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February 9th, 2023
Many companies and industries are using big data to understand their customer’s behaviour, business needs and product sales, it helps the companies to keep going and powers them to improve. But this data that is being collected by almost every company can also help them to understand their full corporate social responsibility (CSR).
With the collection of the right data, businesses cannot only improve their economic development, but also their environmental and social.
By using big data in the supply chain- multiple industries, particularly manufacturing, can help to reduce carbon emissions. By understanding the entire process from development to waste management businesses are able to predict what products are actually needed to stop over-production and can ship them when needed, reducing the emissions from transportation. Not only does this make the supply chain greener, it also makes it more efficient.
While these things are within the control of the business, others are not when dealing with suppliers, and even the customer.
In 2014 the Carbon Trust found that 92% of BT’s emissions were outside its direct control. To be able to fully understand where these emissions are coming from and how to reduce them a massive amount of data has to be collected. In fact, IBM has estimated that “by 2020 there will be 300 times more information in the world than there was in 2005”.
Collecting and analysing this mass of external data can be a challenge but many larger companies are trying to combat this through supplier schemes. Large corporations like Nike and Ikea are trying to understand the impact of their entire business by looking closely and analysing their value chain, while Hitachi provide an online platform for suppliers to monitor their sustainability efforts.
There is still a long way to go in having a green supply chain but progress is being made and a green future can certainly be on the horizon. The analysis of this huge amount of data can really help a company become greener and improve their CSR, and I’m excited to see what developments will happen in the near future.
How do you think businesses can use big data to improve their CSR? How do you think big data can be used more to create a greener supply chain?
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This blog was originally published on LinkedIn. To read the original article click here