Consumers are increasingly worried about food scares, sourcing issues, the environmental impact of business and data security. And the targets of their concern are companies, who themselves need to improve operating efficiency and supply chain management. All this in an increasingly global and competitive marketplace.
But these opposing forces are actually a golden opportunity to drive commercial excellence for organisations, improving the bottom line whilst growing the top line.
The global ‘bad boy’ of the moment is Equifax, as the inner workings, processes and corporate Governance is being opened up for all to see. And in many ways this is right, as over 145 million personal records have been illegally accessed, and to what ends remains unclear.
This is on top of a succession of companies being cyber attacked and held to ransom. The gloom and doom extends further, as pressure on organisations mounts when we consider a growing expectation and adamance about having full transparency over sourcing, supply chain, manufacturing, corporate management and governance, environmental impact, sustainability, pay and conditions etc. A case can (almost) be made for C-suite pay with this kind of risk.
But some companies are really on the front foot – like Alibaba in Asia or McDonalds with its sourcing of ingredients – putting Transparency at the heart of their strategy, and seeing it as an opportunity as well as a requirement. They see it as something the organisation can do to drive value, loyalty and margin, and also an engagement layer for their customers and consumers.
Transparency is a programme and strategy aimed at improving the internal visibility of an organisation to its consumers. It’s about centering the business around the belief that transparent operations and practices are not just good, but a source of long term sustainable growth. And this path can drive an organisation’s culture as well as motivate it’s consumers.
Transparency, as a corporate strategy and activation plan, is a destination with a journey. And the important point to really consider is the destination is inevitable for responsible corporations which target sustainable and stable long-term growth. But the topic itself is huge and comes with big implications. These need to be taken on, and organisations with relevant experience are available to go on that journey with you.
Read more about the need for a Transparency Strategy, and how to go about building one.
We are a strategic consultancy with core specialisms in strategy, data and marketing technology. We support global businesses to convert technology into a commercial driver. Tech is the essential business enabler – but we keep its focus on cost efficient business growth.
To find out more about Traceability and the transformation it could bring your business, drop us a line to hear about recent case studies and to begin exploring what it could mean for you.