Valuable insights from practitioners how to overcome transformation obstacles
Despite crisis mode, the importance of sustainability continues up high. According to the 2023 Sustainability Transformation Monitor, knowledge, resources, and complexity are only a few of the challenges to tackle in your sustainability transformation. What are the main obstacles and how to overcome them?
Practitioners provided valuable insights on their perspective and rated potential transformation inhibitors in descending order:
🚧 Regulatory Complexity
🚧 Missing Data Management
🚧 No Digitization/Digitalization of Processes
🚧 Missing Standardization
🚧 Few Personnel Resources
🚧 Low Internal Sustainability Knowledge
🚧 Resistance Of Workforce / Departments
Being aware of the main obstacles, are we able to proactively turn them to our favor?
𝗦𝘁𝗮𝗿𝘁 𝗻𝗼𝘄, 𝗯𝗲 𝗽𝗿𝗮𝗴𝗺𝗮𝘁𝗶𝗰 𝗮𝗻𝗱 𝘂𝘀𝗲 𝘁𝗵𝗲 𝗽𝗼𝘄𝗲𝗿 𝗼𝗳 𝗴𝗼𝘃𝗲𝗿𝗻𝗮𝗻𝗰𝗲
Sustainability is increasingly positioned at the center of management and controlling while consistent translation into processes and targets are lagging behind. To not get overwhelmed by the complexity and missing standardization, structure your activities in a concise sustainability program based on material topics, corresponding fields of action and in line with standards. Do you need further inspiration? https://bit.ly/3QSZK4M
Among the most important governance topics, Sustainability Transformation Monitor identifies a well-suited set of KPIs and measurements of target attainment and standards for sustainable corporate governance.
𝗦𝗲𝘁 𝘂𝗽 𝘆𝗼𝘂𝗿 𝗱𝗮𝘁𝗮 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗽𝗿𝗼𝗽𝗲𝗿𝗹𝘆
Data consistency and digitization are key to managing, controlling, and reporting on sustainability. “You Can’t Measure It, You Can’t Manage It” holds true for sustainability transformation. Start now to set up consistent sustainability measures. The good news is, with the right setup you will be able to use your data both for controlling your sustainability actions and to provide all data necessary for your reporting. We have covered it here: http://bit.ly/3GUzzX8
𝗣𝗿𝗲𝗽𝗮𝗿𝗲 𝘆𝗼𝘂𝗿 𝗽𝗲𝗼𝗽𝗹𝗲
“Culture eats strategy for breakfast.” People and organizational culture have a tremendous impact on the success of sustainability transformation. Sustainability is complex and needs to be broken down to be connected to all levels of the organization. Distributing roles and responsibilities helps to bring agency and knowledge to your workforce and helps to speed up processes. Another upside is that co-creation and cross-department teams may break down opposition or departmentalism. How to set up a sustainability organization: https://bit.ly/3GUVBbZ
Last but not least, the financial market and the real economy need to redirect capital to empower transformation. Ask your management board: how much of your products/services already align for future readiness? In STM23, Managing Directors ranked as the second-strongest driver for transformation – their decisions transform business models.