Progress has been limited, however, and overall too slow.
Essential Element of Life
Throughout the history, water has been intertwined with humankind. As an instrument of progress, it plays …show more content…
It is not social responsibility, philanthropy or even sustainability, but a new way to achieve economic success. It is not on the margin of what companies do but at the center. (Porter and Kramer. 2011)
The interdependence of business and society with each other is the wellspring of shared values. It recognizes societal needs, not only conventional economic needs as the forces that define markets, and that any social predicaments can create internal costs for firms. The concept of shared values resets the boundaries of capitalism. By connecting corporate success with societal improvement, it opens up many ways to serve new needs, gain efficiency, create differentiation and expand markets.
Shared values offer a united and effective response to many global challenges. In tackling water security, how can companies create effective shared values that will ultimately build a sustainable competitive edge and will bring business and society together anew?
Creating Shared …show more content…
Responsible water utilization, enabled by improving technology and habits will permeate all parts of the value chain and will definitely spread to employees, partners and channels.
Enabling Local Cluster Development
A business cannot expect to function in isolation. The achievement of every company is affected by the supporting companies, infrastructures, institutions and policies in its area of operation. Being disconnected to the community presents constraints on efficiency and productivity.
Firms create shared value by building clusters to improve productivity while addressing gaps or failures in the framework conditions surrounding the cluster. When a firm builds clusters in its key locations, it also amplifies the connection between its success and the progress of community. (Porter and Kramer.