Fostering Sustainable Businesses in Emerging Economies

This book chapter focuses on firstly social innovation and tools used to address the social needs and foster social innovation initiatives. Looking at the world economic forum and how it supports the social innovations, currency swings, low paying jobs growing rapidly, rapid change and growth as a result of high volatility and high returns, respectively. Secondly looking at the emerging market brought about by the social innovations and how they interconnect. Leading innovation emerging market has three main industries semiconductors, fin-tech, and electric cars. It also looks at the significance of technology in the development of business emerging markets, the role of technology in the emerging market and activities over the decades. Small firms in emerging areas face three major challenges which technology might help overcome. The challenges are trust, sustainability, and network. The role of technology replacing analog chip used for power supply, sensors, wideband signal make up the large semiconductors in the United States replaced with digital chip such as logical operations, data storage, computer information management all this have given birth to artificial intelligence, autonomous machines, self-driving cars, supply-chain management, cloud computing, and software-as-a-service (SaaS) applications are all made possible by digital chips. These are also used for e-commerce, mobile payment, fine-tech, 5G telecom, health-care advancement, remote learning, online entertainment, and cloud computing. Technical advancements that has sparked a revolution that would be especially advantageous for emerging market and small-cap enterprises are the causes of these benefits of how it has affected countries such as Europe, the United States, China, and India to mention a few.

Digitization is the process of transforming analog systems into digital ones, and it has become a crucial factor in the sustainable development of emerging economies. Although implementing digitization may be challenging due to limited budgets, missing strategies, pushback from employees, and the existing organizational structure, it can bring multifaceted benefits to the economy, such as improved employment and income, enhanced access to knowledge and education, and reduced costs for companies and countries. Moreover, digitization can significantly impact economic growth, as it can create new job opportunities, foster innovation, and improve infrastructure, among other benefits. The United Nations Sustainable Development Goals (SDGs) provide a global agenda for creating a more sustainable, equitable, and prosperous future by 2030, and digital technologies have become increasingly important in addressing the challenges of achieving these goals, particularly for emerging economies. However, achieving these ambitious goals presents significant challenges, particularly for emerging economies. Hence, this literature review aims to discuss the potential impact of digital technologies on the implementation of the SDGs in emerging economies, supported by scholarly research and opinions. In conclusion, digital technologies have significant potential to contribute to the achievement of the SDGs by promoting economic growth and innovation while also promoting sustainability, creating a more prosperous and equitable world for all.

Sustainable Development Goals (SDGs) are forming a blueprint for attaining the prosperity and peace for the entire world as it is an accomplishing goal of the UN agenda of 2030. SDGs focus on ending poverty and creating new life in a better way. These goals give a clear vision to achieve the optimum growth in a sustainable manner. Corporates are now mandated by law in India to contribute a certain percentage of profits to the cause of social development, ultimately helping the nation develop. The main aim of business is to earn money, and all the related decisions affect the board of directors, associated stakeholders, customers, etc.; all these practices also affect the internal employees in an ethical way. In order to prevent the companies to do any unethical practices, government has mandated some laws; all the corporates need to spend and utilize their corporate social responsibility (CSR) contribution in a particular time frame. All the prescribed activities need to be accomplished in a particular time frame. Along with profit maximization, the business is shifting their attention toward the conservation of natural resources. In this study, the researcher has provided a linkage between CSR and SDGs. Through this research, the objective is to attain the mapping between schedule seven of companies act 2013, section 135 and 17 goals of SDGs.

Micro, small, and medium enterprises (MSMEs) can play a significant role in achieving sustainable development goals (SDGs) as they have the ability to reduce unemployment. Digitalization helps MSMEs in a number of ways, including lowering transaction costs, quickening access to information, and bettering communication with extended supply chain members. This chapter aims to understand the level of digitalization in MSMEs in an emerging economy such as Bangladesh. MSMEs in Bangladesh account for 25% of the gross domestic product and employ 87% of civilians. This chapter builds on qualitative data from 60 MSMEs from various manufacturing and service sectors such as textile, retail, food delivery, IT companies, etc. The interviews were semi-structured and followed an interview protocol. The length of interviews varied between 40 and 50 minutes. Content analysis was used to analyze the data. Findings suggest that counterintuitively the level of digitization in MSMEs is not low in Bangladesh. Many micro and small enterprises use MS Excel to help them manage customer and product data. Medium Enterprises use Enterprise Resource Planning (ERP) software for planning enterprise-wide resources. Some medium enterprises also use powerful data analytics software such as Oracle, Power BI, Google Analytics, Python, and SPSS. Results also reveal barriers to digitization in MSMEs, which include a lack of employee awareness, training, and motivation of top management. This chapter maps the digitalization levels in MSMEs in Bangladesh and provides implications for SGDs. The chapter also presents policy recommendations for improving the digitalization level in emerging economies.

