Today, all the leading organizations are opting for Environmental, social and corporate governance (ESG), across industry domains. The event of climate change is a pressing issue that is having direct impacts on business growth. A thoughtful implementation of ESG into business operations is imperative to drive business value along with protecting and preserving nature and society.   

The COVID-19 pandemic has boosted the digital transformation beyond expectations. The digital transformation is accelerated by 59% as per surveyed organizations (IBM). While businesses are moving largely into digital platforms, a huge shift in prioritization has been seen on part of the consumers towards the implementation of ESG practices in businesses.   

The transformation from the inside for a better world.  

A strategic change of mindset of the individuals is very important to truly understand companies’ visions towards digital transformation. They are more likely to adapt and take accountability if they are well-acquainted with environmental, social and, corporate governance practices in business operations.   

Companies are spending a lot of time and money to improve their sustainable performances. To get themselves future-ready, companies are investing hugely in technologies like AI, IoT, blockchain, etc. Various effective and affordable blockchain-enabled ESG reporting tools help companies to report and manage their ESG data. However, in the same context, one of the biggest obstacles to adopting new strategies and from an ESG perspective is the lack of knowledge. Therefore, adequate training of the employees on ESG theory and new tools that the companies are using is very important for a successful implementation of the whole process.   

Advancement of ESG with digital transformation.  

Now is the time for businesses and technology to collaborate on a long-term strategy for a more sustainable future. The key to a successful ESG implementation is to have a strategy and techniques in place to transform the business. Technologies are rapidly being utilized across business sectors to reassess corporate structures and build whole new solutions that define how organizations conduct business and monitor their environmental, social, and economic effect. IoT, for example, can assist in providing a cost-effective option for collecting and reporting ESG data. Carbon footprint, energy efficiency, water quality or usage, and waste management are all metrics that may be measured and compiled with precision utilizing IoT devices. This technology not only ensures that data is accurate and streamlined, but also aids in the tracking of a company’s performance across critical environmental, social, and governance factors. Moreover, Artificial intelligence enables companies to collect and analyze more information than ever before when accounting for ESG risks and opportunities, from assisting in the transparency of carbon emissions to leveraging satellite images.  

Therefore, it can be said that ESG is way more than just having good intentions. It’s about making actual plans and acting upon them that drive impactful results. The success here is not only about how much you have done for climate change and environmental issues but also about embedding ESG principles into the roots of company structure. It’s about moving together with people and advanced technology to solve bigger problems of today and be prepared for the future.