In their paper titled "Sustainable Business Models: A Review," Saeed Nosratabadi, Amir Mosavi, Shahaboddin Shamshirband, Edmundas Kazimieras Zavadskas, Andry Rakotonirainy and Kwok Wing Chau provide a comprehensive review of the concept of sustainable business models. The authors explain that a sustainable business model describes how an organization creates, delivers and captures value in economic, social, cultural or other contexts in a sustainable way. Sustainable business model construction is an innovative part of a business strategy that different industries and businesses have utilized to satisfy their economic, environmental and social goals simultaneously. The authors conduct a thorough review of the literature on sustainable business models across various application areas to address the issue of unclear success rates for these models. They identify notable sustainable business models and classify them into fourteen unique categories such as innovation, management and marketing; entrepreneurship; energy; fashion; healthcare; agri-food supply chain management; circular economy; developing countries engineering; construction and real estate; mobility and transportation; hospitality. The authors review the progress – either failure or success – of each category's sustainable business models while discussing research gaps. They conclude that popularity and success rates for sustainable business models have increased across all application domains with the increasing use of advanced technologies. This study provides valuable insights into the state-of-the-art of sustainable business models in various application areas while highlighting future research directions.
A sustainable business model is a way for companies to make money while also being good for the environment and society. It's like having a plan that helps everyone, not just the company. Different types of businesses use different sustainable models, like making new things or using less energy. People are studying how well these models work and what can be improved. More and more companies are using these models because they help everyone and technology makes it easier.
Definitions
- Sustainable: something that can continue without hurting the environment or society.
- Model: a plan or idea for how something should be done.
- Economic: related to money and business.
- Environmental: related to nature and the world around us.
- Society: all the people who live in a community together.
Sustainable Business Models: A Comprehensive Review
In their paper titled "Sustainable Business Models: A Review," Saeed Nosratabadi, Amir Mosavi, Shahaboddin Shamshirband, Edmundas Kazimieras Zavadskas, Andry Rakotonirainy and Kwok Wing Chau provide a comprehensive review of the concept of sustainable business models. The authors explain that a sustainable business model is an innovative part of a business strategy that describes how an organization creates, delivers and captures value in economic, social, cultural or other contexts in a sustainable way.
Overview
The authors conduct a thorough review of the literature on sustainable business models across various application areas to address the issue of unclear success rates for these models. They identify notable sustainable business models and classify them into fourteen unique categories such as innovation, management and marketing; entrepreneurship; energy; fashion; healthcare; agri-food supply chain management; circular economy; developing countries engineering; construction and real estate; mobility and transportation; hospitality. The authors review the progress – either failure or success – of each category's sustainable business models while discussing research gaps. They conclude that popularity and success rates for sustainable business models have increased across all application domains with the increasing use of advanced technologies. This study provides valuable insights into the state-of-the-art of sustainable business models in various application areas while highlighting future research directions.
Innovation Management & Marketing
The authors discuss how businesses can utilize innovation management & marketing strategies to create more efficient processes which lead to cost savings over time. Additionally they point out how this type of strategy can help businesses become more competitive by introducing new products or services quickly in order to meet customer needs better than competitors do. Furthermore they note that this type of strategy also helps businesses reduce their environmental impact by reducing waste production or using renewable resources instead traditional ones when possible.
Entrepreneurship
The authors explore how entrepreneurs are utilizing sustainability initiatives to create successful businesses through creative problem solving techniques such as creating new markets for existing products/services or finding ways to make existing products/services more efficient from an environmental perspective (e.g., using renewable energy sources). Additionally they point out how entrepreneurs are increasingly focusing on social responsibility initiatives such as providing job opportunities for disadvantaged communities or creating educational programs aimed at improving quality life standards within those same communities .
Energy
The authors discuss how companies are utilizing renewable energy sources such as solar power to reduce their reliance on fossil fuels which has both economic benefits (lower costs) as well as environmental benefits (reduced emissions). Additionally they point out how some companies are investing heavily in research & development projects aimed at finding new ways to store energy from renewable sources so it can be used later when needed most (e.g., during peak hours). Finally they mention that some companies are even exploring ways to generate electricity from ocean waves which could potentially revolutionize our current understanding about what’s possible with regards to clean energy generation .
Fashion
The authors explore how fashion brands have started incorporating sustainability practices into their operations by using eco-friendly materials like organic cotton instead conventional ones like polyester which require large amounts water during manufacturing process . Additionally they point out that some brands have adopted “slow fashion” approach where clothes last longer due careful design choices made during production process thus reducing amount waste generated over time . Finally they mention that many fashion brands now offer repair services so customers don’t need buy new items everytime something gets damaged but rather fix it themselves saving money while being environmentally conscious at same time .
