Sustainability has finally begun to emerge as a top priority for business leaders as it should be. Now pressured to change in massive ways which will impact supply chain choices, methodologies, and USPs, brands are demanded to explain how and why to consumers, investors, regulators, and their employees.
Compelling reasons to embrace change? We think so. Companies that take the lead on environmental, social, and governance (ESG) issues outperform their peers financially, creating up to 2.6 times more value for shareholders.
And I sure believe that without technology delivering on the sustainability agenda will be impossible.
A Sustainable Organization requires Sustainable Technology
To deliver on the promise of sustainable technology, businesses must take a seat at the sustainability table. They must work closely with other executives to identify the technologies that will assist the company in meeting its sustainability goals. At the same time, they must address the technology’s environmental and social impacts.
There are three key elements to a successful sustainable technology strategy that will help a business forge ahead of its competitors while creating a sustainable organization:
A successful sustainable technology strategy includes three key elements that will help a business stay ahead of its competitors while also creating a sustainable organization:
1. Technological Sustainability
Technology is critical to making businesses and the planet more sustainable. Among the requirements are:
- Transitioning to Net Zero Energy
- Embracing accountable value chains
- Giving customers sustainable options
- ESG activity measurement and reporting
- Creating long-term green organizations
2. Making technology more environmentally friendly.
Business leaders must ensure that their technology solves problems rather than contributes to them. We have identified three areas where the CIO will be critical:
- Green software practices can help to reduce energy consumption.
- Build systems that protect privacy while being fair, transparent, robust, and accessible.
- Governance: Make ESG the primary focus of technology rather than an afterthought.
3. Scalable Sustainability
Working with your ecosystem to accelerate progress beyond the company and worldwide.
Consumers are concerned about the environmental impact of the products and services they purchase. This desire for a more comprehensive business approach will increasingly shape how companies interact with investors, partners, regulators, and customers.
- Leaders can move toward a more holistic business model in four ways:
- Accelerate compliance with the United Nations Sustainable Development Goals.
- Work beyond the boundaries of one company to accelerate innovation.
- Encourage standardization, implement regulations, and raise awareness.
- Join eco-friendly technology industry collaborations, alliances, and advocacy groups.
An Opportunity to Recon
Going forward, I believe businesses must reconsider their technology through the lens of sustainability. The purpose-driven business’s core mission is to develop and implement a comprehensive sustainable technology strategy.
Companies must use technology to drive growth while delivering the environmental and social progress their stakeholders expect.