How collaboration and technology can help achieve business sustainability

Customers and investors are paying more attention to sustainable development through businesses.

Vodafone Business research shows that more collaboration and better use of technology will be key to achieving business sustainability goals.

While organizations see sustainability as ‘absolutely essential’ to their continued operations, the difficult economic climate, along with other challenges, has stalled sustainability progress.

According to the Fit for a Sustainable Future report from Vodafone Business, sustainability goals are critical to the long-term survival of companies.

The acquired businesses have been termed ‘fit for the future’ as Vodafone Business continues to develop its sustainability initiatives.

“Businesses clearly understand that sustainability challenges require collaboration. This means an ecosystem of companies and governments coming together in response,” said Vinod Kumar, CEO of Vodafone Business.

“We firmly believe in this approach to business at Vodafone, and as a company we are leading the way for successful partnerships – through our strategic alliances with our customers and with other technology companies.”

Four major barriers to sustainable success in research at Vodafone Business were revealed.

> See also: Facilitating Change: The Smart Benefits of Going Green

Lack of cooperation

A majority (71 percent) of businesses agree that greater collaboration between organizations is needed to make progress on sustainability challenges.

According to the study, companies are realizing that creating new relationships and adopting sustainable ecological practices to reduce the impact of climate change will be a positive step that will benefit society as a whole.

Real progress requires cooperation from competitors, as well as universities, charities, regulators and governments, to tackle the challenge of sustainability.

Too much compensation

Businesses recognize that existing approaches are insufficient, and that they need to go beyond carbon offsets, with 54 percent saying their industry is too reliant on this approach.

Organizations considered ‘future-fit’ by Vodafone Business are taking a more holistic view of sustainability, including adapting supply chains, value chains and wider areas of influence.

This is in response to increased scrutiny of sustainability strategies, with many businesses stressing that accusations of ‘greenwashing’ have a negative impact on their reputation.

Technology skills gap

27 percent of surveyed companies cite a lack of technology capabilities as a pitfall.

Technological capabilities such as data science and the Internet of Things (IoT) can play a leading role in overcoming sustainability challenges, with many businesses calling for another industrial revolution to create a more sustainable economy.

> See also: The importance of digital skills bootcamps to the success of the UK tech industry

Poor decision making

And 26 percent identified uninformed decisions about green technology as a barrier.

Organizations in all sectors consider a lack of technological skills and insufficient understanding of green technology decisions as major barriers to sustainable development.

Kumar continued: “Technology will be an important part of our fight for continued sustainability.

“IoT is helping many businesses around the world become more energy efficient and reduce their carbon footprint. At Vodafone Business, we are collaborating on innovative projects and bringing innovative solutions to support businesses on their sustainability and digital transformation journeys.

“Our partnership approach means we can help businesses that may not have the technical skills or knowledge necessary to make the right decisions on technology investments. All businesses need to recognize that they must take the lead in this challenge or risk being left behind by more sustainable competition.”

3,101 businesses in 15 countries were surveyed by Vodafone Business Fitness for its Sustainable Future report.

Related:

Everyone likes to talk about sustainability, but who is responsible? – Michael Verhoeven, Managing Director at SAP UKI, examines who should take responsibility for sustainability initiatives in an organization.

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