The Business Transformation Index 2023 Ireland Spotlight report from Expleo was recently published, and one of the main findings was that sustainability is seen as a deal-breaker for doing business. The new study showcased the views of 141 Irish executives in both large and medium-sized enterprises.
This study revealed the critical role a robust sustainability strategy plays in businesses operating within the Emerald Isle. It found that failing to act on environmental issues is beginning to affect supply chain relationships and that companies are even losing customers as a result of not satisfying them with their environmental performance.
What were the key findings of the report by Expleo?
The report unveiled fascinating insights into how the business sphere in Ireland views sustainability. In comparison to the previous 12 months, half of the survey cohort predicted they will spend less money on environmental activities in the coming year. The reason for this comes down to the current economic outlook.
The same portion of survey respondents claimed they had stopped working and collaborating with customers or suppliers that were not meeting their expectations concerning climate change and sustainability. Along with reviewing their supply chains and customers, these companies are also working hard to offset the ecological impact of their IT infrastructure and technologies.
The research uncovered the average business is currently offsetting approximately 43 percent of the carbon footprint of its IT infrastructure and technologies. Medium to large-sized companies are pursuing numerous other environmental initiatives. These include utilising technology to track where resources are being wasted to reduce consumption.
In addition, creating more eco-conscious services and products and using renewable energy sources to power technologies and facilities. Similarly, sourcing from environmentally responsible technology partners and suppliers where they can. It’s clear from the research that sustainability has become a key to business success in that it is not just a matter of doing the right thing anymore.
Expleo’s research only further highlights that sustainability is integral for businesses and becoming much more than a ‘nice to have’ addition. The study shows without sustainability, businesses are navigating reputational damage and the lost income that comes with it. This is something Expleo expects will continue and potentially even intensify due to the widespread focus on environmental issues.
With all this in mind, businesses must recognise that sustainability is no longer optional but non-negotiable. Those enterprises looking to become more sustainable may face some upfront investment, however, over the long term, the results could have a positive effect not only on the planet but on the business. Some of the benefits of implementing sustainability in your business model include cost-saving, efficiency, and promoting innovation, among many others.
Whilst the research indicates businesses do place importance on sustainability, we must bridge the gap between commitments and genuine action. Lack of education on sustainability issues remains a barrier to change for businesses. Our business sustainability certification curated by experts can help to bridge this gap by providing you with the education, tools, and practical guidance needed to enable you to act on environmental issues and reap the results.