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A Need for Standardized Approaches to Manage Sustainability Strategically

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  • Svala Gudmundsdottir

    (School of Business, University of Iceland, 102 Reykjavik, Iceland)

  • Throstur Olaf Sigurjonsson

    (School of Business, University of Iceland, 102 Reykjavik, Iceland
    Department of Accounting, Copenhagen Business School, 2000 Copenhagen, Denmark)

Abstract

This study aims to explore the challenges and opportunities associated with measuring and assessing sustainability impacts and investigate digitalization’s role in addressing these challenges. The study gathers stakeholders’ perspectives on strategically managing sustainability and employs a qualitative research approach, utilizing semi-structured face-to-face interviews with seven industry participants. The findings reveal that the measurement and assessment of sustainability impacts pose significant challenges due to the lack of standardized approaches and the diversity of evaluation methods. Companies have started to address these challenges by applying digitalization to standardize and streamline sustainability measures. Digital platforms and technologies are being developed to collect, analyze, and report sustainability data, providing a foundation for reliable and comprehensive sustainability reporting. This study contributes to the existing literature by highlighting the need for standardized approaches and digital platforms for measuring and assessing sustainability impacts. The findings emphasize the importance of integrating sustainability into corporate strategies, as well as the role of digitalization in enabling companies to focus strategically on the most important societal goals. The study also underscores the need for clear definitional parameters and accurate measurement of sustainability performance. Overall, this research highlights the potential of digitalization in driving meaningful change and promoting sustainability in economic, environmental, and social domains.

Suggested Citation

  • Svala Gudmundsdottir & Throstur Olaf Sigurjonsson, 2024. "A Need for Standardized Approaches to Manage Sustainability Strategically," Sustainability, MDPI, vol. 16(6), pages 1-15, March.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:6:p:2319-:d:1355093
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    References listed on IDEAS

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