This post explores the explosion of social media as a new platform for communication, stakeholder engagement and transparency. It examines how it is a double edged sword for corporations. On the one hand it has to some extent taken the ability to shape the message out of corporate control as the viral nature of the media can quickly spread and corporations can find themselves in a sudden maelstrom as events get out of their control. Social media has also made corporate actions face increasing scrutiny. However social media also presents a big opportunity, enabling small suppliers and traders to promote greater equity in the supply chain for example. It goes on to suggest how the corporations notion of what accountability entails needs to evolve in order to be able to take advantage of the new environment imposed by the rise of social media.
Implementing a Product Information Management (PIM) strategy can help support your corporate sustainability initiatives by having correct data throughout the supply chain. Inaccuracies in product information can cause waste and inefficiencies in the supply chain. And how, as a side benefit, PIM systems contribute to a company’s sustainability initiatives by eliminating these inaccuracies, reducing waste and saving money at the same time. Statistics prove the benefits of implementing a PIM solution and as the amount of product information continues to increase, the old methods of managing it all just won’t work anymore when sustainability, efficiency and accuracy is a concern.
As consumer expectations rise and trust in corporations decline, the need for ethical business practices is greater than ever. Yet in a recession, companies seeking to cut costs will likely postpone important CSR initiatives or cut spending in favor of core business initiatives. But it doesn’t have to be either-or. Companies that consider social and environmental initiatives as potential innovation platforms and brand builders — not expenses — will come out ahead.