Digital adoption in industries enables sustainability-based initiatives to reduce emissions, reduce waste, and improve revenue generation.
FREMONT, CA: Developing a sustainable business strategy requires a systemic approach. Technology and data integration are essential to building sustainability as a competitive advantage.
In an age when companies are integrating technology and sustainability agendas, management teams need to consider whether they bring game-changing technology and digital thinking to meet sustainability goals.
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A key part of implementing sustainability through digital technologies is rethinking traditional technology methods, including digitized operations, digital product development, cloud computing, IoT, blockchain, artificial intelligence, advanced analytics, data sharing, ecosystem management, and data sharing.
Digitized operations: Those who excel in this area create operations and processes that are inherently more sustainable, reducing emissions and waste through alternative inputs and attracting consumer and investor rewards. Using digital operations also helps improve a company's resilience; some technologies and processes are becoming industry standards. As technology companies developed efficiency-as-a-service, they grew from a company installing industrial electrical equipment to a global leader in reducing customers' CO2 emissions, generating revenues. Investing in energy efficiency and emissions reductions will allow companies to achieve greater financial rewards from customers, allowing their businesses to grow faster.
Digital products and services: Companies with societal impact expand reach, scale, and access at affordable prices through new distribution channels that break economic constraints. A good example is apps that facilitate access to essential goods and services and digitize them. Three sustainable solutions were developed by a major city transportation authority aimed at reimagining the delivery of parcels, reducing emissions, improving the customer experience, and boosting the city's bottom line.
Cloud, IoT, and blockchain: Using smart sensors and monitors connected to the Internet of Things, cloud-based data platforms, and blockchain-based tracking systems can enable new ways to measure and track environmental and social impacts. Companies can improve their ESG performance and improve management and investment decisions. Blockchain technology, for example, provides integrity and safety to the supply chain from the producer to the retailer to the consumer.
AI and advanced analytics: Technologies such as these gather data and insights on the environmental and social impacts of products, services, and processes. Integrating capabilities, sharing data, and creating transparency and accountability are all possible through digital platforms. IoT- and AI-based solutions enable companies to refine their offerings, engage customers, and improve performance over time; they also optimize energy efficiency in real-time, reducing emissions and saving money simultaneously.