Warming Climate Can Be Beneficial For Businesses too
Companies that have incorporated sustainable practices for climate change in their daily operations see more successful business outcomes over those who do not in accordance with a recent research conducted by IT Services Management firm Genpact.
The study, Tech for Progress 360: Accelerating climate action using data-driven insights, reveals 58% of top executives strongly agree that businesses that have integrated practices that are environmentally sustainable have done better than 40% of other respondents. They are also more likely to state that their organization has adopted new technologies in the past two years (70 percent versus 45 percent of the other respondents) which suggests that organizations that are forward-thinking are often the first to adopt innovation. They are aware of the necessity of using digital technology and data, and the importance of placing sustainability principles at the forefront within their business.
Technology plays an essential aspect in sustainability leaders' achievement of their objectives. The majority of respondents are aware of the value Aritificial Intelligence (AI) has to offer (AI) while 40% are convinced of the value advanced analytics in order to further sustainable goals. However, those with less well-established practices tend to be less inclined recognize the benefits of these tools. This shows the increasing gap between leaders who understand how to make use of AI data, data, and analytics to create lasting business value and those who don't.
The research is based on the inputs of more than 510 top executives from major multinational companies. "As businesses face economic uncertainty, the time is right to assess ways to manage and minimize ESG-related risks which could significantly impact the environment as well as a company's long-term sustainability as well as profitability," said Katie Stein chief strategist and the global business leader for analytics and enterprise services, Genpact. "We believe that organizations who lead by implementing intelligent, agile and data-driven plans for action will emerge as the winners. Combining advanced analytics AI, automation, and AI alongside human judgement plays an essential role in helping businesses implement meaningful changes that build resilience and a more healthy environment strong communities."