Aim for the triple bottom line
Sustainability, social good and profitability
Lesson 8 – Consumers are increasingly choosing companies that align to their values as much as their budgets and tastes. If you can do all of the above, so much the better. Purpose-driven digital transformation supports positive business, social and environmental outcomes.
For example, predictive maintenance can reduce emissions and waste, cut costs and deliver better customer experiences. Cloud technology uses less energy than traditional data centres and can provide secure, open access to data around the world. It’s possible to do well and do good at the same time.
The Triple bottom line combines social, environmental, and financial dimensions. When incorporating this strategy into everything the company does, success is imminent. The product you created will be exactly what the customers want and will align with their needs. Once your customers see this change, they will be secured as loyal customers.
Key things to remember are:
1. Customers want proof
Just as customers want receipts for their purchases, they want to hold you accountable for your promises. Simply claiming to be values-driven can backfire. At the same time, many consumers don’t know how digital technology supports the triple bottom line. Don’t be shy about telling them, as long as you can back it up.
2. There is an opportunity to lead in digital ethics
Society is just beginning to understand the larger implications of data security, AI, automation and other fast-evolving technologies. Companies showing leadership today can shape the conversation.