< h 3 > Healthcare
The authors discuss potential applications for healthcare sector related sustainability including reduction medical waste through reuseable equipment , improved patient outcomes through telemedicine technology , adoption green building principles hospitals , etc . Additionally they point out potential opportunities healthcare providers have when it comes promoting healthy lifestyle habits among patients helping them prevent diseases before occur thus saving money long run . Finally they mention importance educating staff members about latest developments related sustainability field so everyone involved understands why certain decisions taken place leading higher levels engagement overall .
< h 3 >Agri - Food Supply Chain Management
The authors explore potential applications agri - food supply chain management related sustainability including adoption precision agriculture techniques reduce water consumption land degradation , implementation traceability systems ensure safety food products consumers , utilization blockchain technology increase transparency along entire supply chain process , etc . Additionally they point out potential opportunities producers have when it comes promoting healthier diets among population helping them prevent chronic diseases before occur thus saving money long run . Finally they mention importance educating farmers about latest developments related sustainability field so everyone involved understands why certain decisions taken place leading higher levels engagement overall .
< h 3 >Circular Economy
The authors discuss potential applications circular economy related sustainability including designing products last longer through careful selection materials used production process , implementing closed loop systems collect recycle unused components goods back into production cycle again reducing amount waste generated over time , encouraging sharing economy platforms promote reuse goods already exist instead buying new ones everytime something needed etc ..Additionally they point out potential opportunities manufacturers have when it comes collaborating other industries find innovative solutions problems faced today leading higher levels efficiency performance overall system level not just individual company level ..Finallytheymentionimportanceeducatingconsumersaboutlatestdevelopmentsrelatedsustainabilityfieldsoeveryoneinvolvedunderstandswhycertaindecisionsaremadewithregardstocirculareconomyleadinghigherlevelsofengagementoverall..
< h 3 >Developing Countries Engineering Theauthorsdiscusspotentialapplicationsdevelopingcountriesengineeringrelatedsustainabilityincludingadoptionrenewableenergytechnologiesreducerelianceonfossilfuelswhichhasbotheconomicbenefits(lowercosts)aswellasenvironmentalbenefits(reducedemissions),utilizingadvancedmanufacturingtechniquestocreateproductsmoreefficientlyfromanenvironmentalperspective(egusingrenewableresourcesinsteadtraditionaloneswhenpossible),etc..Additionallytheypointoutpotentialopportunitiesengineershavewhenthecomespromotinggreentechnologiesamongpopulationhelpingthempreventpollutionbeforeoccurthusavingmoneylongrun..Finallytheymentionimportanceeducatingstudentsaboutlatestdevelopmentsrelatedsustainabilityfieldsoeveryoneinvolvedunderstandswhycertaindecisionsaremadewithregardstodevelopingcountriesengineeringleadinghigherlevelsofengagementoverall..
< h 3 >Construction & Real Estate Theauthorsdiscusspotentialapplicationsconstruction&realestaterelatedsustainabilityincludingadoptinggreenbuildingprinciplesforenergyefficiencyandwaterconservationpurposes,utilizingrecycledmaterialsinconstructionprocessesinsteadconventionaloneswhichrequirelargeamountswaterduringmanufacturingprocessetc...Additionallytheypointoutpotentialopportunitiesbuildershavewhenthecomespromotingeco-friendlyhabitatsamongpopulationhelpingthempreventpollutionbeforeoccurthusavingmoneylongrun
The concept of the sustainable business model describes the rationale of how an organization creates, delivers, and captures value, in economic, social, cultural, or other contexts, in a sustainable way. The process of sustainable business model construction forms an innovative part of a business strategy. Different industries and businesses have utilized sustainable business models concept to satisfy their economic, environmental, and social goals simultaneously. However, the success, popularity, and progress of sustainable business models in different application domains are not clear. To explore this issue, this research provides a comprehensive review of sustainable business models literature in various application areas. Notable sustainable business models are identified and further classified in fourteen unique categories, and in every category, the progress -- either failure or success -- has been reviewed, and the research gaps are discussed. Taxonomy of the applications includes innovation, management and marketing, entrepreneurship, energy, fashion, healthcare, agri-food, supply chain management, circular economy, developing countries, engineering, construction and real estate, mobility and transportation, and hospitality. The key contribution of this study is that it provides an insight into the state of the art of sustainable business models in the various application areas and future research directions. This paper concludes that popularity and the success rate of sustainable business models in all application domains have been increased along with the increasing use of advanced technologies.
