Conclusion
Companies are facing a fast-changing operating environment with ever more demanding stakeholders, both internal and external. The companies that are coping best exhibit some common characteristics:
- Firstly, they have a good handle on their material issues (i.e., those assessed to be of greatest significance in terms of impacts across the life cycle and those seen as important to their stakeholders).
- Secondly, they have robust data reporting systems with a clear definition of key performance indicators and data metrics, robust quality assurance processes, and third-party verification. Data is clearly connected to organizational goals and performance improvement reporting, while performance information is proactively communicated to key stakeholders.
- Finally, they have realized the value of integrating environmental, health and safety and social issues into their core business functions. The unity of purpose achieved through this integration leads to new sources of innovation and to improved business performance by demonstrating increased customer value, reducing supply chain risk and decreasing material costs.
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