Founded in 1863, Solvay is a global chemical company. With its historical anchorage in Europe, its products serve diversified markets worldwide, from consumer goods to energy, with one main aim – to improve quality of life and customer performance. The drive to achieve its aim has resulted in 90 per cent of its revenue being generated from businesses that are among the top three global leaders in their field.
Solvay saw integrated thinking as a fundamental prerequisite to integrated reporting. It was deemed essential in fostering the creation of an internal integrated management system, which would assess the value creation process in a holistic way and provide transparent information to stakeholders.
At Solvay, integrated thinking supported the creation of internal integrated reporting dashboards which created greater connectivity between departments and enabled the evaluation of the outcomes related to the outputs produced by the business.
As a result of adopting an integrated thinking approach, greater connectivity between departments has enabled the company to become more flexible and transparent in the way it reports and delivers information to its stakeholders.
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The <IR> Business Network’s Integrated Thinking & Strategy Group series of case studies examine how integrated thinking has been embedded within international organizations from diverse sectors. The interviews conducted with key stakeholders identifies each organization’s motivations, how integrated thinking has helped shape and deploy the organization’s strategy, and what the benefits have been.