What is ESG what does it stand for?
ESG is becoming more well-known these days, but what does it stand for and what does it mean?
It is the measures around sustainability initiatives inside a company. It stands for environmental, social, and governance.
Many believe that this has mainly become more of a concern for businesses due to the risks associated with all three of these commercial factors.
Every industry is impacted by ESG. There are other factors to consider besides carbon impact and factory count. It looks at your entire supply chain and how you run things.
IoT pivotal in the development of ESG solutions
Data is the foundation of ESG, this as it is very challenging to manage those risks without the ability to examine the data.
Take smart buildings as an example. Smart sensors guarantee appropriate utility use. When a room is empty, they turn off the lights or change the HVAC settings. They spot water leaks and instantly notify the user of any problems.
Using IoT devices can help you obtain real-time data on resource and energy usage, which can be a very effective tool for helping you optimise and reduce how much you use in the workplace.
The benefits for early adopters
Companies will be seeking to protect their investments from a risk standpoint by investing in ESG reporting early.
Technology and the data to capture of that information is going to be crucial in terms of your disclosures, and perhaps could become mandatory at some time. Those that address their ESG early will likely be well placed to handle the pressure of mandatory legal requirements.
If you'd like support from us on your journey to enhancing your workplace and improving your ESG, get your FREE consultation now with Promptus Ltd, by visiting our homepage or contacting us via email at: firstname.lastname@example.org.