But, sustainability can be a challenge to established business strategies.
With COVID-19 outbreak making people more aware of environmental vulnerabilities, sustainability has moved to the forefront of consumer mind. Businesses must adopt sustainable measures like low carbon emission to stay relevant and avoid potential customer backlash. Sustainability can also open up opportunities for brands to market products and services that meet new consumer demands.
Businesses will need to upgrade their technology to enable this change. Leveraging technologies like AI, big data, IoT and blockchain can help companies in gathering analytical insights that are necessary for assessing their compliance with ESG standards.
Brands should also be equipped with new tools to better analyse changing performance metrics and reporting standards. Being agile can further help businesses turn risks into opportunities and be better prepared for the future.
[5 minute read]