Findings from a study on Sustainability and Innovation by the MIT Sloan Management Review and the Boston Consulting Group has revealed that sustainability has a permanent place on 70% of management agendas.
The majority of the 3,000 respondents to the study also mentioned that sustainability activities are adding to profits, with companies making changes to their organisational structure and business models in order to support more sustainable business practices.
The resulting snapshot of sustainability-related practices offers a glimpse inside a worldwide phenomenon that is affecting a broad spectrum of activities: from what consumers eat and wear to how businesses select supply chain partners.
The findings identify three major lessons that businesses can learn: creating organisational structures which support sustainability; linking sustainability activities with performance metrics; and, becoming more collaborative not only with customers and suppliers but also with local communities, NGOs and competitors.
The authors of the report conclude that sustainable business practices have gained so much traction across industries and geographies that sustainability is nearing a tipping point, the point at which a substantial portion of companies are seeing the need for sustainability and deriving financial benefits from related activities.