Businesses are mobilising their environmental efforts as pressure mounts from both regulators and stakeholders.
Ecological considerations, though, go far beyond carbon emissions, and some efforts, while perhaps not required for reporting, will future-proof your position as having a minimal impact on the environment.
Why ‘eco’ is the New ‘ego’ for Businesses?
Greenwashing is not condoned, but there is no doubt that advertising your sustainability efforts can garner goodwill from customers, investors and employees (and rightly so).
Although efforts shouldn’t be surface-level, it’s wise to look deeply in your operations to find areas that can be improved on, particularly when it’s economical to do so.
Constantly changing regulatory standards also mean you no longer have to worry about fine-line compliance and being reactive.
On a larger scale, companies that can fit within ESG categories can see higher investments, with ethical and green investing becoming more common. For smaller firms, having above-average ethics is proven to help retain employees.
How Are Eco-Friendly Innovations for Modern Businesses Shaping the Future?
Innovations in Energy and Resource Management
Innovations in energy and resource management are at the forefront of sustainable transformation. Smart building technologies can include intelligent HVAC and lighting controls, which aren’t too different from the benefits we receive in the home (turning off when rooms aren’t occupied, learning our usage patterns, and so on).
The integration of on-site renewable energy generation like photovoltaic systems is also gaining momentum.
Beyond energy, water conservation systems and circular economy principles can be used to reduce resource depletion and waste.
Likewise, sustainable IT infrastructure, such as energy-efficient data centres and migrating towards cloud services can further contribute to reducing the environmental footprint (cloud service providers are usually better equipped at providing clean energy).
Sustainable Solutions
Focusing on operational improvements and physical security can unintentionally lead to improvements in sustainability. For example, many companies adopt smart lock systems because it’s faster and cheaper to share keys with visitors.
But, because companies like ILOQ use battery-free devices, it ends up keeping e-waste down to a minimum, and when integrated with broader smart technologies, can reduce utility bills.
The same is true for logistics firms that look to improve the efficiency of delivery routes, or the movement of robotics on the warehouse floor. By making them more time efficient, we often end up expending less energy.
So, technology advancements in automation and machine learning (e.g., pattern detection, route configuration) are typically synonymous with improving sustainability efforts.
Tangible Payoff for Embracing Sustainable Tech
Adopting sustainable technology in and of itself has a benefit beyond operational efficiencies. They can often lead to long-term cost savings because of less maintenance and material consumption, as well as digitisation, meaning less expenditure on raw materials.
But, more importantly, it’s about brand story and values, which are felt by all stakeholders. Particularly in markets where differentiation is difficult and you want to avoid a race to the bottom, having green values can be the difference in securing investment and loyal customers.
Innovating Sustainably
Many trends are fleeting, but moving towards sustainable technology is not one of them. Typically, being an earlier adopter (e.g., electric vehicles and solar panels) can mean a poor ROI, because you’re bearing a lot of the R&D costs from the suppliers.
But once the intellectual property is out there and competition heats up, migrating to sustainable technologies goes hand-in-hand with long-term cost-cutting.
