More than three quarters (77%) of consumer goods industry leaders believe investment in sustainability will help to accelerate business growth, while 61% say that they are 'purposefully aligning' their sustainability and operational goals, a new study has found.
The study, Redesigning brand values: Purpose and profit converge in core operations, was carried out by IBM and The Consumer Goods Forum, and surveyed 1,800 consumer goods executives across 23 countries.
Technology Budgets
It found that more than a third (34%) plan to boost their technology budgets over the next three years in order to deliver on the promise of operationalising sustainability.
Elsewhere, some three quarters (75%) of industry leaders agree on the need to recalibrate how they measure and report on sustainability targets.
In terms of the types of technology industry leaders are turning to as they seek to deliver on their sustainability promises, automation (71%), analytics (69%), IoT (62%), AI (55%), and intelligent workflows (44%) were among those cited.
'Rapidly Changing'
"The world we live in is rapidly changing and FMCGs as well as consumers are taking notice,” commented Ruediger Hagedorn, CGF end-to-end value chain director. “So, how are companies in this sector preparing for both a more sustainable and efficient future while leveraging new technologies?
"This report provides valuable insights into what determines decision making at the boardroom level globally, which will shape our future."
The report can be downloaded here.
The Consumer Goods Forum Global Summit takes place in Kyoto, Japan, this week. For more information, click here.
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