Clients in our sustainability consulting often ask: What circumstances, frameworks or parameters need to be in place to spark creativity, ideas, and innovation in my business? How can a business executive bridge business sustainability and innovation to the bottom line? What role might the ‘voice of the stakeholder’ play in this process?
As we've discussed frequently over the years in previous posts, the simple act of having a conversation of business sustainability specific to the organization’s needs often answers these questions. Characterized by an actionable awareness of the environmental, social and economic impacts of a business to long term profitability, business sustainability is a vehicle to enable a company to meet your goals of profit, growth, and revenue while positively impacting the environment and social realms of the business. This includes its key stakeholders.
“Develop a process to clearly demonstrate the impact of your R&D initiatives on future needs as well as current requirements. Teach your staff to identify and surface latent customer desires and aspirations; effectively align short-term and long-term R&D investments with anticipated market demands.” – Procurement Strategy Council
Exploring further, our sustainability consulting refers back to the post, Great Customers Inspire Great Innovations. This article explains:
“The most important link in the innovation value chain is an innovative customer. That is, a customer ready, willing, and able to adopt, adapt — and maybe even pay for — an innovative offering. Just as you don't have a performance without an audience, you can't have innovation without customers." Furthermore, “The essential question is who are the customers that come with the problem sets and parameters that push you to rethink, or redefine, your business? Which customers and clients does your firm celebrate as innovation partners — and why?"
At Taiga Company, we believe that an open innovation approach to business sustainability offers stakeholders the opportunity to become engaged in the future of a business. Recognizing that key stakeholders have a vested interest the success of the company, creates openness to new ideas that promote business success and innovative ideas. Our sustainability practice works to improve stakeholder communication through social media engagement strategies.