Amid the tough economic climate, companies looking to sustain in the long term should improve business performance by focusing more on customer and employee needs, a report by global consultancy Deloitte says.
According to the Deloitte thought paper, which will be released tomorrow, sustainable business initiatives can help in improving business performance through both economic and social value generation.
"The combination of economic and social values reflects the return to all shareholders -- not only shareholders, but customers, employees, suppliers and the broader social community," Deloitte India senior director consulting Sachin Sondhi told PTI.
The paper "Creating Lasting Value" includes the strategies that corporates should use to drive economic and social value for their key stakeholders, including customers, employees and suppliers.
The report stated that the core of the innovation process by a company should be based on meeting the "unmet" needs of the customers.
"For instance, Hero Honda, which is one of the largest selling two-wheeler maker has capitalised on the unmet needs of its customers by providing financing for buying the vehicles," Sondhi said.