- May 11, 2023
Corporate progress on ESG issues is partly a big data challenge, global research finds
Making progress on ESG isn’t just the right thing to do for the planet and society. It also makes good business sense, the Oracle report finds, by helping companies strengthen their brands, increase their productivity, attract new customers, improve supply chain management, recruit talent, and ultimately increase their profitability.
Despite all those compelling reasons, 94% of Asia Pacific respondents to the Oracle survey think companies aren’t making enough progress on ESG matters. The reasons cited? People are too busy with other priorities, focus too much on short-term profits, are generally lazy/selfish when it comes to acting on ESG matters, and/or lack reliable data. Inertia appears to rule the day.
The business leaders we surveyed say getting the data they need to set goals and show progress remains a formidable challenge. For starters, companies worldwide need to make better use of advanced technologies to help them automate the collection of ESG data from all areas of their business, verify that it’s accurate, and set and revise targets. As the old saying goes, you can’t improve what you can’t measure.
In fact, 94% of respondents in the region say they would trust AI-based software over a human to make sustainability and social decisions, mainly because such software is better at collecting different types of data without error, making unbiased decisions, predicting outcomes based on metrics/past performance, and identifying new ways to solve problems.