Most business leaders across the world now increasingly expect companies to contribute to solving social issues, with the COVID-19 pandemic having threatened lives and livelihoods and disrupting the global economy, according to Fujitsu.
Fujitsu’s Future Insights Global Digital Transformation Survey Report 2020, reveals results of a survey of 900 C-level executives and decision-makers at large and mid-sized companies spread across different industries in nine countries — Australia, China, France, Germany, Japan, Singapore, Spain, United Kingdom, United States.
Findings show that 92% of respondents agree they must provide value to society to make their business more sustainable. The reasons include increasing product and brand value, and appealing to younger generations, who are highly conscious about social issues and whose opinions and activities are impacting policies and business.
Additionally, around 80% of respondents agree that delivering value to multiple stakeholders such as customers, employees, partners and local communities, as well as shareholders, is important. The results demonstrate that the pursuit of profit alone is not enough to achieve sustainability. Firms must provide value for multiple stakeholders.
Also, 35% of respondents had found it difficult to develop practical projects that provide value to society through business. One-third (34%) said it was difficult to identify a clear return on investment.
Meanwhile, respondents indicated that aligning their strategy with delivering social value and changing their employees’ mindset are two key success factors for providing value to society.
Further, 89% of respondents who have delivered results from digital transformation initiatives said these efforts have allowed them to successfully provide value to society, demonstrating a positive contribution to both business and to society as a whole.
The social value they have delivered through digital transformation initiatives includes increased personal safety, improved well-being, contributing to smart and sustainable cities and addressing climate change.