Many companies do not realize how technology can help them achieve sustainability goals
- 92% of UK businesses recognize sustainability as a top priority
- There is increasing pressure from investors and shareholders
- The future lies in data-driven predictive AI
A new joint study from Kyndryl and Microsoft has shed light on how taking advantage of new and emerging technologies can actually help companies achieve their sustainability goals.
As UK businesses are forced to meet increasingly stringent regulations, nine in ten (92%) UK businesses now recognize sustainability as a high priority, but less than one in three (30%) are fully using technology for meaningful progress .
However, the report shows that investor expectations and shareholder demands are the key drivers. Due to pressure from above and outside, companies are less likely to feel the urge to change, which is reflected in the low acceptance of green technology.
Companies are not using technology for sustainability initiatives
With pressure from investors and shareholders noted by 38% of respondents, compared to 29% last year, the need to reduce energy consumption as a motivator has fallen by four percentage points to 38%.
When it comes to how companies can use technology to become more sustainable, artificial intelligence is already emerging as a key role player. Three in five (62%) use it to monitor energy consumption and emissions, but with only 37% using predictive AI to predict needs based on trends and patterns, there is room for improvement.
Furthermore, only one in five (19%) make full use of data for strategic planning and decision-making – a worryingly small percentage given the importance of a strong data base when deploying AI tools.
However, the report calls for responsible use of artificial intelligence, which relies on energy-hungry data centers and is itself under scrutiny in a more environmentally conscious world. Only a third (35%) currently consider the energy implications of their AI solutions.
“By integrating sustainability into a company’s business strategy, processes and systems, organizations can maximize the value of their people and technology to achieve internal goals and drive positive impact,” said Faith Taylor, Chief Corporate Citizenship and Sustainability Officer at Kyndryl .