The current era is characterized by hyperturbulence, population growth, attention to food security, the need to identify sustainable strategies to reduce pollution and poverty, and the disparity between developed and undeveloped economies. These circumstances force a global paradigm shift based on sustainable practices and processes that put people and the environment at the core of each activity, contributing to sustainable, social, and economic development and promoting well-being in the community.

In this spirit, a strong impulse can derive from the practices of Green Technology, considered here as that set of processes aimed at eco-sustainability that acquire undisputed relevance, especially for emerging economies.

This chapter focuses on the role that Green technology practices exert in generating local well-being in the world's fifth-largest country: Brazil. Dynamic growth and effective social policies lifted millions of people out of poverty in the 2000s, even if socio-economic development varies widely across the country. Brazil is a leading global agricultural, minerals, and oil producer. The natural environment represents the primary source of Brazil's development that deserves to be protected and push firms and citizens to find new sustainable solutions based on green policies. Drawing inspiration from a Brazilian case study, this chapter proposes a set of building blocks that foster sustainable business practices in emerging countries.

The chapter is organized as follows: the first part introduces the concept of green technology practices; the second highlights the opportunities of green technologies; the third focuses on a single case study.

Industry 5.0 is referred to the subsequent industrialization. The ultimate goal of this transformation is to enable manufacturing solutions through collaboration with man and machine which are more user-friendly and increase work quality in comparison to Industry 4.0. This will be accomplished through the consumption of the creative potential of human specialists in the creation of an industry with more efficient, clever, and precise machines. It is predicted that several exciting breakthroughs and apps will help Industry 5.0 in its plan to gain more productivity and supply personalized goods in an open system. On the other hand, Industry 5.0 has had a greater global and international renown from the very beginning of its existence. Machine learning (ML) technology, the Internet of Things (IoT), and big data will create a collaboration with people, robots, and other intelligent devices. Industry 5.0 continues to serve as an attractive driver for our society's workforce skills and young talent in search of purposeful professional lives. There are some challenges as well, such as working with advanced robots requires people to develop skills. People need to gain proper knowledge about collaboration with smart machines and the robot manufacturers industry. However, this ultimate overhaul is necessary for the industry to certify its reason as a solution provider for our society. These things will unquestionably ensure the long-term sustained development (SD) of any nation's economy.

The fifth industrial revolution, known as Industry 5.0, envisions an industry that is innovative, resilient, socio-centric, and competitive while minimizing negative environmental and social impacts, respecting people, the planet, and prosperity. Industry 5.0 is replacing earlier advancements and it is successful because it reaches the pinnacle of perfection. Additionally, machine work saves human workers time and effort. It is built on the concept of fusing digitalization elements from the fourth industrial revolution with Sustainable Development Goals through human-centric solutions, bio-inspired technologies, and secure data transfer. Industry 5.0 mentions about the various opportunities, constraints, and potential directions for future research. Industry 5.0 places less emphasis on technology and focus on human collaboration for progress, it supposed to have a shift in existing paradigm. Industry 5.0 is necessary in contemporary business with the paid technology advancements in order to get competitive advantages as well as economic growth for the manufacturing and it has three drivers: “green transition”, “digital transition”, and “competitive transition”. The goal of green transition is to prevent climate change and environmental degradation. This necessitates changes to current economic growth strategies. The goal of digital transition is to support the circular economy by modernizing digital strategies in terms of digital skills, data, technologies, and infrastructure. Competitive transition aims to convert marketing policies, regulations, standards to increase people's prosperity and business value. It focuses on business and marketing rules that are fair, competitive, innovative, and adaptable.

