The Innovation Bottom Line
Many companies are building sustainability into their organizations. You might feel like you are sitting on the side lines watching progress happen all around you, but are unable to advance your efforts or even know where to start. You could be the facilities manager, the CEO or a staff employee. You recognize that sustainability is a useful or maybe even a necessary tool to your company or your industry. You might find it hard to implement the practice or find it difficult to get management to see the advantages of it. Diving into the 2012 Sustainability and Innovation Global Executive Study and Research Report’s findings will provide guidance in achieving sustainability innovation and success.
The following article, “The Innovation Bottom Line: How companies that see sustainability as both a necessity and an opportunity, and change their business models in response, are finding success” by MIT Sloan Management Review and the Boston Consulting Group highlights the findings from the report. Below is a summary of the findings and how you as an individual, department, or organization can use them to establish or increase sustainability efforts within the organization or industry.
According to the study, “The most successful companies with sustainability are the ones who build it into their business models”. They look at all aspects of the organization to see how innovation can both be built from sustainability and add to their bottom line.
The report looks into the companies involved in the survey about 23% of them that are profiting from sustainability efforts. “We found that up to 59% of respondents whose companies changed three to four business model elements report profit from sustainability efforts.”
According the report there are Five Practices for “Hitting the Sustainability Bull’s-Eye” and allowing the company to succeed from sustainability efforts.
Start small, but understand that most companies are successful with sustainability when it is incorporated into business model. This will change the dynamics and create innovation. “Nearly, 50% of the respondents to the survey changed their business models as a result of sustainability opportunities.”