Building a Responsible Business: The Role of Policy, Purpose, and Organizational Innovation

Digitalization and emerging technologies have been key drivers of innovation and transformation across the world. According to recent research by Javaid et al. (2024) organizations leveraging digital technologies experience accelerated growth and improved profitability compared to their less digitally mature counterparts. This is evidenced by the proliferation of technologies such as artificial intelligence (AI), machine learning, and the Internet of Things (IoT), which enable companies to automate processes, gain actionable insights from data, and deliver hyper-personalized customer experiences. Moreover, the COVID-19 pandemic has further accelerated digital transformation efforts, as highlighted by research conducted by McKinsey & Company (2020). Companies have rapidly adopted digital solutions to enable remote work, digitize customer interactions, and optimize supply chain operations in response to evolving market dynamics. As a result, businesses are increasingly recognizing the strategic imperative of digitalization in driving innovation, agility, and sustainable growth in today's digital economy (Javaid et al. (2024; Kiron, Prentice, & Henderson, 2017; McKinsey & Company, 2020; Westerman, Bonnet, & McAfee, 2014).

Additionally, digitalization has been a prominent channel for the economies in the attainment of the UN’s 17 Sustainable Development Goals (SDGs). Businesses are using digital tools to map their environmental footprint and assess the impact of environmental shifts on their business. The focus of the businesses is on how digital transformation can enable firms to become successful while contributing to achieving SDGs. However, the emerging trends are still unexplored on how they are reshaping the market conditions in which organizations operate. Enabling sustainable innovation, these technologies have also created new threats such as cybercrime and privacy loss. While digital transformation is certain, its direction is still uncertain. The true transformative potential of digital technologies can only be realized if it is ensured that digitalization benefits economies, societies, and the environment, and embeds inclusion at its core.

The lead theme for this conference revolves around the SDG and responsible business agenda. The contemporary business landscape demands a profound transformation toward responsible practices (Baptista, et al.,2020), aligning with the UN Sustainable Development Goals (Pizzi, et al., 2020; Piadeh et al., 2024). This shift prioritizes positive social and environmental impact alongside financial success. In this context, the effective integration of policy, purpose, and organizational innovation – fueled by digitization and geared towards sustainability – becomes essential for building a truly responsible business (Avelar, et al., 2024).

Firstly, effective policy provides the framework for responsible operations. This includes internal policies addressing ethical conduct, environmental stewardship, and stakeholder engagement. External policies, such as government regulations and industry standards, also play a pivotal role in incentivizing responsible behavior within the broader business environment, further contributing to the achievement of the UN SDGs (Avelar, et al., 2024).

Secondly, a well-articulated purpose, extending beyond mere profit generation, acts as a guiding compass for a responsible business. This purpose should explicitly outline a commitment to contributing positively to society and the planet. A strong purpose inspires employees, fosters stakeholder trust, and offers a decision-making framework that places responsible practices at its core (Janaswamy, et al., 2024).

Finally, organizational innovation, accelerated by digitization, is crucial in translating policy and purpose into tangible action. This involves reimagining business models, processes, and technologies to develop solutions that tackle societal and environmental challenges while maintaining or enhancing competitiveness. By fostering a culture of innovation and embracing new approaches, businesses can achieve their sustainability goals and gain a competitive advantage in the long term (Cheng & Groysberg, 2021).

This exploration will analyze how policy, purpose, and organizational innovation can be leveraged in tandem – through digitization and a focus on sustainability – to propel responsible business practices. We will examine specific examples, explore frameworks for implementation, and discuss the challenges and opportunities that arise when building a truly responsible business in the digital age (Kunz and Wirtz, 2024).

The Woxsen University DigITS 2024 Conference is an initiative to bring both industry and academic research to revisit the existing narratives around on Digitalization, Innovation Transformation and Sustainability in general and building a responsible business - the role of policy, purpose, and organizational innovation. Responsible business entails integrating policy adherence, purpose-driven strategies, and continuous innovation (Lütge & Ziegler, 2022). Policies set standards and foster ethical conduct. Purpose guides decisions beyond profit. Organizational innovation drives sustainable practices. Collaboration across sectors further advances responsible practices, ensuring long-term success and societal benefit (Baptista et al., 2020)

We extend a formal invitation to policymakers, academic researchers, think-tank specialists, corporate leaders, and doctoral students to participate in this esteemed conference. Prospective presenters are encouraged to submit their work, in the form of academic or practitioner papers, that address the conference's lead or subordinate themes.

Objective:

Plan:

A limited number of rooms may be available at nominal rates in the campus of Woxsen University, Hyderabad. These are twin sharing occupancy rooms with attached toilet facilities. The rooms will be allocated on a first-come-first- served basis.

The delegates can also choose to stay in nearby hotels. Delegates will be required to liaise directly with their chosen hotel to book their accommodation.

For any queries, please reach out to us on the email: sob.research@woxsen.edu.in

Campus Address: Kamkole, Sadasivpet, Sangareddy District, Hyderabad – 502345, Telangana