CEO Insights team, Nikhil Michael, Correspondent, CEO Insights
A survey by Fujitsu named Future Insights Global Digital Transformation Survey Report 2020 also highlights this fact. This survey participant includes 900 CXOs and decision makers at large and mid-sized companies spread across nine countries – Australia, China, France, Japan, Singapore, Germany, Spain, UK and US. The survey says that around 92 percent of the respondents agree that providing value to the society is important to make their businesses more sustainable. This is majorly due to the increasing product and brand value (50 percent), and appealing to younger generations (47 percent) who are highly conscious about social issues and whose opinions and activities impact policies and businesses. Even ESG investment is becoming more important among investors (45 percent). Furthermore, the survey also states that around 80 percent of respondents agree that delivering value to multiple stakeholders such as customers, employees, partners, local communities and shareholders are equally important. However, 17 percent respondents believe social challenges provide new business opportunities, while 43 percent believes consumers are looking to companies and organizations to solve social challenges.
38 percent respondents believe DX provided greater safety for people, while 33 percent improved well-being and 32 percent contributed to a smart/sustainable city.
However, 35 percent of the respondents found it difficult to develop practical projects that provide value to society through business while 34 percent feel it’s difficult to identify a clear RoI and 34 percent feel it’s difficult to create an idea. But aligning the strategy with delivering social value and changing employees’ mindset are two key success factors for providing value to society. As digital transformation (DX) is a growing need for every business, 89 percent of respondents who have delivered results from DX initiatives says these efforts have allowed them to successfully provide value to society, demonstrating a positive contribution to both business and to society as a whole. 38 percent respondents believe DX provided greater safety for people, while 33 percent improved well-being and 32 percent contributed to a smart/sustainable city.
The report also states that the social value they delivered through DX initiatives includes increased personal safety, improved well-being, contributing to smart and sustainable cities and addressing climate change. The respondents also cited that strategic alignment enables them to deliver value to society (45 percent), while the changing mindset of employees (42 percent) and building synergy with the business (42 percent) are also effective. On the other hand, 17 percent of the respondents are focused on mid- to long-term targets rather than short-term financial targets, and 28 percent respondents have collaborated with right partners to deliver the results.