Discuss About The Sustainability Performance And Financial Performance?
Since its establishment, Coca-Cola Company continues to be the biggest company that deals with the production, distribution, as well as marketing of non-alcoholic beverages. It offers over five hundred brands to its consumers in more than two hundred nations globally. The company has nineteen brands in lower or no-sugar out of its twenty-one billion-dollar brands (Gagarin 2012). The low or no-sugar brands help individual users of the products to moderate their consumption of added sugar contents. Besides, Coca-Cola Company management concentrates their duties in making positive contributions to the universe. Coca-Cola Company remains to be the number one provider of sparkling types of beverages that are ready-to-drink juices, coffees, and juice drinks (James 2015). Therefore, the principal objective of this report is to address sustainability study in the operations of the Coca-Cola Company.
The circular economy as a form of sustainable initiative for an organization remains to be the regenerative system where the resource input along with emission, waste, and energy leakages during operations are minimizable. The minimization of such wastes is achievable by slowing, closing, together with narrowing the material along with power loops during the operations of a company (Esslinger 2011). Besides, in the circular economy, minimization of such losses are achievable through a long-lasting design of services, repair, reuse, maintenance, remanufacturing of products, refurbishing, plus recycling of raw materials and other inputs significant to the operation of an organization. The circular economy in most cases in contrast to the linear economy that focuses on making, taking, disposing of the model of producing goods and services within an organization. According to Rengondola (2015), the circular economy within the operations of the Coca-Cola Company seems intuitive to be more sustainable much more when compared to the current linear economic systems of service. The functions of input of resources into operations and waste along with mission leakage out of the system tend to reduce depletion together with pollution of the environment. In the functioning of the company, there are different relationship types between sustainability and the circular economy. Some of these differences comprise of conditional relation, beneficial relationship, degree relation, selective relation, cost-benefit relations, and level relations among other differences. The adoption of a circular economy as a sustainability strategy is essential in the operations of Coca-Cola Company. It aids in prioritizing regenerative resources, using the wastes as the resources during the production, designing the future operations, preserving and extending what the company already produces. Additionally, circular economy among various companies aids in the performance of a range of functions (Zink & Geyer 2017). The circular economy within the Coca-Cola Company presents the best opportunity for packaging of the sector of the Coke’s products. Failure to adopt the circular economy, the company will not be able to shape the future of consumption of the business’s products.
The supply chain transparency within the operations of any company remains to be the system of people, activities, data, and resources involved in the movement of service or products from suppliers to customers around the global markets. The transparency of supply chain consists of ideas of showing the transformation of natural resources, raw material, as well as components into the finished product delivered to the consumer. Therefore, supply chain transparency involves the practical guide that aid in defining, understanding, along with the process of showing the quantities of company’s products within the global economy (Ford et al., 2012). In Coca-Cola Company, supply chain transparency continues to be the cross-functional model that includes the management of the movement of raw material into its operations. It also involves specific aspects of the internal processing of materials into finished Coke products. Additionally, the transparency includes the movement of finished goods out of the Coca-Cola Company and toward the end clients. The transparency of supply chain in the operations of the COKE Company ensures that there is the identification of global apparel stores whose branded products are produced in factories and where managers abuse the right of workers. In Coca-Cola Company, supply chain transparency remains to be essential in its operations because it aid in building the trust of employees, consumers, labor advocates, and investors can send the firm message that the apparel organization does not fear to remain accountable when rights of labor abuses found in its supply chain. Besides, the supply chain transparency helps in asserting Coca-Cola Company to focus on the best labor practices in its supplier factories more credible (Ormond 2015). Through the supply chain transparency, Coca-Cola Company can focus on the quality, safety, ethics, along with environmental impact during its production. Furthermore, failure to adopt the supply chain transparency, the company will not be able to directly focus on addressing the new threats as well as opportunities that affect their operations.
