Applying Collective Intelligence to the evolution of responsible business

At MyResonance we believe that the key to the evolution of responsible business is utilising the ‘collective intelligence’ of the entire organisation. Collective intelligence (CI) can be understood as the enhanced capacity that is created when people work together, often with the help of technology, to mobilise a wider range of information, ideas and insights.

There are countless examples of where these principles used effectively have transformed companies and entire industries. From the emergence of open-source software, volunteer-led initiatives like wikipedia and the emergence of project-based work within companies led by employees.

This collaborative approach has never been so sorely needed in the world of business to guide some critical transitions. Firstly that of the vital transition to a net-zero carbon economy and secondly creating optimal conditions for us all to experience true mental, physical and spiritual wellbeing. These two goals are inextricably linked and hold the key to a drastically improved future for us all.

To bring this all together you need three simple things:

• People
• Data
• Technology

At MyResonance we believe people are the key to this transition, when you have a whole organisation working together to make a company into something more sustainable and fulfilling you create an iterative approach of shared insight and learning.

This people element is important for business also because individuals want to be brought along on this journey.

A recent survey found that more than three-quarters of organisations (77%) say their sustainability strategy is having a positive impact on employee engagement and retention, and 86% report that
sustainability practices are having a positive impact on their organisational culture and internal attitudes to sustainability. That’s significant.

The second element is data, now more than ever we need to demonstrate progress towards these goals and with this comes the necessity to measure against these key benchmarks. For over 500 years we’ve been measuring business performance with Luca Pacioli probably best known for his contributions to accounting back in 1494. That’s a long time ago!

Yet only now are we starting to look beyond these crude measurements. At MyResonance we believe this transition will provide a complete rethink around the key metrics for business which we are already starting to see through ESG reporting. These measurements we are already seeing are strongly correlated to the resilience of companies, illustrated recently by work done at BlackRock during the Covid crisis.

ESG reporting, however, is just scratching the surface of the huge potential the measurement of sustainability and wellbeing can have in helping inform and steer companies towards long term value.

As for technology, it has a pivotal role to play in two important ways, firstly in bringing together employees and their collective intelligence, it can effectively provide the incentive structures and communication hubs for this change. This is particularly important in this new distributed workplace. Secondly using data to augment on the job experience to guide decision making and benchmark progress.

There is an important distinction to reiterate again here, for true success to happen you need to combine these elements. Leading Sustainability brands like Unilever call it democratising sustainability, a process of empowering every employee to take ownership of the sustainability of the company. This trend we are seeing over and over again.

At MyResonance we provide technology that empowers entire companies to transition to Sustainable Business models where wellbeing is paramount and progress is measured. If you’d like to find out more then you can reach out at luke@myresonance.io.