Some have long argued that corporations should strive for profits above all else, that making money for shareholders is a company's sole reason for being. But as the transformation to the Fourth Industrial Revolution - also known as Industry 4.0 - continues, more business leaders are starting to see a bigger picture - and a larger responsibility. Building on the last generation's corporate social responsibility movement, a new form of capitalism seems to be emerging, one that considers a broader group of stakeholders and measures societal impact alongside financial performance. In working to k
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Some have long argued that corporations should strive for profits above all else, that making money for shareholders is a company's sole reason for being. But as the transformation to the Fourth Industrial Revolution - also known as Industry 4.0 - continues, more business leaders are starting to see a bigger picture - and a larger responsibility. Building on the last generation's corporate social responsibility movement, a new form of capitalism seems to be emerging, one that considers a broader group of stakeholders and measures societal impact alongside financial performance. In working to keep up with the pace of technological change, business leaders are also beginning to appreciate the need to nurture a culture of lifelong learning, equipping their workforces with the skills necessary to succeed in the future. And thanks in part to pressure from customers and employees, executives are expressing deep concern about climate change and resource scarcity, topics that were on few C-suite [executive-level managers] agendas just a couple of years ago. This report surveyed more than 2,000 C-suite executives across 19 countries to see how organizations are capitalizing on advanced technologies to help propel their businesses forward while acting in a more socially responsible way, particularly in the area of environmental stewardship.
As companies face these new realities, leaders are seeking the right approach to four key areas critical to Industry 4.0: strategy, societal impact, talent, and technology. We found that some companies, particularly those with a comprehensive Industry 4.0 strategy, are performing well, while others lag behind. This year's survey shines a light on how traditional business objectives, transformational technologies, evolving skills, and growing obligations to the greater good are intersecting. Some responses, such as those showing an embrace of employee development and societal concerns, indicate progress. Others, like the persistence of short-termism and the reluctance to fully embrace Industry 4.0 technologies, feel like missed opportunities. Ultimately, though, the survey suggests that business's journey to balance profit and purpose is accelerating. A sharper focus on strategy and broader adoption of transformational technologies that benefit both business and society will help Chief Executive Officers get there faster.
Excerpts from publisher's website.
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