Stakeholders increasingly want to dig deeper and understand how the companies with which they engage in and support sustainable environmental, social and governance (ESG) initiatives. In addition, the already rapidly changing regulatory landscape surrounding ESG puts additional pressure on technology companies to report on their progress in the field.
This pressure will only increase in 2023, and technology companies looking to create and achieve their ESG goals will only be able to do so if they have accurate, consistent and contextual data.
Data is key to gaining insights, measuring metrics and filling gaps in ESG practices. While most technology companies already have a data infrastructure in place, many agree that it is not detailed or reliable enough to account for these initiatives. Establishing a data integrity baseline will allow them to make strategic decisions based on reliable ESG data. It is therefore to be expected that a greater number of structures will invest in technologies that combine integration capabilities, data management and quality, location intelligence and data enrichment.
2023 will also see the emergence of data mandates at the committee of management (CoD) level in organizations, as well as growing demand from teams for more widespread adoption of process automation tools. These will provide real-time analytics for more informed decision-making, allowing companies to set goals and measure progress on their ESG decisions. Knowing that the main challenge lies in the fact that data is often fragmented, outdated, non-standardized, incomplete or even lacking the information necessary for its use, companies will therefore have to consider technologies that combine all the pillars of data integration.
Today, more than ever, organizations need reliable data to measure the progress of their environmental decisions. By 2023, strategic decisions will depend on reliable data and therefore on the establishment and application of robust and consistent data integrity strategies.