The world is undergoing significant transformations, some of which will have serious effects if not handled quickly. Environmental and social concerns are among the world’s most critical challenges, impacting not just our planet but also company futures. This has resulted in an increased emphasis on sustainability, a notion that today’s organizations must embrace.
Nowadays, companies are fast to incorporate sustainability measures into their operations via action plans that comply to Environmental, Social, and Governance (ESG) objectives. These goals assess a company’s contribution to climate change, human rights, diversity, employee well-being, and ethical governance. Meeting these criteria helps organizations portray a sense of integrity and accountability, which contributes to long-term success.
The financial benefits of sustainability are apparent. According to a recent analysis from Global Sustainable Investment Review, a remarkable $30.3 trillion has been invested in sustainable assets worldwide. Notably, sustainable investment assets under management (AUM) have increased by 20% in non-US markets since 2020, indicating growing investor interest in this sector.
Against this backdrop, the Philippines has taken significant efforts toward sustainability in recent years. For example, Publicly Listed Companies (PLCs) with a public float of at least 50% must now produce ESG reports in accordance with Securities and Exchange Commission (SEC) requirements based on Global Reporting Initiative (GRI) standards.
While not required for medium and large businesses, following these standards is strongly suggested in order to constructively contribute to society and the environment.
Businesses are exploring alternative success strategies as the focus shifts to social responsibility and ESG goals. However, one area is relatively untapped: the utilization of data. But how can businesses harness the power of data to achieve their sustainability goals?
The role of data to achieve sustainable goals
ESG goals have demonstrated to businesses that inactivity is no longer an option. The question today is not if they will act, but how and when. This has resulted in a boom of organizations looking for methods to incorporate sustainability into their core operations.
However, how can businesses respond without a thorough grasp of their environmental, social, and economic impact? This is when data becomes critical. Data enables firms to better analyze their present sustainability performance on social, cultural, environmental, and economic dimensions.
Companies may use this data to discover areas for improvement and alter operations so that they are more accountable and relevant to all stakeholders. Data reveals a plethora of sustainability options. However, in order to successfully exploit this data, major enterprises must have powerful data analytic skills. Transforming data into useful insights is critical to effecting significant change.
Using data to create a sustainable solution
Transitioning to sustainable processes requires data-driven decision-making throughout all activities. Companies that analyze relevant data sets can identify areas for improvement, maximize resource consumption, and execute successful sustainability efforts.
This data-driven strategy enables firms to choose activities that result in the highest environmental and economic advantages, such as lowering energy usage, eliminating waste output, or increasing operational efficiency.
The approach begins with gathering relevant ESG data from a variety of sources, including as internal systems, sensors, questionnaires, and external databases. This information is then examined to find opportunities, problems, and areas for improvement in sustainable performance.
Companies can use this research to determine objectives, goals, and long-term action plans. The action plan is tracked using particular key performance indicators (KPIs), and the outcomes are constantly analyzed and revised to improve.
While it appears straightforward, this procedure may be complicated. Integrating technology may greatly increase data understanding. Companies must use data and technology to develop effective sustainable solutions and transform them into concrete steps. This builds confidence and credibility among stakeholders, resulting in a beneficial global impact.
The journey to a more sustainable future starts now
Transforming a company for the better should be a realistic aim provided the corporation understands where to begin. Aboitiz InfraCapital (AIC), the Aboitiz Group’s infrastructure arm, has always incorporated sustainability into its planning and day-to-day operations.
AIC and its business units continue to leverage innovative technologies to improve operational efficiencies across the Group while pursuing initiatives that have positive environmental and social impacts. To this aim, AIC collaborated with Delaware, a worldwide firm that provides innovative ICT solutions and services, to deploy SAP S/4HANA Work Clearance Management.
The collaboration is a strategic endeavor by AIC to improve occupational health and safety and maximize resource use across the Group. According to AIC Head of IT & Digital, Vice President Raymund Ramos, implementing SAP S/4HANA Work Clearance Management is a strategic move to streamline work processes, enforce safety protocols, and ensure regulatory compliance, ultimately driving long-term outcomes for the company and the community.
“We have started by deploying a system on work clearances and permits for our asset technicians to ensure safety in the field. We are implementing this across all of AIC’s subsidiaries. This is one of our simple yet impactful steps towards promoting health and safety in our organization,” said Ramos.
Simone Pigason, Senior Vice President for Customer Success at Delaware, couldn’t agree more. She emphasizes the significance of collaboration and creativity in developing sustainable practices, and her step with AIC demonstrates that.
“By combining AIC’s industry expertise in developing smart and future-ready infrastructure with delaware’s technological capabilities and implementation expertise, we hope to achieve optimal results that will deliver tangible value for stakeholders while advancing sustainability goals,” said Pigason.
Rosette Carrao, Partner and Delivery Head of Delaware, emphasizes the importance of Delaware in assisting organizations in achieving their sustainability and business transformation objectives.
“The path to a sustainable future starts now, and delaware stands ready to guide businesses on this transformative journey. As the world demands accountability and action from organizations, the time for change is upon them. Prioritizing sustainability goes beyond mere profit-making; it fosters resilience and creates a brighter future for all stakeholders. delaware is committed to delivering impactful change, partnering with businesses to navigate this crucial shift,” said Carrao.
To learn more about delaware’s solutions and services, visit their website at https://www.delaware.pro/en-ph.
