Equipment manufacturers embrace sustainability path
The starting point to onboard on sustainability is compliance.
As the machinery & equipment market is projected to reach a value of US$0.85 trillion this year, manufacturers are increasingly focusing on sustainability as a core component of their business strategy.
Rahul Sharma, Vice President & Global Head of Digital Transformation and Sustainability Practice at Frost & Sullivan, said that the journey towards sustainability begins with a comprehensive assessment of an organisation's current sustainability practices.
"The starting point...is to conduct a current state sustainability maturity," Sharma stated, emphasising that sustainability is going beyond mere compliance with existing regulations.
With sustainability practices poised to become regulatory requirements, Sharma advised organisations to proactively evaluate their sustainability maturity to prepare for future challenges.
He suggested implementing sustainability Key Performance Indicators (KPIs) across all levels of an organisation, from the C-suite to individual employees. Furthermore, he highlighted the role of data and analytics platforms in supporting sustainability efforts.
“The organisations should think about backing their sustainability with data and analytics platforms. This is extremely important so that organisations can maintain the sustainability maturity that they achieve in the entire sustainability transformational journey,” he explained.
Sharma said that these tools help in "better, accurate, and faster collection of data," which is essential for tracking progress and making informed decisions. By analysing data on energy usage, emissions, and other relevant metrics, organisations can identify areas for improvement and ensure their sustainability practices are effective.
He also advocates for a mindset shift, where sustainability is not just about compliance or cost-saving but is embedded in the core business strategy. This integration ensures that sustainability efforts contribute to the organisation's overall financial health without compromising on environmental or social goals.
“Take corrective and preventive action, just in case things are going down south. So data analytics is now becoming a hygiene for organisations to ensure their sustainability practices,” he said.
