Report: 50% of executives say their data should contribute to ESG initiatives

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Driven by the convergence of changing economic circumstances, data and AI, organizations today are facing a whirlwind of new pressures in the wake of the global pandemic – from increasing customer demands and a shortage of talent to, most notably, a workforce no longer empowered to make profit, but on purpose .

Not only is the workforce now deeply purpose-driven, but it’s also widely demanding a new approach to leadership: one that blends human qualities like empathy with a data-driven mindset. Employees at all levels believe that good work comes with increased profits – both decision makers and knowledge workers agree that at least 50% of the data their company uses every day should be dedicated to doing good for the communities in which it works is located, according to a new report from Cloudera.

As a result, business leaders are acting, with 26% of corporate decision makers increasing their environmental, social and governance (ESG) investments before developing new products/services (24%) or accelerating financial growth (21%). This trend shows that profit and ESG are no longer mutually exclusive.

Global snapshot of the percentage of business decision makers and knowledge workers who believe the data their organization uses every day should be used for good within the communities they serve.
Global snapshot of the percentage of business decision makers and knowledge workers who believe the data their organization uses every day should be used for good within the communities they serve.

Leveraging Big Data and AI to make more sustainable business decisions will be a crucial aspect of competitiveness as companies seek to overcome today’s pressures. Companies that want to succeed must redefine success beyond pure profit and focus more on making a real impact on the environment. Those who fail to act for social good inevitably compromise their business growth and ability to attract talent.

The good news is that advances in technology can provide solutions to these challenges while helping to achieve traditional business goals. For executives and leaders, this means it’s time to refocus on technology investments — not just identifying the data that supports growth, but helping employees gain meaningful access to it.

For its report, Cloudera surveyed 2,213 business decision makers – including 54% C-suite representatives – and 10,880 knowledge workers in the US, EMEA, India and APAC. The study shows that companies willing to accelerate their technology strategy now while supporting investments in ESG will have a significant advantage over their competitors in the long run.

Read Cloudera’s full report.

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https://venturebeat.com/2022/04/04/report-50-of-leaders-say-their-data-should-contribute-to-esg-initiatives/ Report: 50% of executives say their data should contribute to ESG initiatives

Chris Barrese

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