Eric Block On Responsible Branding

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By SAP Insights via Forbes.com • Reposted: December 13, 2023

Is your business resolute?

Considering the insane challenges facing businesses these days, the answer is undoubtedly yes.

But what about when it comes to sustainability? Ah okay, a lot fewer hands go up.

Indeed, an SAP Insights survey finds that just 12% of respondents are resolute in their pursuit of sustainability. The rest? They are reactive: In these businesses, sustainability is driven more by external forces than internal strategy.

But “The Resolutes,” as we call them, don’t just have a strong internal strategy for sustainability, they also think sustainability is directly tied to business competitiveness. They are more likely than everyone else to expect a quick return on their sustainability investments. They also report higher revenue growth than other respondents in the survey and say they are more profitable.

How do they do it?

The Resolutes approach sustainability with more rigor and discipline than their peers: They are 13.8% more likely to expect payback within the next one to three years – the same heated-up period that drives other strategic investments.

They are more than twice as likely to say that sustainability contributes to positive business outcomes, such as increased revenue, profitability, and growth. Sustainability also helps them improve the quality of their products and services, make their processes more efficient, and cut costs.

How does a company gain rigor and discipline over any investment and achieve positive business outcomes? With data. The Resolutes are more likely than other respondents to report that they are completely satisfied with their data.

They are measuring seven of nine common sustainability areas – including energy consumption and emissions, air pollution, and resource availability – more often than everyone else. They are also more likely to be collecting their data using direct measurement rather than assumptions and estimates.

Does it take more than resolve and data to integrate sustainability with business strategy and have it pay off in better performance? Of course it does. Read the report, To Profit from Sustainability, Be Resolute, to get the full picture.

To read the original post, follow this link: https://www.forbes.com/sites/sap/2023/12/12/is-your-business-resolute-or-reactive-on-sustainability/?sh=2c558f92e89b