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Driven by the convergence of changing economic conditions, data and AI, companies today face a whirlwind of new pressures in the wake of the global pandemic – everything from increasing customer demand and talent shortages to, most notably, a workforce that is no longer empowered by profit but with purpose.
Not only is the workforce now highly focused, but they largely require a new approach to leadership: one that combines human qualities, such as empathy, with a data-driven mindset. Employees at all levels believe that doing good comes with making a profit – both decision makers and knowledge workers agree that at least 50% of the data their company uses every day should be focused on doing good for the communities that use it serves, according to a new report from Cloudera.
As a result, leaders are acting, with 26% of business decision makers increasing environmental, social and governance (ESG) investments before developing new products/services (24%) or accelerating financial growth (21%). This trend indicates that profit and ESG are no longer mutually exclusive.
Global snapshot of the percentage of business decision makers and knowledge workers who believe that the data their company uses every day should be used for good within the communities it serves.
Using big data and AI to make more sustainable business decisions will be a critical aspect of competitiveness as companies try to overcome modern pressures. Companies that want to win will have to redefine success beyond profit and focus more on creating real environmental impact. Those who do not act for social welfare will inevitably jeopardize their business growth and ability to attract talent.
The good news is that technological advancements can provide solutions to these challenges, while also helping to achieve traditional business goals. For leaders and executives, this means it’s time to refocus on investing in technology: not only identifying the data that supports growth, but also helping employees gain meaningful access to it.
For its report, Cloudera surveyed 2,213 business decision makers – including 54% C-suite representation – and 10,880 knowledge workers in the US, EMEA, India and APAC. The research shows that companies that are ready to accelerate their technology strategy now while supporting investments in ESG will have a significant long-term advantage over their competitors.
Read Cloudera’s full report.
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This post Report: 50% of leaders say their data should contribute to ESG initiatives
was original published at “https://venturebeat.com/2022/04/04/report-50-of-leaders-say-their-data-should-contribute-to-esg-initiatives/”