Proritizing Water: Stakeholders's Longest Failure?
To operate successfully, organizations need to satisfy the requirements from different and equally important entities
. Some of the requirements could come from individuals, other companies, associations, or government sectors, who are also stakeholders to the impact of any organization's operations. Such interests could often stem from individual interests. In terms of water, stakeholders might be one in regarding it as one of the most important resources for any organization which might also be one of the most neglected in terms of management.
Water stakeholders will be very interested in the company's policy and how it guides decisions regarding the procurement, use and disposal of this resource. The company's policy must be very clear as to how it communicates its strategies to these stakeholders and must reveal just how important the use of water is during the business process.
To achieve success in their respective operations, organizations need to satisfactorily comply with the requirements of a number of external entities. Each of these entities, sometimes individuals, sometimes associations, or companies or governments have a vested interest in one way or another in the impact of the company. This interest is often focused in individual areas. As it is one of the most important resources, water stakeholders need to take this matter seriously.
In terms of the availability of water, stakeholders would need to make sure that an organization is not using more than what it needs. They will want to know how company executives will address water related issues that may be beyond their immediate control. In other words, how will the company react if a severe drought impacts water availability in the region?
The risks would be potentially high, as a few of the water stakeholders could impose some terms and conditions upon any given organization under some circumstances. No company can afford to ignore environmental pressures. Certain key consumers could impose considerable pressure, not only to try and convince the company to reduce its energy and carbon output, but also to mitigate its water use.
Communication is everything whenever executives are involved in strategic planning. Much effort should be put into the construction of a water footprint and to the revelation of any risks associated with water use and disposal. Feedback should be sought from water stakeholders including investors, community leaders, customers and government figures.
By initiating a proactive, two-way exchange of information and individual positions, company executives will be in a better position to strategize the way forward. Emerging issues will be more readily identified and plans can be laid according to various potential outcomes. If an open form of communication is not maintained, there is a greater likelihood of disruption when and if an event occurs.
The smarter organizations understand that it is also just as important to get water stakeholders involved in addressing the key issues on water management. The company should try and take a lead in water related issues locally, helping to provide education and awareness, leading a sustainability drive and being seen to be productively engaged.
From a risk assessment perspective, companies should consider the allocation of available funding to invest in technologies, schemes or efforts locally. The aim is to help improve water quality or availability locally. This will put the company in a position of strength in the eyes of its water stakeholders.
by: Daniel Stouffer
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