Companies that have embedded sustainable climate-related practices into their functioning see significantly better business performance than those that have not, according to a new study by IT services management firm Genpact. The research, Tech for Progress 360: Accelerating climate action with data-led insight, finds 58% of senior executives strongly agreeing that their companies with embedded environmentally sustainable business practices have performed better compared to 40% of the other respondents. These sustainability leaders also are most likely to say their company adopted new technologies over the past two years (70% vs 45% of other respondents), indicating that forward-thinking entities often lead the way on innovation. They understand the necessity of leveraging digital technologies and data as well as the importance of putting sustainability practices front and centre in their businesses.
Technology plays a critical role in sustainability leaders achieving their ambitious goals. Half of the respondents recognise the potential of artificial intelligence (AI) and 40% accept the potential of advanced analytics to advance their sustainability goals. Conversely, those who have less established practices are less likely to acknowledge the value of these technologies. This underscores a widening gap between the leaders who know how to use AI, data, and analytics to unlock enduring value for their businesses and those who do not.
The research reflects inputs from 510 senior executives from large global enterprises. “As businesses grapple with economic uncertainties, the time is ripe to identify, manage, and reduce ESG-related risks that can have a significant impact on the environment and a company’s long-term sustainability and profitability,” said Katie Stein, chief strategy officer and global business leader for enterprise services and analytics, Genpact. “We believe that organisations that lead with smart, agile, and data-driven action plans will be the winners. Combining advanced analytics, AI, and automation with human judgment plays a vital role in helping enterprises drive meaningful transformation that builds resilience, a healthier environment, and stronger communities.”