IBM study - 60% of Companies Think CSR is Critical to Success
August 5, 2009 - A study released by IBM this week shows 60% of business leaders surveyed believe that Corporate Social Responsibility is more important to business success than it was just one year ago. Only 6% expressed the contrary.
The second annual "IBM Institute for Business Value Survey" found that more than 66% of the 224 business leaders surveyed are focusing on CSR as an integrated business strategy, using sustainability as a strategy to grow revenue and reduce costs. The participants were asked questions about three areas related to sustainability: operations, supply chain and customer service. While the majority of companies are collecting some information in these areas, the quality and volume of the information gathered is lacking. The study found that operational information is not collected in a timely manner, supply chain information is too insular, and there is a dearth of customer service information collected. The study suggests that there is an "optimization gap" between what most companies are doing and what the benchmark is.
These optimization gaps show the difference between what information is not being collected (or not collected in enough volume) and what information needs to be collected in a more efficient manner.
The report suggests that collaboration is the best approach to spread best practices quickly and efficiently. Many of the leading companies in this area are freely exchanging information to increase their information databases and establish benchmarks. In addition, it suggests companies should:
Identify their information gaps, ensuring data is relevant, timely and inclusive of suppliers and business partners
Understand customers' CSR concerns -- but ensure that the information demands of stakeholders align
Assess leading practices and participate in industry coalitions.
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