NTT Global Survey shows company profit with sustainability
NTT, a world leader in providing technology and business solutions, published a global sustainability survey in February 2022 to identify how business practices can effectively advance sustainability goals.
In partnership with ThoughtLab, the survey reported in the "Innovating for a Sustainable Future" report found that 44% of companies experience improved profitability due to sustainability programs. This discovery demonstrated clear evidence that sustainability programmes and business imperative can go hand in hand to deliver better financial results.
Of 500 companies surveyed, 68% reported that their top priority among the boards is building a sustainable future, while 47% stated that pandemic Covid-19 elevated the importance of sustainability goals.
In terms of financial advantages, 33% of organisations reported decreased costs due to increased efficiencies, 32% reported increased innovation and/or new business models, and 24% reported increased revenue growth.
"As the global population refocuses its attention on the health and wellbeing of people and the planet, we have seen a renewed commitment from organisations 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-or-decision; sustainability and profitability are becoming mutually reliant."
Best practices analysis
Looking solely at the accomplishments of those companies, NTT has outlined a set of best practices based on the study's analysis to assist organisations in achieving their sustainability goals. These recommendations include:
- Build the foundation for excellence in sustainability. Establish a distinct vision, strategy, and organisational structure for sustainability; monitor performance against sustainability metrics; and integrate sustainability into all aspects of the business.
- Utilise digital innovation to improve sustainability outcomes. Sustainability and digital innovation are two sides of the same coin for leaders. Leaders rely more on digital technologies, particularly the cloud, AI, and IoT, and recognise that interconnecting them yields the best results.
Establish collaborative partnerships for the achievement of shared sustainability objectives. Leaders not only work more closely with supply chains but also cultivate relationships with a broader array of partners, including multilateral organisations, non-governmental organisations, and industry and consumer groups.