What are the forces that will shape the future face of business? Will these forces reveal themselves as risks or opportunities? How might your organization be affected? The answer to these questions may be up for individual business interpretation; however, all roads appear to be leading to an eventual ‘sustainability intersection’.
As the business world evaluates the realities of increased business risk, increased cost or the loss of revenue related to water, carbon, and energy management , business sustainability is defining itself as leading edge business strategy. No longer is business stability defined as the difference between cost and revenue. Today’s business sustainability is saddled with an increasing set of expectations and stakeholder pressures.
The question is: how will your company respond? The post, 6 Steps to Navigating Sustainability Risk, offers some insights. But can your stakeholder engagement be a pathway to risk management? Or, even business innovation? At Taiga Company, we think so. The posts Stakeholder Engagement Reducing Risk in the Supply Chain and How Social Media Engagement With Stakeholders Can Guide Business Innovation offer insights to our views on the subject.
Specifically, we find that stakeholders often have the information and ideas needed to make a significant change within the organization. We encourage clients to tap into this innovation to create a business sustainability culture that encourages and rewards diverse ideas at all levels internal to the organization. In the old days, corporate intelligence gathering meant painstakingly gleaning information from experts and competitors’ reports. However, a number of companies, B2C and B2B alike, now realize the potential benefits of monitoring conversation flows from social networks. Social media for sustainability communications has become a risk or an opportunity. Monitoring, listening, and dialoguing with key stakeholder in the social space not only offers a competitive advantage but also provides other key ingredients for successful social media engagement:
- Information or Data Collection
- Brand and Reputation Management
- Public Relations
- Media Management
- Crisis Management
Yet, when you think about it, the ability to capitalize on opportunity or mitigate business risk often depends on the availability and access to quality information. Being able to sift through what is important and what is not can be a determining factor in transforming a good decision into business turning point. While many risks appear obvious in retrospect, some hidden and intangible threats may still be in hiding and prove to have future impacts. Today’s market intelligence has expanded to include business sustainability expectations, trends and requirements. Are you listening to your stakeholders?