“We need business leaders to use their enormous influence to push for inclusive growth and opportunities. No one business can afford to ignore this effort, and there is no global goal that cannot benefit from private sector investment”—António Guterres, UN Secretary General.The above statement exemplifies the growing recognition that businesses have both the capability and responsibility to play a substantial role in addressing global challenges. As our world deals with escalating environmental crises and social inequalities, the imperative to balance profit with purpose becomes paramount. It signifies a dynamic shift in the business paradigm, with traditional models being reimagined to accommodate sustainability, DEI, ethical technology usage, and mindful impact. It underscores the need for practical, actionable insights and strategies that empower businesses to embrace sustainability, leverage emerging technologies, foster DEI, and make a meaningful and mindful impact on society.

Thus, the need to rethink, reimagine and redesign businesses that are both meaningful and mindful becomes predominant. Here “Meaningful” resonates with values benefiting the society, the environment, and stakeholders. “Mindful” emphasizes a deliberate and conscious approach to business decisions, taking into account wider ramifications and ethical consequences.

Amidst this ever-changing business environment, the FIIB Research Conference 2024 (FRC 2024) emerges as a beacon, bringing together intellect and practice to address the most pressing concerns of our time. The overarching theme of FRC 2024, “Rethink, Reimagine, Redesign Businesses for Meaningful and Mindful Impact,” is woven into the fabric of this conference. These key components are explained as follows:

Rethink
This involves a critical examination of existing practices, strategies, and goals, challenging the status quo. It means reconsidering the notion that a business’s sole purpose is to maximize profits. Businesses should rethink their values, ethics, and their impact on stakeholders, including employees, customers, communities, and the planet. Importantly, the principles of Diversity, Equity, and Inclusion should be integral to this process, ensuring that all stakeholders, regardless of their background, are considered and valued in the business’s operations.

Reimagine
After questioning existing paradigms, businesses should creatively reimagine their purpose, products, and operations. This includes embracing innovation and technology mindfully, considering ongoing changes and the evolution of human behavior. In this phase, concepts like AR/VR and the Metaverse can play a significant role in envisioning new ways of conducting business and engaging with customers in immersive digital environments.

Redesign
The redesign phase translates the reimagined vision into concrete actions. It involves reshaping the organization’s structure, processes, and practices to align with its newly defined purpose. This often requires overhauling business strategies, incorporating sustainable practices, and adopting ethical principles throughout the supply chain. It might also mean creating new business models that prioritize long-term value creation over immediate profits. Sustainability is of paramount importance in the redesign phase, ensuring that businesses are not merely adapting to the changing landscape but are actively working to minimize their environmental impact.

Grounded in this perspective, the conference’s sub-themes provide a diverse array of avenues for exploration. These encompass a broad spectrum of ideas, including but not limited to: