Companies collecting data infrequently, not engaging customers and suppliers
Submitted by IBM
ARMONK, N.Y., June 1 /PRNewswire-FirstCall/ -- IBM's (NYSE: IBM) second annual global corporate social responsibility survey of senior business executives again shows significant gaps between their goals and their ability to attain them.
Nearly all of the 224 respondents said they remain committed to incorporating CSR principles into their business strategies -- despite the global recession -- to improve business performance, societal contribution and reputation.
But the survey results (www.ibm.com/gbs/csrstudy) identified three specific problems:
However, respondents who reported outperforming competitors are doing all those things better -- collecting and analyzing the right data frequently to make better decisions, incorporating CSR information from suppliers, and engaging with customers.
"Our survey participants clearly understand that integrating CSR considerations into their business strategies is essential to their growth and performance," said Eric Riddleberger, IBM's business strategy consulting global leader, who heads up the company's corporate social responsibility consulting efforts. "But it's also pretty obvious many of them don't know what they need to know to actually make changes that would improve both business performance and societal impact."
Companies are coming under increasing pressure from governments, advocacy groups, investors, prospective employees, and consumers to make their operations, products and services more socially responsible. This covers a range of topics, including environmental concerns, labor practices, product safety and traceability, and procurement practices. At the same time, they are under tremendous economic pressure to reduce costs and increase efficiency wherever possible.
Businesses that are successful in addressing CSR issues as part of their overall strategies will have a significant advantage attracting investors, talent and customers, developing new products and services, and gaining access to new markets and new opportunities. It also will help them improve operational efficiency and reduce costs, and meet regulatory requirements, which can allow them to qualify for incentives and avoid penalties.
Key findings of the survey include:
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