In the past weeks, the world has changed. As we are experiencing the coronavirus threat period, CEO’s will look back and recognize that we need to be much better prepared in the future than what we have been.
As technology, AI, and analytics continue to become a day-to-day reality, working closer to home and a more data-driven business approach could push for a greater preference in local products compared to global products and services. This crisis could generate a sort of ‘new normal’; characterized by a more resilient and efficient supply chain, bringing sourcing closer to the end markets. Especially in the prospect of future border restrictions.
Investors were already incorporating resiliency more systematically into their valuations; especially in the context of the recent natural disasters and the impact of climate change. Experts predict that environmental, social and governance (ESG) factors in businesses will likely expand to include resilience to outside shocks such as pandemics. It can also be expected that the focus on relations between government and business, and between business and society will become even more intense.
And this is what sustainability is all about.
To navigate through these changing times, it is more than ever important to show that sustainability is not a remnant of an old regime, but a vital part of a company that is forging ahead. It is showing how sustainability fits into the new order—whether in preparing for this and future shocks or driving innovation, or mitigating new risks.
Studies reveal that sustainability professionals don’t talk much to their CEO – in this place and time, they better should …