Forex technology
How well will blockchain and Metaverse end up creating better societies? That’s the answer tech can give. Image Credit: Shutterstock

We are at the cusp of massive technology-centred transformations, where new-age tech offers breakthroughs to drive change at scale. The fast-shaping ‘technovation’ landscape of IoT, blockchain, Metaverse, are not just improving a company’s technological prowess, they are enabling companies towards sustainable horizons.

Technovations enhance operational performance and governance of business verticals, making them more intelligent, sustainable and resilient. Tech advances have had a profound impact on our culture and economy throughout history. In fact, our social structures have been highly influenced by it. It would not be wrong to say that the intensifying technological progress is having an acute impact on different verticals of society - and sustainability is no stranger to this trend.

Technology for green and resilient systems

Beyond profit maximization, technologies can help embed sustainability into core corporate strategies. Technologies such as blockchain can potentially contribute to sustainable development. For example, the technology can bring more transparency to a supply chain or verify if a product comes from a fair-trade supplier.

Autonomous systems can predict and prescribe the probable course of action, thereby supporting human activities. Such technological marvels are not just enabling businesses to scale at speed but enabling them to capture sustainable horizons.

There is an increasing need for technologies and platforms that turn insights into ready products that can be utilised by enterprises. To meet the burgeoning need to enhance business agility, simplify operations, and future-proof enterprises, another interesting innovation I would like to mention is a cognitive AI solution to automate and simplify field services.

Cloud-based solutions enable customers to address field services needs including enhanced technician productivity, improved service-level agreements (SLA), and reduce unmet demands across sectors such as telecom, utilities, oil and gas, retail, and other industries.

Such future-forward solutions provide operational efficiency, enhance productivity, and improve workflow control by combining advance analytics, AI, Machine Learning (ML) and optimisation along with people to hyper-automate field operations. This in turn increases cost efficiency, improving customer experience and achieving sustainability targets.

Technological advances can help develop operations, processes, and supply chains that are intrinsically more sustainable and resilient. For this to happen, a deeper understanding of the ecosystem of customers, employees, stakeholders, and society at large and what their needs and perspectives are on achieving sustainability is of paramount importance for businesses. We must move ahead together if we want to create a new world order that can survive and thrive the test of time.

Time to take the leap

As technology stalwarts, we must ask ourselves, “Are we thinking too small about the expanse of sustainable technology?” At a time when technology has been transforming every aspect of business and making our lives easier, its full potential can be harnessed in enhancing sustainable horizons too. I recently came across a very fascinating study that stated, “For an organization of about 80,000 people, the combination of process automation, carbon data transparency, circular product or service design, and sustainable business models can reduce emissions by 45-70 per cent.”

Isn’t that amazing?

Sustainability demands a long-term commitment from organizations and governments. To respond to the evolving needs of the diverse spectrum of stakeholders, it is imperative to re-align priorities. It is no longer about limiting sustainability to just a business function, but rather, adopting it as a way of life. As future-forward organizations, we must place immense thrust on building a ‘Technology Eco-advantage Mindset’, which can help organizations set up the right roadmap for new technology adoption and speed up their journey towards imbibing sustainability in their corporate ethos.

I am of the belief that sustainability and ESG present a unique growth opportunity for organizations to take bold actions today and be better equipped to take part in the next wave of economic growth at the intersection of Profit, Purpose, and Planet.

We have a long road ahead of us, and it is time we passionately embrace and drive the sustainability agenda. The time to act is - now.