Few years ago companies began to worry and think about environmental and social impacts, however there has been a growing interest on integrating these elements into their conventional business model, but what´s the reason behind these changes and how are companies driving and managing it?
Traditionally business model is defined as “the rationale of how an organization creates, deliver and capture value” (Bies, 2007), and for many years value was considered as the satisfaction of costumers and companies mainly on financial outcomes. But the world has changed and new ways of understanding and caring are being promoted, not only by individuals but governments, both have engaged activities to improve and promote environmental and social change.
In 1999 United Nations launched the “United Nation´s Global Compact” initiative which call individuals and companies to align strategies and operations with universal principles on human rights, labor, environment, anti-corruption, and take actions that advance societal goals. (UN, 2018)