Setting the Agenda for Business Sustainability
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Posted by  in Top Companies

Business sustainability is often known as managing the triple bottom line – a process by which companies manage their financial + social +  environmental risks. These three impacts are sometimes referred to as profits + people + planet.

With the ever-increasing pressure of rapidly growing populations and middle classes in developing markets and carbon footprint expansion, businesses are increasingly realizing that sustainability has to become core to the way they do business.

Accenture recently released a Business Sustainability report which notes that there are a number of best practices that foster business sustainability, and help organizations move along the path from laggards to leaders. These practices include:

  • Stakeholder engagement: Organizations can learn from customers, employees and their surrounding community. Engagement is not only about pushing out messages, but understanding opposition, finding common ground and involving stakeholders in joint decision-making;
  • Environmental management systems: These systems provide the structures and processes that help embed environmental efficiency into a firm’s culture and mitigate risks. The most widely recognized standard worldwide is ISO 14001, but numerous other industry-specific and country-specific standards exist;
  • Reporting and disclosure: Measurement and control are at the heart of instituting sustainable practices. Not only can organizations collect and collate the information, they can also be entirely transparent with outsiders. The Global Reporting Initiative is one of many examples of well-recognized reporting standards;
  • Life cycle analysis: Those organizations wanting to take a large leap forward should systematically analyze the environmental and social impact of the products they use and produce through life cycle analysis, which measure more accurately impacts.

You can read the entire report by clicking here!

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