The top 100 firms’ leaders possess the following four characteristics that set them apart from their competition:
The broad reach of the Internet, combined with crowdsourced reviews, rating organizations, and digital technologies, makes this possible.
Consumers can now consider whether a company’s business practices align with their personal beliefs more than ever, thanks to the availability of information about a company’s material sourcing, labor practices, or environmental impact.
They can also easily share their observations with the rest of the world. When that happens, you become exposed.
So, don’t wait for customers to expose your inconsistencies.
Instead, proactively incorporate transparency into operations to provide consumers with ongoing evidence of how your organization’s values correspond with theirs.
The only time transparency becomes a problem is when a company has diverged from what its customers value.
The foundation for this transparency to customers is the capability to collect, analyze and process relevant data as well as cost-efficient digital processes and suitable reporting. If this is covered by a company, transparency may become a strategic brand advantage for businesses.