The digital divide refers to the gap among citizens of a country or across borders due to the lack of ease of access to digital means for some and the difficulty for others. The possession of electronic gadgets, smooth internet connectivity, and other forms of digital communication can have a wide gap in availability among countries. This gap is mostly influenced by factors that are of infrastructural, political, cultural, demographical, generational, and socioeconomic nature. On account of developed and developing countries, the gap is disseminated and thoroughly complex. Although the developed nations around the globe proved to have narrowed digital divide as a major source of development and advancement in respective countries, it is quite challenging for emerging economies to adhere to the same processes for development. For an emerging economy, the prudent cost-benefit analysis carried out by the government can have varying effects on undertaking projects related to minimizing the digital divide. Nevertheless, the importance of narrowing the gap of the digital divide is unparalleled, and governments of emerging economies are realizing the benefits of it and investing their resources accordingly. Furthermore, information technology can be a catalyst in facilitating processes that save a lot of costs, bring holistic quality improvements, and implement effective and efficient government policies that lead to digitalization and sustainable consumption of resources. Consequently, governments are getting actively involved in the digitalization of their respective countries to turn their smart cities into more intelligent ones. Even so, it is important to understand that taking one policy to address all citizens is not realistic. Hence, understanding the foundational knowledge of the citizens, the demand of the population under various sectors, framing well-rounded policies with alternatives, and effectively and efficiently implementing them are extremely crucial.

This chapter explores the significance of blockchain technology in protecting data for intelligent applications across various industries. Blockchain is a distributed ledger that ensures the immutability and security of transactions. Given the increasing need for security measures in industries, understanding blockchain technology is crucial for preparing for its future applications.

This chapter aims to examine the use of blockchain technology across industries and presents a compilation of existing and upcoming blockchain technologies for intelligent applications. The methodology involves reviewing research to understand the security needs of different industries and providing an overview of methods used to enhance multi-institutional and multidisciplinary research in areas like the financial system, smart grid, and transportation system.

The findings highlight the benefits of blockchain networks in providing transparency, trust, and security for industries. The Responsible Sourcing Blockchain Network (RSBN) is an example that utilizes blockchain's decentralized ledger to track sustainable sourcing from mine to final product. This information can be shared with auditors, corporate governance organizations, and customers.

The practical implications of this chapter are significant, serving as a valuable resource for industries concerned with identity privacy, traceability, immutability, transparency, auditability, and security. Understanding and implementing blockchain technology can address the growing need for secure and intelligent applications, ensuring data protection and enhancing trust in various sectors.

Finland’s globally accepted teaching practices are purely based on common sense, and holistically promote equity over excellence. “New Wine in a new bottle” literally means unlearning old thoughts and relearning new skills updated to changes in the world recouping to new trends and establishing ourselves full-fledged meeting the demand of the hour. The question of why India still doesn’t get enough Noble Prizes in required disciplines is still unanswerable. Still in India, there exist the archaic forms of the classroom setting with little room for flexibility and no educational freedom; moreover, with a highly pressurised testing environment. With the increasing population of Indian set-up, most of the teachers are underpaid and are less satisfied with the amount of effort they put in and their pay scale. A paradigm shift could be expected in India’s educational landscape post the introduction of the National Education Policy 2020; by reducing the academic workload for students and improving their holistic intelligence thereby. The NEP framework has been structured based on certain practical pedagogies from the Finnish context. The 5+3+3+4 model would encourage students to make their communication more effective, prioritising creativity, critical thinking, and personality development; say, various experts. There is a direct connection between education and poverty level in an economy. If the system lacks quality, then it would adversely affect the economic functioning of a nation. This study highlights the cases from both the Indian and Finnish contexts, clarifying the loopholes in our education system and what lessons could be incorporated from the Finnish model; so as to devise a policy at the national level for re-engineering the impoverished situations, keeping in mind sustainable architecture. This chapter is the first of its kind not ever published elsewhere and is original in nature.

Although healthcare and healthy living are integral to the Sustainable Development Goals (SDGs) for 2030, the coronavirus epidemic has dealt a devastating blow to these efforts. As governments and policymakers were compelled to shift their focus to lockdowns, sustenance, procurement, and distribution of vaccines, the momentum for health initiatives slowed, and the already fragile health systems of emerging markets were subjected to additional shocks. However, in many underserved regions of the globe, the introduction of technology has greatly facilitated the distribution and adoption of healthcare services.

This chapter highlights mini-cases from four emerging nations: Bangladesh, Nigeria, Vietnam, and the Philippines. Although the countries are emerging, each one of them are in a distinct stage of development and face a unique set of healthcare-related challenges. The chapter showcases how four different organizations based in these countries leveraged the use of technology to take healthcare services to underserved populations. In doing so, they addressed the key challenges of imparting healthcare: geographic accessibility, availability, financial accessibility, and acceptability.

