Sustainability and environmental, social, and governance (ESG) strategies have embedded themselves into the minds of IT business leaders across the globe. As new research on environmental impact emerges, so do the expectations and requirements for more sustainable business models within the technology sector. Although many view sustainable practices as a compromise to profits, in fact, implementing these measures can be critical to a successful business strategy, according to managed services provider Espria.
“Within the coming years, having a willingness and proactive approach to implementing sustainable practices will push businesses forward,” says Alex Tupman, CEO of Espria.
“Implementing sustainable business practices is a goal all competitive businesses are trying to enforce. No business has ironed out a foolproof strategy. It is a push and pull of learning and adapting to new research and technology.”
As eyes shift to sustainable solutions and technologies, nearly 70% of CEOs plan to invest in new sustainable products or make current products more sustainable. These technologies can range from shifting to cloud computing, which according to Microsoft Corp., is 93% more energy-efficient than on-premise data centres, refining current digital transformation strategies to ensure digitalisation when possible to reduce paper waste. Purchasing refurbished hardware is also a sustainable option for businesses, buying products in this new or like-new condition can sell for 30 to 50 per cent of the price – without sacrificing quality.
“One concern many business decision-makers have with implementing sustainable practices is the potential of additional costs – leading some to believe it is counterintuitive for business growth – which simply isn’t the case,” continues Tupman.
According to a Gartner report, 4 out of 5 leaders see sustainability optimising and reducing costs, and 83% indicated sustainability programmes created both long and short-term value for their organisation. Value can take many forms; whether it increases your topline growth, mitigates risk for your company, or aids in an overall increase in productivity, these values are indispensable for effective business practices.
“Organisations can accredit from sustainable practice by doing their part in the ever-present fight against climate change. Another value is the pride it creates for employees, stakeholders, and customers. 71% of employees and employment seekers find businesses with a sustainable focus more attractive, ultimately leading to higher retention of employees, increased investment, and attracting top talent to your business,” adds Tupman.
“Remaining competitive in today’s market is an uphill battle for businesses. One of the biggest ways to showcase a competitive edge is by prioritising a sustainable business model and continually improving with technological advancements. As business leaders, it should be a priority to encourage a more sustainable business culture by conducting research, educating ourselves on the implications of our current business standings, and investing in the change we want to see.”