Sharing best practices coupled with optimum utilisation of digital technology in addressing climate change are key factors that would add value to any business, a top executive of a leading international retailer has said.
According to Dr Mohamed Althaf, director of LuLu Group International, many businesses globally are starting to realise the “power of collaboration,” especially now that many companies are implementing sustainable practices and other initiatives that focus on environmental protection.
“Before, everybody used to excel in their business using their proprietary software or best practices. But the world is changing. Many companies are now realising the power of collaboration and the power of networking.
“Your value increases when you collaborate. And then we think that our value as a business will only increase if practices are shared by others and not when we keep it to ourselves,” Dr Althaf explained.
Only recently, Dr Althaf spoke about the circular economy during the ICC UK’s International Trade and Prosperity Week, which carried the theme ‘Delivering Sustainable Global Value Chains.”
He also further explained that LuLu is not only sharing its best practices with others, but the group is also learning from its partners and other businesses, especially since many companies are going digital, particularly with their climate agendas.
“Because of digitalisation, best practices that people are using in other industries can be easily borrowed. What we are trying to do now is to work on an informal basis with a lot of regulators and retailers to prioritise our agenda on climate action,” Dr Althaf noted.
He stressed: “We need to believe in shared resources and shared practices. This is the only way, which is why we want to come up with an industry partnership at some stage; there is no point in competing.”
Dr Althaf also emphasised that LuLu’s global partnerships with the World Economic Forum (WEF), the Ellen MacArthur Foundation, and the International Chamber of Commerce (ICC) are among the factors that keep the group’s focus on its climate agenda.
“We are the only members of the Ellen MacArthur Foundation from Qatar. LuLu’s membership in these three organisations is among the key aspects of the group’s sustainability strategy,” he stressed.
Dr Mohamed Althaf, director of LuLu Group International.