Why This Is The Age Of Responsible Business, Collaboration, And Innovation

Climate change, social injustices, marketplace inequalities, and health security are some of the leading conversations on most global platforms.

Now more than ever, businesses are at the center of these conversations. Being profitable is no longer the primary goal of a business.

Businesses are now expected to become forces of good, care more about how they affect communities they operate in, and collaborate to become forces of good. Is the responsible business a near reality? Can corporations really collaborate and embrace innovation?

During the Corporate Spend Excellence Forum sponsored by Absa Bank Kenya, several thought leaders cutting across various fields broke down the subject of why this time is the age of responsible business, collaboration, and innovation.

According to Ms. Rose Mwaura, the Chairperson of ICPAK, there is a need for accountants, procurement officers, and board members, as well as employees to ask themselves about the impact of every shilling they spend on the business and to the society.

“Must you as an employee or board member benefit from every deal your business or company undertakes? We really must have conversations on the conflict of interest within organizations and how it affects the whole business,” she said.

Mr. Bramuel Mwalo, the CEO of xetova says that Covid-19 has affected millions of businesses around the world. He says this is the perfect time for responsible business through collaboration. He says technology should play a key role in ensuring this.

“With the pandemic, businesses and organizations need each other than never before. This is the perfect time for everyone to be responsible,” he said.

Bramuel says the corporates and businesses need to invest in innovation. “Innovation is not complex. In fact, innovation is looking at what your peers are doing and be able to advance on what you have,” he said.

Speaking during the Forum, the Chair of the Nairobi Securities Exchange Mr. Kiprono Kittony, many companies in Kenya have failed for lack of sound corporate governance. He says it is only through sound corporate governance that companies outlive the test of time.

“We have had companies that were at the heart of Kenyans, such as Nakumatt. They are no more. I think businesses need to invest more in professionalism and corporate governance to help their businesses and operations,” he said.

At the same time, Mr. Kittony said that there is a need to have financial literacy among businesses. He says many businesses have failed to evolve for refusing to take in new ideas.

“We are living at the age of the greatest technological revolution than ever before. What we thought we knew is never the same anymore. Technology is going to change everything that we thought we knew,” he said.

Adam Molai, the Chairman, TRT investments (UK) says that at the moment, the continent of Africa is operating below the curve for lack of value addition. He says most African countries are exporting raw products when they can actually export finished ones.

During this session, speakers explored how corporate spend managers can embrace a thinking that enables them to better manage resources and help their organizations deliver more value beyond just making profits.