Updated: Jun 28, 2019
Most business leaders would like to run an environmentally sustainable company, one that does little harm to the natural world, as well as, supports the environmental health that its stakeholders, employees and customers demand. Few companies have been able to meet these demands and put them into practice because they haven’t collected and provided the relevant data to do so.
In most organizations, the data exists in various places and formats where it is a matter of leveraging technology to access it, apply and analyze the data for all levels of compliance reports and stakeholder accountability. Sustainability reporting and practices across regulated industries are being transformed radically in the emerging digital and disruptive technology era. Stakeholder and consumer demands require near real time access and services. In addition to corporations requiring real time market information to maximize profits (dynamic pricing), environments are forcing transformation to be faster, cheaper and better in the way we procure, manufacture and supply products and services.
Data collection and data access in many organizations is designed around manual processes, including compilation and reporting procedures. This is an inefficient use of resources, working time that involves a large amount of effort that may or can lead to poor data quality, analysis and findings, used to support corporate decisions. The cost, resources and efforts required to prepare Corporate Social Responsibility (CSR) reports that are read by few and provide little value, is a perfect opportunity for machine driven Artificial Intelligence (AI) process and report automation.
To achieve this will require use of relevant data, accessibility, decentralization and integration across all relevant platforms for access and use. Most organizations have:
Information dispersed throughout different business segments
Insufficient quantitative information or metrics
Information that is unavailable due to inadequate record-keeping
Low integration between processes and databases
The extensive reach of technology into everyday life means that stakeholders now expect to be able to access information quickly and conveniently. They demand that information be updated regularly and be easily verifiable with regard to its consistency and validity. Such ongoing public scrutiny requires that companies present coherent and reliable, sustainable information at all times.
Emerging technologies, with integration and distributed capabilities can be an enabler for businesses to adopt a more coherent and integrated reporting framework. Blockchain, Artificial Intelligence and Digital technologies like Mobility can be enabled for companies to include detailed data on their upstream, mid stream and distribution streams and across regional operations, to provide a comprehensive picture of their social accountabilities, corporate sustainability and compliance efforts in near real time.
An automated process on compliance data collection usage and reporting will provide a consistent baseline for reporting frequencies and variance analysis. It will also support informed decision making and accountability across the business platform. The combination of Blockchain and Artificial Intelligence (AI) can help drive a sustainable business. AI is often unprecedented and has a wide-ranging potential to transform multiple industries and business sectors. AI and Blockchain technology tools are already available and are certain to have a tangible impact on how businesses record, report and ultimately implement sustainability across their business canvas.
Future uses for Artificial Intelligence, Blockchain and Mobility technologies across Agriculture, Mining, Energy, Oil and Gas and Health & Human Services will support the transition to clean power, sustainable land use, experiential tourism, healthy living, optimized resource use and consumption, waste reduction and reuse and manage production, geopolitical, environmental and social risk.
At Resultant Group we enable digital technologies to support corporate balanced sustainability strategies, mitigate risks and address economic and social impacts in a circular economy.
Author: Dave Gajadhar
Contact us: Resultant Group Your business modernization, transition and blockchain advisors.
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