Sound Management

(Area of Specialization: Information Management & Analytics)

Rapid economic development in India has changed the lives of millions. But it has also been accelerated the environmental crisis in the country. An environment survey of 178 countries ranked India at 155 and at the bottom of BRIC nations. Of world’s 20 most polluted cities 13 are in the country. A study done by the World Bank reveals that environmental degradation costs India around 80 billion dollars each year; that’s 5.7% of the GDP. So far, environment activists have been the flagbearers for climate action, but that will need to change in the future.

To look away from the imminent environment crisis would be a huge mistake, especially for its major contributor – the industry. Many businesses around the world are trying to turn the tide. Elon Musk has dedicated his business to innovative strategies to impact change. “Preventing environmental causes of illness is the main objective of our sustainability program. We also recognize that the health care industry’s impact on pollution and waste is substantial, and we want to be proactive in combating it,” says Kathy Gerwig, VP, Kaiser Permanente.

The healthcare industry is just one of the many businesses that are taking proactive measures to stem the rot, which has raised alarming environmental concerns. Today’s businesses are looking for management professionals, who can see the larger picture and are driven by the passion to do their bit for the planet. Business schools are playing their role by not only making students aware of the burning issue but also equipping them with skills and strategies to make the positive impact. Sound management can help fix the immediate environmental crisis by:

• Focusing on the traditional sustainability issues of resource availability and energy. The emphasis lies on things we can’t do as businesses while implementing strategies for conservation of resources in every stage, from production to sales.
• However, there has been the much needed shift in the conversation today. Now, one has to think about ways to create and innovate to blend market drivers with sustainability issues. Innovation has shown that green businesses can be profitable ones too.
• Today’s MBAs imbibe design thinking skills, which have a huge role to play in combating the environmental crisis. Their insights into different areas of business can also help them come up with creative solutions that are solid and sustainable.
• To solve future environment challenges, managers will have to look beyond their current access to knowledge. With MBA students picking environment-related themes for research projects, they will create knowledge that has answers for the future.
• Finally, any kind of systemic change within organizations will require managers and executives to have their entire teams on board. Battling an environmental crisis will require some tough decisions while assuaging the fears of the workforce.

With the insights and sensitivity to the immediate environmental crisis and skills to be in decision making roles, future management leaders can be the heroes of climate action we need.