IIoT’s Impact on Environmental, Social Governance Solutions | SPONSORED
Environmental, Social, Governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.
ESG is a broad category that can cover a huge spectrum of business operations. The investor community is becoming passionate about getting a “double bottom line” effect on their investments. They want to invest in great, profitable companies that also take care of their people and the environment in a sustainable way.
The big “aha” moment here is that investors are going to be deploying their money moving forward in a much more purposeful way into the companies that they’re backing. With ESG, there’s now a “scoreboard” which will dictate where the dollars go. Companies need to take control of their own ESG, track it, formulate a plan to display it, etc. to take control of their own narrative. Otherwise the story will be told for them.
WellAware began by being focused on providing operational efficiencies to their customers…they use technology to give a voice to sensors, machines, etc. Historically customers want WellAware to provide operational efficiencies, but now there’s more of a focus on environmental results, reducing carbon footprint, reducing spills, etc. Customers are becoming much more focused on the ESG aspects of their business.
IoT can play a very practical part in a company’s ESG efforts, for example, as it pertains to safety. Is an environment safe for an employee to travel to, or is something dangerous happening at the site? You can look at the data and know in advance so you’re not risking a life to be on-site.
Our level of connectedness has dramatically increased in the last decade, at the “people” level…but machines and sensors are behind. They want to tell you when they’re about to break, prior to a catastrophic event, but they haven’t had a “voice” to do so until IIoT capabilities have allowed it. Now we can get rich data sets from harsh and hazardous conditions, giving businesses the opportunity to get better results.
Visit WellAware.us to connect with an expert who will show you how WellAware empowers companies to monitor, control, and manage their infrastructure to take control of their ESG narrative.