Intelligent CIO North America Issue 21 - Page 73

SUSTAINABILITY AND PROFITABILITY ARE BECOMING MUTUALLY RELIANT .
INDUSTRY WATCH

SUSTAINABILITY AND PROFITABILITY ARE BECOMING MUTUALLY RELIANT .

NTT has published the results of a global corporate sustainability survey designed to identify the most effective business practices to advance sustainability goals .

In a report titled , Innovating for a Sustainable Future ,
NTT , in partnership with ThoughtLab , found that 44 % of companies experience improved profitability as a result of sustainability .
“ As the global population refocuses its attention on the health and wellbeing of people and the planet , we have seen a renewed commitment from organizations to implement and advance sustainable business practices ,” said Vito Mabrucco , Head of Global Marketing at NTT . “ At the same time , the health of people versus the health of profits is not an either-ordecision ; sustainability and profitability are becoming mutually reliant .”
This indicates that sustainability programs are now both an ethical and a business imperative to drive positive change and deliver better financial results . Additionally , 69 % of global executives agree that digital innovation is key to achieving sustainability goals across environmental , social and economic areas .
Study highlights
The report defines ‘ sustainable development ’ in accordance with the United Nations ’ 17 Sustainable Development Goals ( SDGs ), a blueprint for creating a more sustainable future by 2030 .
NTT has aligned its business objectives with these SDGs , which cover three key categories : social good , environment , and economic growth and development .
The global study of 500 companies examines how firms incorporate sustainability into their business strategies and the outcomes they are experiencing .
Key highlights include :
As part of the survey , NTT and ThoughtLab grouped companies into three maturity categories ( beginners , intermediates and advanced / leaders ) based on their progress within a framework of 10 initiatives for driving sustainable innovation , including :
• The survey finds that now more than ever , organizations are taking sustainability practices seriously . Of the organizations surveyed , 68 % report that building a sustainable future is a top priority for their boards .
• The pandemic proved to be a watershed moment for many organizations , with 47 % stating that the pandemic elevated the importance of sustainability goals .
• Among the top benefits as a result of sustainability initiatives , 33 % of organizations experience decreased costs through improved efficiencies , 32 % experience greater innovation and / or new business models and 24 % experience increased revenue growth .
• Only 12 % of organizations worldwide indicate that sustainability is mostly ‘ lip service ’ and nearly four out of 10 companies state that customers , employees , shareholders and communities expect them to drive positive change .
• Develop a vision , strategy , implementation plan and budget
• Develop an effective organizational structure , skills and resources
• Communicate goals to all stakeholders : investors , customers and employees
• Set , track and report metrics for sustainability performance
• Drive supply chain efficiency and operational innovation
• Lead product and service innovation
• Embrace business model innovation
• Harness advanced digital technology
• Integrate sustainability goals and metrics into investment decisions
• Utilize a commonly used measurement framework ( such as GRI , SASB or TCFD )
Looking exclusively at the achievements from leaders , NTT has outlined a set of best practices
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