Good product design can be essential in the reduction of the impact that the product has on the business environment as well as the entire ecosystem. Redesigning the packaging product of a given company can also reduce the operational costs of the enterprise. Product redesign to reduce environmental impact also ensures that the operations and productions of the company comply with the set packaging regulations. The sustainability idea of product redesign allows the manufacturers and product designers to use the design of product packaging along with its capability to be reused, recycled, or minimized, reuse as one of the major factors they consider when making operational decisions. The idea of redesigning products by the company through activities such as packaging can be essential in reducing the costs of operations and improving the company’s business supply chain (Ellahi et al., 2017). Product redesign to reduce environmental impact makes the company have the lasting loyalty to coverage on their progress of sustainability. The need to focus on product redesign to reduce environmental impact form the principal objective of the Coca-Cola Company in the protection of the environment in developing the highly efficient products and services (Biobased industries add to circular economy 2015). The idea also allows the company to work on the solutions that are environmentally friendly by enabling their esteemed and targeted customers to reduce their energy usage, operational costs, emission of carbon, and negative impacts on the environment. Various approaches can be applicable in redesigning the products to reduce environmental impacts. Some of these approaches include the need to label the product, enhancing recyclability, making it multifunctional, and reducing the volatile organic compounds to make the smell of the goods to be pleasing (Chao-Ming & Tzu 2017). The failure by any company to focus on the product redesign to reduce environmental impact makes their products to fail in meeting or exceeding the requirements of laws, standards, regulations, and expectations of customers.
The sustainable business model in every operation of an organization has applied to signal the need for their activities to go beyond innovating products or services. The design helps in changing the fundamentals of operations and on how the business makes revenue within marketplaces. The model of sustainability in business focus on the essential resource yield of a company, venture in the usual capital, restoration of ecology, service along with the stream of the economy, and responsible consumption of the company’s goods and services. In most cases, the sustainable business model enables the companies to perform different operations like building the quality brands for sale (Andrews 2015). Therefore, Coca-Cola Company has to focus on their operational structures, not just on their products or processes of production. The use of sustainable business model has led to the generation of plenty of hype in the operations of an organization. Moreover, the sustainable business model for an organization forms the enterprise that tends to have the least negative influence on the business sector, community, culture, or wealth. Social influence leads to the formation of business operations that endeavors to convene the triple base level (Zhou & Li 2011). Mostly, models of sustainable operations in business for Coca-Cola Company have the progressive environmental along with individual policies that help in boosting operations of the company. Besides, the design aid in incorporating principles of sustainability into each of its business decision-making processes (Stubbs 2014). Sustainable business models are useful to Coca-Cola Company that contributes in friendly environmental conditions or green actions by ensuring that all methods, goods, along with activities of manufacturing effectively focus on dealing with present effects about the business environment. The use of sustainable business model then helps the organization in maintaining the profit. Failure to incorporate sustainable business models by the company will lead to failure to its operations. The businesses can also fail to learn how well its products perform with renewable resources.
For every company including the Coca-Cola Company to follow sustainable initiative during their productions, the government can pass new environmental laws that they support during their productions. The passing of the laws will make the government contribute to the sustainable development in every region across global business society. The government can cooperate with other public sector organizations in the world to learn from the sustainability experience elsewhere (Gagarin 2012). These cooperations will help in overcoming the barriers like cost implications for local authorities that might clash with other priorities. However, to act upon sustainable development principles, the government can work in partnership with every branch of its operations such as provincial and territorial governments and support various sustainable development activities of operation of companies. The government has jurisdiction in different policy field that directly influences sustainable development. According to Sun (2015), the governments have the strong role in fostering sustainable development across operations of all companies. Therefore, the government should set strong laws to businesses that do not focus on sustaining the environment during their operations by imposing huge fines on their products.
