In the public-facing consumer products and retail sector, setting and meeting strong sustainability goals is no longer a strategic objective—it’s an organizational, and global, imperative.
As shoppers become increasingly interested in purchasing to positively impact the planet, many consumer companies are working to rethink their product design and packaging, update their supply chains and optimize internal operations. But new research from global professional services firm EY shows this approach won’t be enough.
To scale sustainability initiatives that actually capture profits, their report finds, companies can’t just collaborate with peers, supply-chain partners and even competitors. Instead, they must integrate all stakeholders in the business ecosystem, including regulators and consumer communities, to meet collective goals that benefit them all.
What does this approach—which EY calls a “stakeholder ecosystem”—look like in practice?
By Michael Keller