This chapter concludes with a discussion of the implications of expanding healthcare industries leading to increased healthcare waste. To prevent mass population exposure to hazardous substances, the emergence of intelligent healthcare waste collection and disposal systems will be an absolute necessity. Hence, with the development of healthcare services, governments and policymakers need to mechanize smart waste management systems to safeguard humans, animals, and the environment.

The introduction highlights the historical gender gap in financial empowerment and how Fintech, particularly in the wake of COVID-19, has facilitated financial inclusion for women in India, offering digital solutions to overcome social restrictions. The objective of this chapter is to assess the impact of Fintech on sustainable women empowerment in India. The methodology involves surveying 230 women in Delhi NCR and analyzing factors such as financial literacy, decision-making, financial freedom, security, employability, career growth, and gender equality. The results indicate that Fintech has improved financial awareness and security for women, empowered them in financial decision-making, and fostered professional growth. The implications suggest that the Fintech industry plays a promising role in achieving gender equality by providing women with access to financial instruments, leading to increased economic contribution, personal confidence, and freedom. Fintech has the potential to reduce gender inequality and financial vulnerability at a macro level, empowering women to actively participate in the economy and contributing to sustained gender equality and economic growth.

This chapter aims to list the literature that document the role of hospitality industry achieving Sustainable Development Goals (SDGs), and to summarize those contributions, related to the literature. Extensive literature review was also conducted to explore a critical analysis of sustainable digitalization of the hospitality industry.

The article has undertaken a systematic literature review of all the significant research area of almost last two decades. Keyword searches were performed in Google Scholar search engine, where timeframe of “2001–2023” was used to filter the desired article. Total 141 research articles were primarily identified after the initial search. After screening the articles for relevance or duplicates, finally 107 articles were considered for this study.

This study figures out those environment-related SDGs which is considered essential for the hospitality industry. This study found the importance of adopting digitalization in hospitality sector to build inclusive environment and providing seamless experience to customers while focusing on both positive and negative aspects associated with digital transformation.

Hospitality industry of numerous countries around the world are now exploring by implementing SDGs and Digitalization in their business practices. This study will provide insight to policymakers as development and usage of digital technologies and implementing SDGs in their practices are crucial for the sustainable transformation of hospitality industry. Sustainable transformation of hospitality sector not only improves services and helps us to make wiser choices when planning for a trip but also positively impact both physical and psychological well-being.

The purpose of this chapter is to examine the integration of technology-based solutions in the Indian banking industry, driven by the need for contactless services and addressing operational issues and customer complaints post-Covid-19. The study utilizes archival and observational research, drawing data from the internet to understand the changes in the acceptance and use of digital payments in India. The findings suggest that digital payments are poised for growth due to the increasing acceptance and popularity of personal device-based banking services. However, the limitations of the study restrict its applicability to the Indian context. The practical implications highlight the importance of technology in improving banking operations and efficiency, while the social implications emphasize the shift in people's mindset toward accepting and utilizing technology for everyday banking activities. This chapter also discusses government initiatives aimed at resolving issues and customer complaints arising from the increased use of technology in the banking industry. This chapter contributes to the understanding of the evolving digital payment scenario, technology-based banking services, and the payment infrastructure in India.

The use of cutting-edge technology in education has the potential to transform the learning experience and greatly contribute to the achievement of the Sustainable Development Goals (SDGs) in emerging economies. With the increased accessibility of technology and online resources, digital literacy has become an essential skill in today's world. Smart e-learning platforms have emerged as a new tool for offering education and training in emerging economies, while also boosting digital literacy.

This chapter will attempt to investigate the impact of new-age technologies on the educational system and how they can help emerging economies achieve the SDGs. This study looks at case studies from various emerging economies, analyzing how innovative technologies like digital learning, smart teaching and learning, mobile learning, online learning, artificial intelligence (AI), virtual reality, and gamification are used to improve education quality and promote SDGs. This chapter emphasizes the impact of technological integration on access to education, reducing inequality, and improving educational quality and relevance. This study also looks into how education may help promote environmental sustainability and economic growth. According to the findings, integrating new-age technologies into the education system can be a game changer in achieving SDGs in emerging nations.