accountability. Klettner, Clarke and Boersma (2014, p. 153-154) highlighted stakeholder engagement and environmental management systems as the best practices adoptable to foster business sustainability. Stakeholder engagement in this context refers to involving key organizational stakeholders, particularly suppliers in making critical decisions that would help in building a sustainable business. For instance, a firm may work with its suppliers and retailers to ensure the development and use of eco-friendly raw materials like renewable sources of energy and biodegradable components on the verge to minimize environmental pollution and to conserve natural resources (Goyal, Rahman and Kazmi 2013, p. 369). In the same vein, environmental management systems in this context involves the development and
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  • Fall '19
  • The Land, Sustainable business, corporate sustainability

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