February 15th, 2011
I recently attended an Executive Sustainability Summit hosted by Xerox, Waste Management (WM), and Arizona State University. The short conference brought together public and private sector managers working on environmental and social issues. Xerox asked me to attend and give my thoughts on what I heard and saw*.
What really struck me is that both Xerox and Waste Management are doing something mostly unheard of: they’re working with customers to help them use less of their traditional product or service. The plenary panel during the Summit included execs from both companies proudly talking about these fast-growing, service-oriented parts of their businesses. And what’s really important is that these are not just niche product lines, but fundamental shifts in what these companies do.
In some sense, this shift is not optional, as both companies are in the throes of fundamental transformations of their industries. Xerox has been navigating the shift to digital documents for years, and WM is facing an existential threat. As CEO Dave Steiner put it, “When your company is called Waste Management, and your customers all talk about ‘zero waste,’ you better change your business model.”