92% of UK businesses recognize sustainability as a key priorityMore pressure is coming from investors and shareholdersThe future is in data-driven predictive AI
A new joint study by Kyndryl and Microsoft has shed light on how taking advantage of new and emerging technologies can actually help companies reach their sustainability goals.
With British businesses being forced to comply with increasingly stringent regulations, nine in 10 (92%) UK companies now recognize sustainability as a high priority, however fewer than one in three (30%) are fully using technology for meaningful progress.
However, the report revealed that investor expectations and shareholder demands are the primary motivators – with pressure coming from the top and outside, businesses are less likely to feel the urge to change, which is reflected in the low green tech uptake.
Businesses aren’t using tech for sustainability initiatives
With investor and shareholder pressure now noted by 38% of respondents, up from 29% last year, the need to reduce energy consumption as a motivator has slipped four percentage points to 38%.
In terms of how companies can use tech to become more sustainable, artificial intelligence is already emerging as an important role player. Three in five (62%) use it to monitor energy use and emissions, but with only 37% using predictive AI to forecast needs based on trends and patterns, there’s room for improvement.
Furthermore, only one in five (19%) fully use data for strategic planning and decision-making – a concerningly small proportion given the importance of a strong data foundation in the deployment of AI tools.
However, the report calls for the responsible use of artificial intelligence, which relies on power- and resource-hungry data centers that themselves are coming under scrutiny in a more environmentally-conscious world. Only one-third (35%) are currently considering 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 deliver positive impact,” noted Faith Taylor, Chief Corporate Citizenship and Sustainability Officer at Kyndryl.
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