The world we live in, and conduct business in, has changed dramatically over the last few years. Many of us now work from home and companies are adapting to remote and hybrid working models with lightning speed as we attempt to get a hold on the pandemic, but there has also been something else that has been creeping into the human consciousness: the environment.
Our environmental impact has reached a point where it can no longer be ignored, and if we don’t make changes now, there will be dire consequences. Individuals are making small changes like taking public transport, curbing their use of disposable materials, and eating less meat, but it’s the big players – like businesses and enterprises – that have the potential to make the most impact and lead the way to not only a sustainable business but a sustainable future.
There is a big difference between knowing there is a problem, though, and actually doing something about it. In fact, 90% of business executives agree that sustainability is important, yet only 60% of businesses have implemented a sustainability strategy. So, if everyone knows they should take action, why aren’t more companies committed to doing so, right?
Unfortunately, it seems that for many business owners and CEOs, heading down a path that promotes sustainability could mean taking a hit to profit margins, but this is simply not the case. It’s about devising an actionable plan with the right components so that your business can reduce its carbon footprint while retaining, and even growing, your profits.
Sounds too good to be true, doesn’t it? Well, with technology, it’s actually highly achievable.
In this day and age, companies can leverage the power of digital technology to reach their corporate sustainability goals sooner rather than later, making them not only sustainable but also more profitable, and here’s how…
Digitalisation of business operations
Many companies these days are undergoing a digital transformation to help them adapt and grow the business for a successful future, but many don’t think about how the digitalisation of business operations can promote and aid their corporate sustainability.
Digitalised operations help companies become more sustainable by taking out repetitive tasks, decreasing the burden on employees and providing faster turnaround times for multiple stakeholders.
Organisations have taken notice of digitalisation’s potential to increase productivity and efficiency. With digitalised operations, companies can save up to 75% of time spent in paper-based processing and achieve significant reductions in carbon emissions. Digitalisation allows companies to improve their processes, reduce the error rate, and save time and resources.
The process of digitalisation is not an easy task, though. It takes time and effort to set up a digital solution that can be scalable across the organisation, but with the help of a managed service provider (MSP), your company can leverage digitalisation for a more sustainable and profitable future.
Digital products and services
Digital products and services are leading the way to corporate sustainability because they have more inherent capabilities to create change than any other similar offering. As a result, businesses are turning to digital offerings as an avenue for revenue and growth, and this shift is also driving people’s expectations on how businesses should operate.
The process of creating digital products starts with understanding customer needs and ends with understanding customer motivations in order to design a product that meets those needs. A growing part of customer motivation lies in environmental and social sustainability, so by offering digital products and services, it becomes a win-win situation for everyone – businesses can offer new digital products that don’t require as many resources, while consumers have access to more convenient and sustainable products with less environmental impact.
Corporations are now taking a more forward-thinking approach to their business, by thinking about what kind of an impact their decisions can have on the environment. By using cloud computing services, corporations can efficiently manage and store large amounts of data for later use.
Many organisations are now using virtualisation to reduce their carbon emissions and make it easier for companies to share resources within a co-work system. Cloud computing has also allowed companies to reduce paper usage by storing all documents digitally.
The amount of data generated in an average corporation is growing exponentially, which requires organisations to find new ways to process this information. Cloud computing is a great solution to this as it eliminates paper and, therefore, paper waste while allowing for access to the stored information on demand.
AI and advanced analytics
AI provides the ability to continually improve business models and increase profits through environmentally conscious practices.
We are now able to measure, collect, and analyse data across a wide range of environmental impacts, including energy efficiency, water cost savings, waste management and more. We can then use these insights to help facilitate greater business value for clients.
Organisations can deliver better customer experiences through improved revenue-generation opportunities from smarter use of data and analytics while they continue to lead a “green” transformation in their businesses.
Data sharing and ecosystems
Data sharing and ecosystems are the key to reducing environmental hazards, optimising business performance, and boosting innovation, which is why this plays a crucial role in achieving corporate sustainability. It helps companies find new ways to cut waste, reduce costs, and save on resources. As a result, data sharing can also help increase revenue.
The benefits of data sharing are enormous as it helps companies make better decisions with their data and innovate quickly with new insights. These benefits also help companies eliminate their risks and reduce focus on pollution control measures like recycling processes.
To reduce a company’s overall carbon footprint, they must also share data with their supply chain and workers. If a company shares data with these external stakeholders, they will be able to better understand their own impact on the environment and begin analysing ways to mitigate it.
Data sharing gives businesses an opportunity for increased transparency and collaboration that can result in innovative solutions for social and environmental problems.
Technology is the key
Businesses are increasingly investing in technology to enhance their operations and improve the quality of their work. In the case of corporate sustainability, technology can also be used to reduce waste and make companies more sustainable.
While having a digital strategy in place has been recognised as being important for business success, it is not enough for companies to have just a digital strategy; they will also need to implement technology into their day-to-day operations for them to be sustainable.
If your business is ready to move towards a more sustainable future, contact the technology experts at Lindentech.