Ethical and Responsible business strategies
- October 25, 2014
- Posted by: Hyde Park
- Categories: Oracle Software, Solutions
At Hyde Park Solutions it is widely recognised that the growing phase for companies to become responsible and ethical in their practices is hard. It is important for businesses to classify what strategies they are supporting and to categories those investments up front.
Making sure you have a fully functional Portfolio Management tool in place is critical to manage your investment portfolio. Oracle’s Primavera Portfolio Management (OPPM) system is one such system and is invaluable is helping organisations’ classify and categorise investments and supporting projects to enable reporting on organisational strategic achievement.
A good portfolio management tool enables organisations’ to categories investments into what strategies they support and enable, and what benefits they should deliver. Chief executives are answerable to three main groups: the board, shareholders and regulators and will have a requirement to report on progress of those ethical and responsible business strategic investments.
However with Social Media exposing business practices, new generations of consumers are demanding more than just products and services; a growing number of them seek assurances that companies are responsible and ethical. This means that protecting the environment, preventing exploitation, and treating suppliers and employees fairly are all of interest to consumers and so organisations’ need to be able to classify investments/projects to provide demanding consumers and regulators.
Going forward an ethical approach to business can not only be profitable, but can also often be a requirement of discerning customers eager to safeguard the planet and protect workers. In response business leaders around the world have hired top people, set targets and created structures to reduce negative impact and augment positive ones. Each company has its own footprint – product suite, area of operations, headcount and so on – so each has its own unique opportunity to effect change.
Making sure you are finding the most effective way to be and to prove you are ethical and responsible requires the help of high quality portfolio management tools, such as those developed and implemented by HPS.