[Sponsored Article]
A full appreciation of the importance of innovation and sustainability has become essential for success in the world of business. Simply put, every company must be ready to adopt tools and implement policies which allow them to sustain business, upgrade operations, reinvent services, and play their part in creating a greener environment.
A consumer-centric company listens to all stakeholders, which helps to define their approach and lets them achieve long-term value while minimising any negative aspects associated with their products, operations and supply chain.
Sustainability and innovation are no longer just an item on the boardroom agenda. And, as things now stand, any organisation that is slow or reluctant to transform itself is destined to lose ground.
To understand what's happening and why, the August 24 webinar in the SCMP Conversations series considered these new norms and gave panellists the opportunity to discuss the impact of innovative technology, sustainability strategies and inventive thinking.
In this respect, it became clear that Philip Morris International (PMI) is showing the way. The multinational tobacco company is using innovation, science and technology to transform its traditional business. PMI has made it their mission to replace cigarettes with science-based smoke-free products as soon as possible. One aim of this “disruption from the inside out” is to provide better alternatives for men and women who would otherwise continue smoking, including an estimation of 600,000 smokers in Hong Kong, and to address society's questions about the harm caused by combustible tobacco.
PMI’s decision was the result of extensive research and deliberation, stretching back almost two decades. It took due account of new realities, such as the need to act on crucial issues like climate change, and steps necessary to assure the long-term viability of the business. “Sustainability is often explained as a balance between economics, environment and social issues – or profits, planet and people” said Tommaso Di Giovanni, vice president for international communications at PMI. “We are taking care of the future by protecting employees, maintaining profitability and – the biggest positive impact - addressing the core issue that cigarettes cause diseases.”