The private companies can adopt sustainable practices by integrating sustainable information in their reporting cycles annually. The use of multiple frameworks that have emerged can help the industry in aligning their operations as per the requirements of sustainable initiatives (Lewandowski 2016). The structure used by the companies can make them have the guide, offer tools, and indicators to measure and manage their contributions towards the achievement of sustainable operations. All these ideas will make the private companies contribute to environmental issues and concerns significantly. The appropriate participation will lead to huge revenue to the private companies, as they will be able to overcome environmental problems (Casadesus & Ricart 2014). The achievement of the sustainable ideas will help private businesses to be profitable. The plans will provide the widest platforms to the companies privately owned to develop their strategies leaning to the sector where they possess the significant influence. Besides, private organizations will be able to make huge profits by developing sustainable initiative, as they will be able to graduate past clumsy corporate social liability plans along with incorporating the idea of the social crash into their strategies of conducting company operations.
As the distinct discipline, social impact aims at promoting the sustainable behavior that benefits the environment, society, as well as individual. The social groups and individuals customers respond to sustainable ideas by understanding what companies want and what they do when they operate. The new behavior among the social class must remain to be having the higher value than the current practice. The effect of social groups and environment can change slowly as the result of the cultural shift. It can also occur quickly in the wake of the natural disaster or change in public policy (den Hollander et al., 2017). Therefore, social groups and individuals can engage in the important duties in controlling both social shifts together with free strategy. The social groups along with people’ customers can respond to sustainable initiatives of operations by motivating people to have the reason to change in their operations. They also respond by forming the ability that every person must have skills, confidence, and knowledge required to change (Carter 2012). Besides, they respond by creating the opportunity to have the resources, appropriate relationships, and environmental conditions essential for change.
Presence of technology changes, science, and capacity, building all companies are major pillars of the means of developing and implementing sustainable initiatives in business. Besides, the presence of technology is useful in developing sustainable ideas, but the challenge is deploying the use of technology in the right way (Breunig 20130. The use of technology aids in creating the links among the people with sustainable ideas. It connects people working on the ground with the local knowledge of how every design labor and the financers in backing their sustainable developments (Wenxiang & Taylor 2016). New technologies provide the means to act smarter and more sustainable that make the companies improve their operations. Innovation that comes with the use of technology leads to the development of sustainable ideas by having the flexible, multidisciplinary abilities essential for responding changes in business environment.
Conclusion
Sustainability ideas in the operations of every company continue to be the key drivers of their innovations. The primary focus form every company in the ideas of sustaining their operations should be the need to focus on product redesign to reduce environmental impact, circular economy, sustainable business model, along with supply chain transparency. All these ideas will enable the company to use adequate resources during their production, thus leading to massive profits in global market environments. Stated preference studies have remained to have interest for several years in the effect of sustainable initiative provided to respondents on their stated values. In this article, the use of Coca-Cola Company is essential in devising the alternative presentation of data on the importance of the sustainable initiative. The need to have the appropriate way for the product redesign to reduce environmental impact is essential in the field of sustainable practices. These strategies allow the companies to undertake major strategies for eco-designing of products to reduce the negative impact of its products to the environment. Some of the strategies taken by the sustainable ideas comprise of the development of recycled materials such as cardboard, plastics, cotton, and polyester among others for packaging of their products. The company can use the strategy of listing materials that are renewable during its productions. The company can also involve the use of innovative choice processes to reduce consumption of water or pollution of water bodies during the manufacturing of products. Additionally, the company can focus on the need to replace the use of PVC on its products. Appropriate designing of company’s products can be essential in the reduction of the influence that the product has on the business environment along with the entire ecosystem.
The manner that companies take to produce, use, and dispose of goods has for long continue to be unsustainable and has led to rapid depletion of the natural resources of the planets. Therefore, the need to redesigning the packaging product of a given company can aid in reducing the operational costs of an organization. Consequently, redesigning of product to minimize environmental impact also ensures that the operations, as well as productions of the company, comply with the required regulations for packaging of goods. The need to focus on product redesign to reduce environmental influence remains to be the fundamental aim of every company in the protection of the environment in developing the highly efficient products. The idea also allows the company to work on the solutions that are environmentally friendly by enabling their loyal customers to reduce their use of energy, costs of operations, emission of carbon, together with negative impacts on the environment. Therefore, sustainable strategies are essential in achieving the ideal working environment that leads to massive revenue to a company.
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