In the age of digitalization, companies choosing to embrace such technological transformation can find a faster and more productive path towards sustainable growth and innovation.
The digital transformation or digitalization of businesses has been around for quite some time, becoming one of the most relevant trends in the market in recent years; similarly, sustainability has also made an stellar appearance.
And although there are may reasons behind such trend, the pandemic has had a significantly bigger influence than anything else, forcing many companies to adopt the necessary technological tools and solutions in order to not be left behind.
But the need for companies to embrace this technological transformation is far from over, as the business world continues to move forward quite fast, businesses need to keep up if they want to continue being competitive, productive, grow sustainably and innovate.
Why should businesses invest in digitalization?
The current economic climate may have some companies rethinking their investments, including those directed towards digital or technological solutions, but even in times of greater uncertainty, it is important to make intelligent investments in order to remain competitive once the economy improves.
According to the World Economic Forum, around 60% of the global GDP in 2022 was dependent on digital technologies; and furthermore, the adoption of digital solutions has proven to be crucial for the fulfillment of SDGs, for national industry development, and for avoiding a major economic clash during the harshest months of the pandemic.
But most importantly, investing in digitalization and technological solutions is taking an increasingly important role for advancing global sustainability and allowing for businesses to pursue sustainable growth.
How digitalization allows for businesses' sustainable growth
Technological innovations will undoubtedly bring benefits to industries and sectors across the economy, improving processes by making them more efficient, productive, environmentally sustainable and socially responsible. Now is the time for companies, governments and investors to take on digitalization efforts.
In fact, digitalization offers a much needed benefit for companies, governments and investors alike, which is plain and simple information. Digital solutions can offer a wider, more specific and accurate level of data across different operations or actions, which in turn can be translated to more informed and better decision making processes.
Digitalization allows for sustainable growth in as much as it helps make processes more efficient, from logistics to human resources, technology can become the greatest ally for productivity, people management and sustainable development.
A green and digital business agenda
Research shows how digital solutions have great potential to help reduce greenhouse gas emissions to up to 15% by 2030, a much needed target to be achieved according to the latest IPCC report on climate change and its devastating effects.
This is the perfect argument for companies to start building sustainable agendas and accompanying them with digital tools and solutions. Becoming a digitalized company could change the way employees, leaders and stakeholders as a whole interact and engage with each other and the company.
Furthermore, in a time where sustainability is increasingly demanded by all parts of society and companies struggle to take hold of employee engagement, digitalization and sustainability seem to be the perfect pair to invest in today.
And while current economic uncertainty will likely keep many from investing, it is important to remember and think of such investments on technological transformation and sustainable growth as an investment that will ensure competitive opportunities and advantages for the future, as well as working towards safeguarding our planet.
How employees can help advance sustainability through technology
While we are on the topic of sustainability, digitalization and employee engagement, we believe they are three strictly interconnected elements inside a company that should be worked on as such. In turn, they can independently be pushed to the next level, helping companies grow sustainably, improve employee experience and make overall company processes more efficient.
In DoGood we think is sustainability can play a key role in driving engagement throughout the company, helping reduce turnover costs, improving employee experience and company reputation, all while contributing to build a better world and future.
Through our technology we help companies establish ESG impact objectives for employees in regards to the sustainability strategy of the company. We are able to activate and track employees’ impact, creating engagement that translates into improved ESG metrics, reputational value and an overall positive impact for the environment and society.