Innovative Companies Create Commercial and Social Value in Australia
7 November 2013 at 8:29 am
A new Green Paper, to be launched on November 26th at the 2nd Creating Shared Value Forum, will provide a broad assessment of the state of Creating Shared Value (CSV) in Australia.
A business strategy first defined by Michael Porter and Mark Kramer, in the Harvard Business Review article of the same name, Creating Shared Value seeks to achieve both financial and societal outcomes. CSV represents a major departure from marketing or reputation based strategies.
Since its 2011 publication major international corporations, including Nestle, Dow Chemical and the International Hotel Group have embraced the strategy. However, corporates are increasingly noting the specific challenges of implementing true CSV in developed markets, such as Australia’s.
“CSV is important wherever we do business, but there is no one size fits all approach,” External and Corporate Communications Manager at Nestle Australia,Margaret Stuart said.
“While the fundamentals are the same, developing CSV initiatives in developed countries requires quite a different approach to developing countries, so it’s critical that we consider the unique situation of the country we are in.”
Based on research conducted by Net Balance, the Green Paper, titled ‘The Potential for Creating Shared Value in Australia,’ draws on case studies from across the nation to synthesis and share the learning from a range of organisations including Lion Co, BT Financial and Toyota. Specifically, the Green Paper provides insights into how different organisations are designing and implementing CSV in practice.
Melinda Leth at Net Balance described the research as “showing that whilst each organisation has a different approach to CSV, factors such as customer insights, design thinking, cross functional teams and leadership play a critical role in encouraging the innovative mindset required to create both commercial and social value.”
Several innovative organisations have led the practice of Creating Shared Value in Australia. National Australia Bank, Stockland, GPT Group and Nestle will all present at November’s Forum on the CSV programs each has developed for the Australian market. The strategy also represents a significant opportunity for collaboration.
Not for Profit leaders Tim Costello (CEO, World Vision Australia), Adam Mooney (CEO, Good Shepherd) and Dawn Casey (Chair, Indigenous Business Australia) are all set to join the Forum to discuss the possibilities for corporates in leveraging business to improve conditions for their communities.
To find out more about the Forum, visit 3pillarsnetwork.com.au