In the present day and age, the term “sustainability” has taken on a whole new meaning. Not long ago, sustainability of businesses was seen purely in a financial context. Now, this term holds a much broader meaning and connotation.
Now, the concept of business sustainability incorporates environmental, social and governance (ESG) issues. The adverse effects of climate change have started costing businesses billions of dollars, in the form of disruptions and damages to infrastructure.
Therefore, enterprises are under increasing pressure to reduce their overall carbon footprint, and move towards greener sources of energy. The same approach proves the value proposition that is hidden in Cloud Computing.
A single data center of a Cloud Service Provider (CSP) like dinCloud can serve the storage and processing needs of hundreds of enterprises. This in turn plays a major role in reducing the overall carbon footprint and moving towards a greener environment.
The same approach extends to the area of social responsibility, in which businesses gauge the impact of their business model, products or services on the society as a whole. Lastly, businesses also need to adopt more transparency in their governance issues.
Now, businesses will need to be much more open and transparent about their ways of doing business, towards all key stakeholders. According to a survey conducted by Gartner, 63% enterprises declared customers as the ones driving most ESG initiatives.
An overwhelming 92% of the surveyed businesses declared an increase in their spending on various sustainability initiatives within the organization. Another 36% of the surveyed enterprises were moving towards carbon neutral operations.
It is all about converting challenges into opportunities. Following the same spirit, nearly 70% of the surveyed businesses declared the pandemic as a defining factor behind the prioritization of various social issues.
The majority 52% of organizations have incorporated sustainability transformation initiatives within their strategic ambitions. These encouraging stats are pointing towards a future business environment that will be much more than just financial growth.