target audience: TECH BUYER Publication date: Mar 2024 - Document type: IDC PlanScape - Doc Document number: # US49363823
IDC PlanScape: Quantifying Social Impact
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Abstract
This IDC PlanScape emphasizes the growing importance of quantifying societal impact for businesses in today's socially conscious environment. It outlines the role of professional services vendors in helping organizations measure and communicate their societal impact effectively. The societal impact includes factors like environmental sustainability, social responsibility, ethical practices, and community engagement. The document highlights that quantifying societal impact can enhance brand reputation, foster customer loyalty, and differentiate businesses in the market. It also states that investors and financial stakeholders are increasingly considering environmental, social, and governance (ESG) factors in their investment decisions. The document further discusses the concept of social impact in business operations and identifies key stakeholders in social sustainability. It also provides strategies for organizations to take advantage of quantifying societal impact, including specialized consulting services, data analytics, training, strategic partnerships, thought leadership, and tailored communication services. Quantifying, tracking, and managing societal impact is becoming increasingly important for organizations across industries for several compelling reasons. First, in today's socially conscious consumer landscape, organizations that can demonstrate a positive societal impact stand to gain a competitive edge. Second, investors and financial stakeholders are placing greater emphasis on ESG factors when making investment decisions. Last, actively quantifying, tracking, and managing societal impact aligns with broader trends toward corporate social responsibility (CSR) and sustainable business practices. The document also provides advice for technology buyers, suggesting they invest in ongoing training and professional development, foster a culture of innovation, advocate for greater transparency, build strategic alliances, and communicate the value proposition of impact measurement effectively to clients.
"Quantifying, tracking, and managing societal impact is becoming increasingly important for organizations across industries. It can enhance brand reputation, foster customer loyalty, and differentiate businesses in the market," says Dan Versace, research analyst, ESG Business Services at IDC.