Published 7 years ago.
About a 5 minute read.
When it comes to sustainability reporting, companies may feel like they’re in an increasingly uncomfortable public-private vice. On one side, consumers and shareholders are pressuring organizations to be better corporate citizens and increase transparency. Governments are establishing more reporting requirements as well, which will inevitably multiply through initiatives such as the recent Sustainable Innovation Forum at COP21.
Sustainability makes companies more profitable and more attractive to all stakeholders. In fact, more than 50 percent of consumers prefer purpose-driven brands. Additionally, 86 percent of consumers said they would be more likely to trust a company that reports corporate social responsibility results. Sustainability programs and reporting can boost consumer confidence, shareholder esteem and a company’s bottom line.
But many companies are failing to capitalize on these benefits simply because they don’t have the expertise and tools to capture and report progress on their sustainability goals. Even companies that want to operate more transparently often struggle with collecting and wrangling sustainability data, which is typically scattered across different silos and platforms.
Sustainability reporting has become an increasingly important issue, and practices around reporting have dramatically evolved in recent years. There are several trends that are impacting this – including improved visibility into key data points, increased involvement from the c-suite, greater focus on corporate transparency and global legislation.
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Below are eight strategies for organizations to capture and report progress on their sustainability goals in the face of organizational challenges.
These strategies will not only help organizations mobilize efforts to reach their sustainability goals, but they are also powerful drivers of business growth. In today’s market where consumers demand dedicated sustainability initiatives from the organizations they trust, now is the time to design a fully functional sustainability reporting structure that will pay dividends now and in the future.
Published Mar 17, 2016 8pm EDT / 5pm PDT / 12am GMT / 1am CET