CSR Is Good for Business, an Independent Consulting Study Reports, but Official Targets and Policies Are Lagging Behind
35% of respondents are lacking systems to enable effective, scalable collaboration to empower supply-chain partners in support of their CSR strategies and policies.
Ivalua, a leading global spend management cloud provider, announced today the results of a commissioned study conducted by Forrester Research on behalf of Ivalua which shows that companies have been prioritizing CSR initiatives as part of their core business strategies – and it has paid off. As consumers increasingly choose brands based on CSR values, 69% of respondents report that their organizations have generated increased sales as a result of CSR initiatives.
The study focuses on evaluating the initiatives, approaches, challenges, and effective strategies global business leaders are taking to improve their CSR performance, and sheds light on the role of supply chain operations to overcome the challenges that emerge – after all, how businesses spend their money can help make the world better. The study also reveals actionable insights for businesses looking to improve CSR results.
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With 69% of respondents reporting that their organizations realized increased sales as a result of CSR initiatives, CSR is clearly no longer a tradeoff, it’s actually good for business. Unsurprisingly, sustainability is the top priority, with 67% of respondents actively measuring CSR performance. However, only 33% have defined official sustainable policies and targets. Social and ethical priorities are close behind but still lag.
One of the main challenges that is holding organizations back is the inability to effectively assess individual supplier performance and measure supply chain performance. This is followed by a lack of systems to enable effective, scalable collaboration. The most effective strategy for improving sustainability was providing suppliers with more flexibility in how they meet requirements, followed by digitizing supplier collaboration.
“We believe the study has reinforced the importance of CSR to business results and how much further most businesses have to go. Those looking to accelerate their CSR initiatives should learn from the leaders and empower procurement teams and suppliers with the technology needed to support effective decision-making and scalable collaboration”, said David Khuat-Duy, Founder & CEO of Ivalua.
In this study, Forrester conducted an online survey of 467 business decision-makers from organizations across the globe to evaluate how organizations are tackling corporate social responsibility (CSR). Survey participants included decision-makers in procurement in various industries, including CPG, finance, telecommunications, technology, and manufacturing/ automotive. The study began in March 2021 and was completed in August 2021.
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