Here are some of the findings from a survey on the strategic importance of sustainability:
1) More companies are addressing sustainability to align with their business goals
2) Sustainability top CEO priority
3) Reputation management across industries
4) Reputation activities pursued
5) Sustainability target setting and strategic clarity
6) Strategic culture and direction versus execution
7) Implications
- Extend the product life cycle: There is huge value potential in better design and in the optimization of products for multiple cycles of disassembly and reuse. Forward-looking companies should begin investing in the “circularity” of their products, for the benefit of society and for their bottom line. On materials alone, companies could potentially save more than $1 trillion per year.
- Look to technology: Companies that want to capture increasing value in a resource-constrained world should spend more time thinking about how to integrate their technological capabilities into their overall sustainability agenda.
- Focus your strategy: As sustainability becomes more central to the business, companies should align internally on what they stand for and what actions they want to take on these issues, whether it’s economic development or changing business practices. Whatever approach companies take, they should develop a strategy with no more than five clear, well-defined priorities—one of the key factors for successful sustainability programs.
Source: McKinsey Global Survey Results: Sustainability’s strategic worth